AFL-CIO Housing Investment Trust
                          Highlights - 1st Quarter 2008

The AFL-CIO Housing Investment Trust's (HIT or Trust) net returns as of March 31
compared to those of its  benchmark,  the Lehman  Brothers  Aggregate Bond Index
(Index), as follows.

                  Performance for periods ended March 31, 2008
             (Returns for periods exceeding one year are annualized)



                                     Quarter    1 Year     3 Year     5 Year     10 Year
                                     -------    ------     ------     ------     -------
                                                                   
  HIT Total Net Rate of Return        1.75%      6.92%      5.39%      4.47%      6.08%
  Lehman Aggregate Bond Index         2.17%      7.67%      5.48%      4.58%      6.04%


The performance  data quoted  represents past performance and is no guarantee of
future  results.  Economic  and market  conditions  change,  and both will cause
investment   return,   principal  value,  and  yield  to  fluctuate  so  that  a
Participant's  units,  when  redeemed,  may be  worth  more or less  than  their
original cost.  Current  performance may be lower or higher than the performance
quoted.  Performance  data current to the most recent month-end can be viewed by
following this link.

Positive contributions to the HIT's performance in the first quarter included:
o     Its ongoing yield advantage over the Index.
o     Its overweight to the highest  credit  quality sector (i.e.  AAA-rated) of
      the investment  grade  universe,  whose "excess  returns" were the highest
      among the 4 credit  ratings  buckets  (AAA,  AA, A and BBB) of the  Lehman
      Aggregate Bond Index.  Those returns were -104,  -352, -479, and -585 bps,
      respectively.  The HIT has an overweight with respect to the Index in high
      credit  quality  investments.  Approximately  97% of the HIT  portfolio is
      AAA-rated or carries a government or GSE guarantee.

Negative contributions to the HIT's first quarter performance included:
o     Its  overweight to  agency-insured  CMBS,  whose  performance  tends to be
      similar to high-quality  private-label  CMBS. Lehman Brothers reported the
      CMBS  sector's  "excess  returns"  to be  -777  bps  in the  1st  Quarter,
      underperforming all the other major sectors of the index.
o     Its  underweight  to U.S.  Treasuries  as this  sector  posted the highest
      excess returns of the Index of 0.0 bps for the quarter.
o     Its structural  overweight to spread  product as the swap spreads  widened
      during the quarter. The 2-year,  5-year and 10-year swaps widened by 7.55,
      12.25, and 2.25 basis points, respectively.
o     Its overweight to tax-exempt  municipal bonds as liquidity dried up in the
      sector,  auction  facilities  failed,  and as a result,  their performance
      greatly lagged other sectors.

Should the slowdown in the residential  housing market and credit  deterioration
continue  throughout  2008, the Trust's ongoing strategy of  underweighting  the
lower-quality sectors of the investment-grade fixed income market is expected to
continue to serve its investors  well.  The Trust  anticipates  maintaining  its
strategy of interest rate neutrality relative to its benchmark,  which will help
to minimize interest rate risk at a time of general uncertainty about the likely
path of interest rates in the coming year.  Attractive  valuation  opportunities
are  presenting  themselves  in the  market as  Agency-insured  Multifamily  MBS
spreads are trading cheap  relative to their  underlying  fundamentals;  the HIT
will look for attractive entry points to derive relative value and yield pick up
for the  portfolio,  rotating  out of  treasuries  / cash and into  high  credit
quality  mortgage and spread  products.  The absence of any HIT  investments  in
pools of sub-prime mortgage loans should benefit investors.

Returns shown reflect the net return of an investment for the specified  periods
(after the deduction of the HIT's expenses).  The HIT is internally  managed and
participants  pay only for the actual  administrative  expenses of operating the
HIT.  The Lehman  Brothers  Aggregate  Bond Index  reflects  no  deductions  for
expenses and is not available for direct  investment.  Investors should consider
the  Trust's  investment  objectives,   risks,  and  expenses  carefully  before
investing.  A Prospectus  containing  more complete  information may be obtained
from the HIT by calling the Marketing Department at 202-331-8055,  or by viewing
the  above-referenced  link. The Prospectus should be reviewed  carefully before
investing.

4/15/2008