AFL-CIO Housing Investment Trust

Building America is a wholly owned subsidiary of the AFL-CIO Housing Investment Trust (HIT), a $4.7 billion investment company whose investors include union and public employee pension plans. The HIT has nearly 50 years of experience investing in community development. It specializes in mortgage-backed securities that support affordable housing and healthcare facilities. The HIT and Building America have a shared vision of community revitalization. Building America is able to draw on the investment expertise of the HIT, and when appropriate, they sometimes work together in financing development projects, with Building America as the provider of NMTCs and the HIT as the leverage lender.

The HIT has built its portfolio and its reputation around investing in affordable multifamily housing projects that are insured or guaranteed by a U.S. government agency or a government-sponsored enterprise. Through its history, these investments have resulted in the creation of over 100,000 units of housing and more than 70,000 union construction jobs across the country. The investment objective of the HIT is to generate competitive risk-adjusted total rates of return for its investors by investing in fixed-income securities, primarily multifamily and single family mortgage-backed securities and mortgage-backed obligations.

In 2009, the HIT created its Construction Jobs Initiative in response to the nation’s jobs crisis and pledged to create 10,000 union jobs through the projects it finances. After surpassing that 10,000 jobs goal in 2011, the HIT is working to reach its new goal of 25,000 jobs by year-end 2015. The projects financed by Building America are helping to meet this ambitious jobs goal.