ST. LOUIS, Oct. 15 /PRNewswire-USNewswire/ -- St. Louis Mayor Francis G. Slay today presented the AFL-CIO Housing Investment Trust (HIT) with the 2010 Mayor's Award in recognition of its $108 million investment of union pension capital as part of the city's $500 million downtown revitalization. The HIT's investment has helped create nearly 2,000 union construction jobs associated with the projects.
"We appreciate all that the AFL-CIO Housing Investment Trust is doing as a partner to create jobs in this tough economy and make St. Louis a better place to live and work," said Mayor Slay at the City of St. Louis Business Celebration Luncheon. "The HIT investment has been a catalyst for the economic transformation of our downtown."
Accepting the award on behalf of the HIT was Ted Chandler, the Chief Operating Officer. "St. Louis has become the center of innovation in how to finance downtown redevelopment," Mr. Chandler said. "We value our relationship with the visionary leaders of the labor movement, Mayor Slay, and the private sector who are making St. Louis a national model for turning the economy around."
Also honored were other investors credited by the Mayor with advancing the "Big 3" development projects in downtown St. Louis, including The Laurel, 600 Washington, and the 7th Street Parking Garage. The Mayor's Award goes to individuals, companies, and organizations that show leadership and are catalysts for economic development in St. Louis, with emphasis on those who help expand economic development horizons.
The HIT's 2010 investments in St. Louis include a $45 million investment in the $175 million redevelopment of The Laurel and $63 million to support the $98 million Park Pacific redevelopment. As with all projects that receive HIT financing, the on-site construction work at these projects will be performed by members of the local building and construction trades unions.
The HIT has an active track record of financing projects in St. Louis. In its 45-year history, the HIT has invested approximately $430 million in 24 St. Louis projects with a total development cost of $743 million, creating more than 3,500 housing units and an estimated 5,500 union construction jobs.
About the HIT
The AFL-CIO Housing Investment Trust is a fixed-income investment company registered with the Securities and Exchange Commission. It manages nearly $3.9 billion in assets for approximately 350 investors, which include union and public employee pension plans. Twenty-one of these investors are in Missouri. The HIT invests primarily in government and agency insured and guaranteed multifamily and single family mortgage-backed securities. The HIT is one of the earliest and most successful practitioners of socially responsible, economically targeted investing, with a 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 $5.8 billion to finance more than 95,000 units of housing nationwide, generating over 64,000 union jobs.
Contact: Michael K. Frisby
SOURCE AFL-CIO Housing Investment Trust