Welcome!

News Feed Item

AFL-CIO Housing Investment Trust Invests $58 Million For 101 Polk Apartments In San Francisco

Construction of New Mixed-Income Housing Will Generate 350 Union Construction Jobs

SAN FRANCISCO, March 7, 2014 /PRNewswire-USNewswire/ -- The AFL-CIO Housing Investment Trust (HIT) today announced a $58 million financing commitment towards construction of 101 Polk, an $82.8 million multifamily development in San Francisco.  The all-union construction is expected to generate approximately 350 union jobs.   

The HIT investment of union and public employee pension funds will help finance the thirteen-story building offering 162 housing units with underground parking. To help the city address its shortage of affordable housing, 19 of the units at 101 Polk will be affordable to residents earning up to 55% of the area median income. 

The project site is adjacent to the city's Civic Center in the Central Market neighborhood, an area that is undergoing significant revitalization to create a vibrant urban environment that takes advantage of its transit-rich location and many cultural amenities.  

"San Francisco is a very strong market for multifamily investment, and the HIT is pleased to be participating in 101 Polk, " said HIT Executive Vice President and Chief Investment Officer Stephanie H. Wiggins. "The project supports the city's goal of revitalizing Central Market by providing much-needed residential development that is affordable to people of all income levels."  She adds that the HIT's investment also represents "our continuing commitment to organized labor, creating good jobs for members of the local building and construction trades unions."  

HIT Chief Operating Officer Ted Chandler said the project's design should meet or exceed state requirements for environmental sustainability.  "101 Polk will be a great addition to the Central Market neighborhood for many reasons, including its sustainable and green features," said Chandler, adding that the project is designed to meet California's GreenPoint Program requirements. In fact, Chandler said it is expected to exceed the California Energy Commission's Title 24 requirements, which promote greater energy efficiency.

"The union community welcomes the HIT's investment in 101 Polk," said Michael Theriault, Secretary-Treasurer of the San Francisco Building and Construction Trades Council. "We know the HIT will make sure all the work is done union. That means more family-supporting union jobs for our members and more high quality union-built development for the community." 

101 Polk is the HIT's latest investment with Red Mortgage Capital, LLC, and the Emerald Fund, the project developer. Most recently, the HIT worked with these two groups to provide financing for the $105 million Rincon Green @ 333 Harrison apartments in San Francisco's Rincon Hill neighborhood.

The HIT has invested more than $285 million in San Francisco, building 1,780 units of housing and bringing over half a billion dollars of development to the city.  HIT-financed projects represent more than 2,800 jobs for members of the local building and construction trades unions.  The hundreds of union workers to be employed on the 101 Polk project are helping the HIT reach its goal of creating 25,000 union construction jobs by 2015 through its national Construction Jobs Initiative. Nearly 18,500 union construction jobs have been generated since 2009 under the initiative.

About the HIT
The AFL-CIO Housing Investment Trust (HIT) is a fixed-income investment company registered with the Securities and Exchange Commission. It manages $4.6 billion in assets for more than 360 investors, which include union and public employee pension plans. The HIT invests primarily in government and agency insured and guaranteed multifamily mortgage-backed securities.  The HIT is one of the earliest and most successful practitioners of socially responsible, economically targeted investing, with a nearly 50-year track record that demonstrates the added value derived from union-friendly investments.  The investment objective of the HIT is to provide competitive returns for its investors and to promote the collateral objectives of constructing affordable housing and generating employment for union members in the construction trades and related industries.  Since its inception, the HIT has invested over $6.9 billion to finance more than 110,000 units of housing nationwide, generating 73,000 union jobs.  More information is available on the HIT's website, www.aflcio-hit.com.

Contact:
Michael K. Frisby
(202) 625-4328

SOURCE AFL-CIO Housing Investment Trust

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
China Unicom exhibit at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE FDD, TD-LTE), fixed-line broadband, ICT, data communica...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016. Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, will present an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He will expound on the industry issues he frequently came up against as an analyst, and...
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often un...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.