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August 17, 2010
New Fixed-Income Fund Will Help Finance Everglades Restoration
    by Robert Kropp

RSF Social Finance and Community Capital Management partner to develop fund that will provide funding for the Comprehensive Everglades Restoration Plan.


Until this month, according to RSF Social Finance, a non-profit financial services organization, no community development bond fund existed that invested in environmentally friendly bonds. Until, that is, RFS partnered with Community Capital Management (CCM) to develop such a fund.

According to RFS, the portfolio of environmentally-focused bonds created by CCM will focus on alternative energy, conservation, smart growth development, green retrofits, energy efficiency, brownfield development, and environmental remediation.

The fund helps provide funding for the
Comprehensive Everglades Restoration Plan (CERP), which provides a framework for the restoration, protection, and preservation of the water resources of the Everglades. The Everglades is the largest subtropical wilderness in the US.

The bond to help fund CERP is part of the Build America Bond program, which was established as part of the American Recovery and Reinvestment Act of 2009. Originally intended to authorize state and local governments to issue taxable bonds in 2009 and 2010 to finance capital expenditures, the program would be extended for two years under a bill introduced last month in the US House of Representatives.

Under the terms of the program, the federal government provides 35% of the interest costs of taxable bonds sold to finance public works projects.

In Florida, the bond was issued by the Florida Department of Environmental Protection, and purchased by CCM.

Don Shaffer, President and CEO of RSF, stated, "The CERP is vital in helping to sustain and preserve the South Florida ecosystem and we are thrilled that our investment will further the cause."

Founded in 1936 as the Rudolf Steiner Foundation, RSF has provided over $200 million in loans and over $90 million in grants to individuals and enterprises committed to improving society and the environment.

Headquartered in Weston FL, CCM is an investment advisor that provides fixed income management and services to institutional investors.


 

 
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