XML 13 R6.htm IDEA: XBRL DOCUMENT v2.4.1.9
Label Element Value
Prospectus [Line Items] rr_ProspectusLineItems  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Dec. 31, 2014
Registrant Name dei_EntityRegistrantName AFL CIO HOUSING INVESTMENT TRUST
Central Index Key dei_EntityCentralIndexKey 0000225030
Amendment Flag dei_AmendmentFlag false
Trading Symbol dei_TradingSymbol achit
Document Creation Date dei_DocumentCreationDate Apr. 30, 2015
Document Effective Date dei_DocumentEffectiveDate Apr. 30, 2015
Prospectus Date rr_ProspectusDate Apr. 30, 2015
AFL CIO HOUSING INVESTMENT TRUST  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk/Return [Heading] rr_RiskReturnHeading

AFL-CIO HOUSING INVESTMENT TRUST

Objective [Heading] rr_ObjectiveHeading

HIT’S OBJECTIVES

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The investment objective of the American Federation of Labor and Congress of Industrial Organizations Housing Investment Trust (“HIT”) is to generate competitive risk-adjusted total rates of return for its investors (“Participants”) by investing in fixed-income investments, primarily multifamily and single family mortgage-backed securities and mortgage-backed obligations (collectively, “Mortgage Securities”).

Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock

Other important objectives of the HIT are to encourage the construction of housing and to facilitate employment for union members in the construction trades and related industries.  To accomplish its objectives, the HIT focuses its investments in multifamily Mortgage Securities (including those that directly or indirectly finance new construction or rehabilitation of multifamily housing projects and healthcare facilities) and in Mortgage Securities backed by multifamily or single family loans.  All on-site construction work financed through the HIT’s investments is required to be performed by 100% union labor.

Expense [Heading] rr_ExpenseHeading

EXPENSES OF THE HIT

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the expenses that you may pay if you buy and hold units of beneficial interest in the HIT (“Units”).  The HIT does not assess any sales charges (loads), redemption fees, exchange fees or any other account fees.

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

ANNUAL HIT OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets none
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.02%rr_DistributionAndService12b1FeesOverAssets
/ dei_LegalEntityAxis
= achit_S000009768Member
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 0.41%rr_OtherExpensesOverAssets
/ dei_LegalEntityAxis
= achit_S000009768Member
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 0.43%rr_ExpensesOverAssets
/ dei_LegalEntityAxis
= achit_S000009768Member
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The HIT generally conducts securities transactions on a principal-to-principal basis and does not pay commissions for trades.  The HIT may incur transaction costs when it buys and sells certain securities (or “turns over” parts of its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs.  During the most recent fiscal year, the HIT’s portfolio turnover rate was 18.3% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 18.30%rr_PortfolioTurnoverRate
/ dei_LegalEntityAxis
= achit_S000009768Member
Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the HIT with the cost of investing in other mutual funds.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

The example assumes that you invest $10,000 in the HIT for the time periods indicated and then redeem all of your Units at the end of those periods.  The example also assumes that your investment has a 5% return each year and that the HIT’s operating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 44rr_ExpenseExampleYear01
/ dei_LegalEntityAxis
= achit_S000009768Member
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 138rr_ExpenseExampleYear03
/ dei_LegalEntityAxis
= achit_S000009768Member
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 242rr_ExpenseExampleYear05
/ dei_LegalEntityAxis
= achit_S000009768Member
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 543rr_ExpenseExampleYear10
/ dei_LegalEntityAxis
= achit_S000009768Member
Strategy [Heading] rr_StrategyHeading

PRINCIPAL INVESTMENT STRATEGIES

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The HIT’s principal investment strategy is to construct and manage a portfolio that is composed primarily of multifamily and single family mortgage-backed securities and mortgage-backed obligations (collectively, “Mortgage Securities”) with higher yield, higher credit quality and similar interest rate risk versus the securities in the Barclays Capital Aggregate Bond Index (the “Barclays Aggregate”).  As such, the HIT pursues a fundamental policy to concentrate in fixed-income securities in the mortgage and mortgage finance sector of the real estate industry.  The HIT holds government and agency issued, guaranteed or insured multifamily mortgage-backed securities (“MBS”) that have call (or prepayment) protection, in place of corporate debt, some U.S. Treasury securities and some government-sponsored entity debt held in the Barclays Aggregate.  Since government/agency multifamily MBS offer higher yields than comparable securities with similar credit and interest rate risk, the HIT is able to offer superior risk-adjusted returns compared to the Barclays Aggregate.  All securities in which the HIT invests must meet certain requirements described in detail later in this Prospectus and in the HIT’s Statement of Additional Information (“SAI”).  Some types of these securities must meet certain standards of nationally recognized statistical rating organizations among other indicia of creditworthiness.  The staff monitors the HIT’s investments compared with those in the Barclays Aggregate and may adjust allocations by purchasing or selling securities.  When deciding whether to buy or sell a specific security the staff compares the security to other similar securities and considers factors such as price, yield, duration and convexity (measures of interest rate sensitivity), servicer, geographic location, call or prepayment protection, as well as liquidity.  The HIT may purchase Mortgage Securities by way of forward commitments.  The HIT does not invest in Mortgage Securities that contain subprime loans.

 

The HIT uses a variety of strategies to manage risk.  These strategies include, but are not limited to, managing the duration of the HIT portfolio within a range comparable to the Barclays Aggregate, and managing prepayment risk by negotiating prepayment restrictions for Mortgage Securities backed by multifamily housing or healthcare facility projects.  The HIT seeks to minimize the risk of credit and default losses by purchasing securities that are guaranteed, insured, otherwise credit-enhanced or meeting other criteria intended to manage risk.

Risk [Heading] rr_RiskHeading

PRINCIPAL INVESTMENT RISKS

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

There is no assurance that the HIT will meet its investment objective.  The value of the HIT’s investments and the resulting value of the Units may go up or down and Participants’ holdings in the HIT could gain or lose value.  As with any investment, you may lose money by investing in the HIT.  The HIT’s other principal risks are those of investing in fixed-income securities, which include the following types of risks:

 

General Risk: The value of securities held by the HIT may fall, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, inflation, changes in interest rates or adverse investor sentiment.

 

Interest Rate Risk:  As with any fixed-income investment, the market value of the HIT’s investments will generally fall when market interest rates rise.  Rising interest rates may also reduce prepayment rates, causing the average life of certain securities of the HIT to increase, which could in turn further reduce the value of the HIT’s portfolio.

 

Prepayment and Extension Risk:  Generally, the market value of the HIT’s investments will rise at times when market interest rates fall.  However, at times when rates fall below the interest rates on the investments, some borrowers may prepay the HIT’s fixed-income securities or their underlying mortgages more quickly than might otherwise be the case.  In such an event, the HIT may be required to reinvest the proceeds of such prepayments in other investments bearing lower interest rates than those which were prepaid.  When market interest rates rise above the interest rates of the HIT’s investments, the prepayment rate of the mortgage loans backing certain HIT securities may decrease, causing the average maturity of the HIT’s investments to lengthen and making these investments more sensitive to interest rate changes.  This could, in turn, further reduce the value of the HIT’s portfolio and make the HIT’s Unit price more volatile.

 

Credit Risk: Credit risk is the risk of loss of principal and interest as a result of a failure of a credit enhancement backing the HIT’s investments after a default on the underlying mortgage loan or other asset, a downgrading of the credit rating (or a perceived decline in the creditworthiness) of an investment or the provider of the credit enhancement for an investment, or a decline in the value of assets underlying the mortgage loan or other asset.

 

Default Risk: There is a risk that borrowers may default under the mortgage loans or other assets that directly or indirectly secure the HIT’s investments, including commercial mortgage-backed securities (“CMBS”).  In the event of default, the HIT may experience a loss of principal and interest and any premium value on the related securities.  This risk may be lessened to the extent that the securities are guaranteed or insured by a third party, including an agency of the U.S. government.

 

Liquidity Risk:  Markets for particular types of securities may experience issues with liquidity.  That is, a lack of buyers at a particular time could negatively impact the value of a security during such period, even though over time the payment obligations under the security may be met.  Markets for some of the types of securities in which the HIT may invest have experienced liquidity issues in the past, and its investments may experience liquidity issues in the future.

 

Leverage Risk:  The use of some investment or investing techniques may have the effect of magnifying, or leveraging, the effect of small changes in an asset, index or market.  The HIT does not leverage its portfolio through the use of borrowings or derivatives, but it may invest in forward commitments which may effectively add leverage to its portfolio.

Risk Lose Money [Text] rr_RiskLoseMoney

 As with any investment, you may lose money by investing in the HIT. 

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

HIT PAST PERFORMANCE

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart below and the following table provide an indication of the risks of investing in the HIT by illustrating how returns can differ from one year to the next.  The table also shows how the HIT’s average annual total returns for the one-, five-, and ten-year periods compared with those of a broad measure of market performance.  The HIT’s past performance is not necessarily an indication of how the HIT will perform in the future.  Updated performance information is available from the HIT’s website at www.aflcio-hit.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns

The bar chart below and the following table provide an indication of the risks of investing in the HIT by illustrating how returns can differ from one year to the next. 

Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex

The table also shows how the HIT’s average annual total returns for the one-, five-, and ten-year periods compared with those of a broad measure of market performance.  

Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress

www.aflcio-hit.com

Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture

The HIT’s past performance is not necessarily an indication of how the HIT will perform in the future.

Bar Chart [Heading] rr_BarChartHeading

ANNUAL TOTAL RETURNS

(Calendar Years - Net of Operating Expenses)

Annual Return 2005 rr_AnnualReturn2005 2.64%rr_AnnualReturn2005
/ dei_LegalEntityAxis
= achit_S000009768Member
Annual Return 2006 rr_AnnualReturn2006 4.65%rr_AnnualReturn2006
/ dei_LegalEntityAxis
= achit_S000009768Member
Annual Return 2007 rr_AnnualReturn2007 6.70%rr_AnnualReturn2007
/ dei_LegalEntityAxis
= achit_S000009768Member
Annual Return 2008 rr_AnnualReturn2008 5.25%rr_AnnualReturn2008
/ dei_LegalEntityAxis
= achit_S000009768Member
Annual Return 2009 rr_AnnualReturn2009 6.28%rr_AnnualReturn2009
/ dei_LegalEntityAxis
= achit_S000009768Member
Annual Return 2010 rr_AnnualReturn2010 6.16%rr_AnnualReturn2010
/ dei_LegalEntityAxis
= achit_S000009768Member
Annual Return 2011 rr_AnnualReturn2011 7.86%rr_AnnualReturn2011
/ dei_LegalEntityAxis
= achit_S000009768Member
Annual Return 2012 rr_AnnualReturn2012 4.27%rr_AnnualReturn2012
/ dei_LegalEntityAxis
= achit_S000009768Member
Annual Return 2013 rr_AnnualReturn2013 (2.37%)rr_AnnualReturn2013
/ dei_LegalEntityAxis
= achit_S000009768Member
Annual Return 2014 rr_AnnualReturn2014 6.10%rr_AnnualReturn2014
/ dei_LegalEntityAxis
= achit_S000009768Member
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

During the ten-year period identified in the bar chart above, the highest return for a quarter was 3.91% (quarter ended September 30, 2006) and the lowest return for a quarter was -2.48% (quarter ended June 30, 2013).

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel

the highest return for a quarter

Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2006
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 3.91%rr_BarChartHighestQuarterlyReturn
/ dei_LegalEntityAxis
= achit_S000009768Member
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel

the lowest return for a quarter

Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2013
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (2.48%)rr_BarChartLowestQuarterlyReturn
/ dei_LegalEntityAxis
= achit_S000009768Member
Performance Table Heading rr_PerformanceTableHeading

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2014)

1 Year rr_AverageAnnualReturnYear01 6.10%rr_AverageAnnualReturnYear01
/ dei_LegalEntityAxis
= achit_S000009768Member
5 Years rr_AverageAnnualReturnYear05 4.34%rr_AverageAnnualReturnYear05
/ dei_LegalEntityAxis
= achit_S000009768Member
10 Years rr_AverageAnnualReturnYear10 4.72%rr_AverageAnnualReturnYear10
/ dei_LegalEntityAxis
= achit_S000009768Member
AFL CIO HOUSING INVESTMENT TRUST | Barclays Capital Aggregate Bond Index (reflects no deductions for fees or expenses)  
Prospectus [Line Items] rr_ProspectusLineItems  
1 Year rr_AverageAnnualReturnYear01 5.97%rr_AverageAnnualReturnYear01
/ dei_LegalEntityAxis
= achit_S000009768Member
/ rr_PerformanceMeasureAxis
= achit_BarclaysCapitalAggregateBondIndexMember
5 Years rr_AverageAnnualReturnYear05 4.45%rr_AverageAnnualReturnYear05
/ dei_LegalEntityAxis
= achit_S000009768Member
/ rr_PerformanceMeasureAxis
= achit_BarclaysCapitalAggregateBondIndexMember
10 Years rr_AverageAnnualReturnYear10 4.71%rr_AverageAnnualReturnYear10
/ dei_LegalEntityAxis
= achit_S000009768Member
/ rr_PerformanceMeasureAxis
= achit_BarclaysCapitalAggregateBondIndexMember