Nov 20 2012
Community Capital Management, Inc. (CCM), a leading fixed income impact investing manager, announced today that it has invested over $4 million in sustainable and impact initiatives on behalf of the AdvisorShares Global Echo ETF. CCM is one of four sub-advisors for GIVE and is the only fixed income manager.
GIVE was launched earlier this year and opened for trading on May 24, 2012. It is a broadly diversified multi-manager ETF with a focus on sustainable investment themes that seeks to achieve long-term capital appreciation with an emphasis on absolute (positive) returns and low sensitivity to a blend of traditional financial market indices such as the S&P 500 Index, over a full market cycle.
One investment CCM purchased on behalf of GIVE helped finance The Village at Odenton Station, a 400,000 square foot, transit-oriented and sustainable residential/retail development in Odenton, Maryland. The Village is comprised of 235 apartments and 60,000 square feet of commercial retail space and is located across the street from the Odenton MARC train station. It is pedestrian friendly and includes hiker-biker trails.
Another investment CCM purchased on behalf of GIVE helped finance Hidden Creek Apartments, a Low Income Housing Tax Credit property, in Crescent City, California. Hidden Creek incorporates sustainable building methods, including water-saving fixtures, no-VOC (Volatile Organic Compound) interior paint, CRI (Carpet and Rug Institute) Green Label, and low-VOC carpet. CRI launched its Green Label in 1992 to test carpet, cushions and adhesives to help specifiers identify products with very low emissions of VOCs. The property is located close to mass transit, a public library, full-scale grocery store, and public schools. It also offers after-school programs and education classes, such as ESL (English as a Second Language) and computer training.
"Investments like these, along with the Global Echo Foundation's philanthropic arm, help make a meaningful, sustainable impact and that is exactly why GIVE was launched," said Noah Hamman, CEO of AdvisorShares. "We are excited that the fixed income portion of GIVE is helping to finance projects that are impacting the earth in a significant way."
"Since CCM's inception in 1998, we have sought competitive rates of return while making a direct positive community impact," said Barbara VanScoy, senior portfolio manager at Community Capital Management. "We are thrilled that the field of impact investing is expanding with new products like GIVE and that we can be a part of it."
To date, the monies CCM has invested in sustainable and community initiatives on behalf of GIVE has generated the following powerful results: $1.9 million in job creation and small business development; $1.1 million in multifamily housing with sustainable, education and community components; $140,000 in affordable healthcare facilities; $150,000 in economic development, environmentally sustainable initiatives and neighborhood revitalization activities; and $860,000 in home mortgages for low- and moderate-income borrowers.