As Major Stock Markets Struggle, AFL-CIO HIT Shows Positive Returns, Beating Benchmark...

As Major Stock Markets Struggle, AFL-CIO HIT Shows Positive Returns, Beating
Benchmark By 338 Basis Points

HIT Continues to Demonstrate Value of Prudent Investment Strategy, High Credit
Quality Mortgage-Backed Securities

WASHINGTON, March 24 /PRNewswire/ -- While the stock market declined
dramatically, the AFL-CIO Housing Investment Trust (HIT) achieved one of its
strongest showings ever against its benchmark in February. The HIT
outperformed the benchmark by 338 basis points with a net return of 5.44% for
the one-year period ending February 28, 2009. On a gross basis, the HIT's
one-year return of 5.88% exceeded the Barclays Capital Aggregate Bond Index by
382 basis points.

HIT's prudent and disciplined strategy of matching the benchmark's interest
rate risk while substituting high credit quality multifamily mortgage-backed
securities (MBS) for corporate securities in the benchmark served investors
well. Spreads on these government agency and government-sponsored enterprise
MBS tightened significantly during February as the market recognized their
value, while corporate bonds performed poorly as credit market turmoil
increased. Corporate bonds, which comprised nearly 18% of the Barclays Index,
underperformed similar maturity Treasuries by 143 basis points in the month of
February.

"Corporate bonds have not provided diversification relative to equities
because both reflect concerns about corporate financial strength during a
deepening recession," said Chang Suh, HIT Executive Vice President and Chief
Portfolio Manager.

Mr. Suh noted that HIT's strong showing came at a time when the major stock
markets continued to plummet. The Standard & Poor's 500 Index, Dow Jones
Industrial Average and NASDAQ Composite Index had returns of -46.3%, -43.9 %
and -41.4%, respectively, for the same one-year period.

The HIT seeks to provide diversification and competitive returns for its
investors and preserve capital through its investments in high credit quality
MBS. The HIT stands alone in achieving these returns while also creating
union jobs and affordable housing through its investments. Pension funds
create a powerful, pro-union economic stimulus by investing in the HIT.

"The HIT continues to focus on providing consistent performance, predictable
income and capital preservation by investing in the highest credit quality
securities," Mr. Suh said. "These securities are issued by the U.S. government
and government-sponsored enterprises and have performed well during this
period of economic turmoil."

The AFL-CIO Housing Investment Trust is a core-plus, fixed-income investment
company registered with the Securities and Exchange Commission. The HIT has
more than 350 investors and over $3.4 billion in assets. The HIT invests
primarily in fixed-income investments such as multifamily and single family
mortgage-backed securities issued or insured by the government or government
agencies. The HIT has never invested in securities backed by subprime
mortgages. The investment objective of the HIT is to provide competitive
returns for its investors and to promote collateral objectives such as the
construction of housing and the generation of employment for union members in
the construction trades and related industries. Since its inception, the HIT
has invested over $5 billion to finance more than 85,000 units of housing
nationwide, generating more than 58,000 union jobs.

The HIT's net returns for the 1-, 3-, 5- and 10-year periods ending February
28, 2009, were 5.44%, 5.62%, 4.43% and 5.96%, respectively. The performance
data quoted represents past performance. Past performance 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
data quoted. Performance data current to the most recent month-end is
available on the HIT's website at www.aflcio-hit.com. Gross performance
figures do not reflect the deduction of HIT expenses. Information about HIT
expenses can be found on page 6 of the HIT's current prospectus. The Barclays
Aggregate is an unmanaged index and is not available for direct investment,
although certain funds attempt to replicate this index. Returns for the
Barclays Aggregate would be lower if they reflected the actual trading costs
or expenses associated with management of an actual portfolio.

Investors should consider the HIT's investment objectives, risks, and charges
and expenses carefully before investing. This and other information is
contained in the HIT's prospectus. To obtain a prospectus, call the HIT at
202-331-8055 or visit www.aflcio-hit.com. The prospectus should be read
carefully before investing.

CONTACT: Michael K. Frisby
202-625-4328

SOURCE AFL-CIO Investment Trust Corporation

Michael K. Frisby, +1-202-625-4328, for the AFL-CIO Housing Investment Trust