Dec 10 2007
Community Capital Management (formerly CRAFund Advisors), one of the nation’s largest managers of fixed income community investments, announced today that it has purchased more than $200 million worth of bonds that finance economic and community development in California.
Since 1999, Community Capital’s $235 million of fixed income investments on behalf of its clients in the State have enabled the approximate funding of $33 million in community and economic development; $26 million in statewide housing and down-payment assistance; $15 million in job training and job creation initiatives; 300 mortgages for low- and moderate-income families; and 7,400 affordable rental housing units.
“Investments such as these help to meet the needs of California’s rapidly growing number of diverse residents by working to stabilize and improve the state’s communities,” said Barbara VanScoy, Executive Vice President of Community Capital Management. “Working closely with community groups, municipal issuers, and investors across California, we try to maximize the impact of our investments to enhance the lives of thousands of Golden State residents.”
This positive impact stems from Community Capital’s investments on behalf of public and private institutional investors as well as via a mutual fund for individual investors.
Examples of California projects that have been supported by Community Capital Management investments include:
- Mission Creek Senior Community, San Francisco: An environmentally-sustainable mixed-use development containing 140 apartments for low-income seniors, as well as a number of community resources, including an adult health center, community room, and public library branch.
- Wilshire Station, Los Angeles: A mixed-use development including affordable rental housing units, a Los Angeles Unified School District Middle School for approximately 800 students and a childcare center. The complex sits atop a subway station and includes a connection center for bus transport.
- Loma Linda Redevelopment Plan, Loma Linda: Support for community development and infrastructure improvements, with special emphasis on eliminating and preventing blight. The plan will seek to encourage employment opportunities through environmental and economic improvements resulting from redevelopment activities.
- Neighborhood National Bank CD, San Diego: An investment provided funding for addressing local economic development needs, with special emphasis on supporting women and minority-owned businesses.
In addition to these projects, Community Capital’s investments have supported several small businesses throughout California via securitized pools of targeted Small Business Administration (SBA) loans.
“Our clients in California understand the benefits of putting fixed income assets – that still meet their strict financial criteria – to work in their own backyard,” said Todd Cohen, Chief Investment Officer of Community Capital Management. “By directing assets to competitively performing bonds that support community and economic development in California – as opposed to other states – these investors are generating benefits close to home. We’re thrilled that our clients are making a real difference in the lives of individuals and families in need.”