AFL-CIO Invest $274 Million for Residential Units and Projects Through HIT

February 15, 2011 / Russell Legato, Residential Property Analyst

The American Federation of Labor and Congress of Industrial Organizations, AFL-CIO, creates about 1,653 LEED-certified residential units, which is made possible by its fixed-income investment company — Housing Investment Trust or HIT. The 1,653 residential units, according to a report, will create about 4,100 construction jobs for AFL-CIO’s LEED-certified residential units.

AFL-CIO Invest $274 Million for Residential Units and Projects Through HIT

AFL-CIO’s will build eleven LEED-certified construction developments through HIT, which committed $274 million for the project. The eleven construction developments will be located in Massachusetts, New York, California, and Minnesota.

The projects are said to include multifamily complex in San Francisco with 94 residential units, 337-unit mixed-use neighborhood in St. Louis Park, an affordable housing complex with 92 residential units in Boston, and a pediatric center in Yonkers, populous city in the state of New York.

Estimated sum for all the development project and residential units is about $660 million.

Executive Vice President and Chief Investment Officer at HIT, Stephanie Wiggins said in a statement, HIT’s investment in LEED-certified projects that help facilitate the conservation of natural resources, which will lead to healthier places to work and live.

The LEED certification is created by the U.S Green Building Council as standard for green building. The LEED certification follows several criteria including water efficiency, energy saving, carbon emissions, indoor air quality, and construction management before awarding a certificate.

HIT was registered at the Security and Exchange Commission as a housing investment trust at first, in 1981, according to AFL-CIO website. The HIT focuses on socially and an environmental development project, which creates jobs, expands affordable housing, and revitalizing communities.

Besides the LEED-certified residential units and project, HIT launched Construction Jobs Initiative, which is expected to create 10,000 construction jobs on spring 2011.

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