The AFL-CIO HIT is a fixed income fund that overweights credit enhanced fixed income securities, in particular, multifamily mortgage-backed securities that carry a US government or agency guaranty. The HIT fund has created or preserved more than 80,000 units of housing across the country and generated approximately 50,000 union jobs in construction and related industries, including 1,500 housing units in Massachusetts and 2.4 million hours of work for union members in the Commonwealth.

HIT currently has under review a $100 million pipeline of prospective housing projects in Massachusetts, to which it expects to add in coming years. From the pipeline, the HIT expects to invest at least $50 million in the Commonwealth over the next three years. These investments will create needed housing for working families and persons with special needs, including low-income, elderly, disabled, and homeless persons.

The HIT has generated market-rate returns while also achieving important secondary investment objectives of promoting housing and good jobs in local communities. The HIT’s investment record demonstrates that social and economic objectives can be achieved without diminishing performance or investment security.

In the accompanying photo: Rollins Square, Phase I, in Boston’s South End. This is a $43.9 million project of which $30.02 million was HIT financing.