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December 04, 2012
Community Capital Management Helps Fund Sandy Relief
    by Robert Kropp

The fixed income investment manager announces that through its CRA Qualified Investment Fund it will dedicate $100 million in assets toward investing in recovery from the hurricane.

It's been surmised by some that Hurricane Sandy may have helped force the response to climate change to a tipping point, and that public and private sector sources may scale up their investments in adaptation measures as a result.

Meanwhile, the devastation wrought by Sandy remains; and as with climate change more generally, much of the funding needed to rebuild affected areas in the hurricane's wake will come from private investment.

Community Capital Management (CCM), a Florida-based fixed income investment manager, announced yesterday that it will dedicate $100 million of the assets of its flagship CRA Qualified Investment Fund to invest in areas of the Northeast that were damaged by the hurricane.

In 2005, the Fund launched a $100 million initiative in funds dedicated to recovery from Hurricanes Katrina and Rita. "We are confident that this endeavor will garner similar relief," senior portfolio manager Barbara VanScoy said. "We will be actively working with underwriters to ensure that disaster recovery and redevelopment projects are eligible financing opportunities and anticipate this to be a large focus of our portfolio as has been after past disasters."

Launched in 1997 to help banks meet their obligations under the Community Reinvestment Act (CRA), the Fund was expanded in 2007 to include share classes for institutional and individual investors. The Fund invests primarily in government-related subsectors of the bond market.

To date, the Fund has invested over $4 billion in projects that have resulted in 215,500 affordable rental housing units; 9,200 home mortgages for low- and moderate-income families; $28 million in affordable healthcare facilities; $126 million in job creation and small business development; $165 million in economic development programs; and $467 million in statewide homeownership and down payment assistance programs.


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