So far, we have been able to make a direct impact in our own backyard and enjoy market-rate returns through the CRA Qualified Investment Fund's CRA Share Class.
FORT LAUDERDALE, Fla. (PRWEB) October 23, 2007
Since 1999, Community Capital's $120 million of fixed income investments in Illinois have enabled the funding of 297 mortgages for low- and moderate-income families; $6 million in statewide housing and down-payment assistance; $500,000 in job training and job creation initiatives; $2 million in affordable healthcare facilities; 13,210 affordable rental housing units; and $500,000 in community and economic development.
In addition to the impact that has resulted from Community Capital's investments on behalf of non-bank institutional investors, Illinois-based banks, including Broadway Bank, First Midwest Bank, and Standard Bank & Trust, are meeting the credit needs of their communities through their investments in Community Capital's $750 million mutual fund, the CRA Qualified Investment Fund.
"Since Broadway Bank was founded nearly 30 years ago, we've operated with the best intentions of both our clients and our hometown of Chicago in mind," said Demetris Giannoulias, Broadway Bank's Chief Financial Officer. "So far, we have been able to make a direct impact in our own backyard and enjoy market-rate returns through the CRA Qualified Investment Fund's CRA Share Class."
One of the investments purchased on behalf of Broadway Bank was a Ginnie Mae Multifamily security that financed an affordable residential property for Chicago seniors. 99 of the property's 100 units are reserved for low- and moderate-income residents.
Other investments in Illinois include purchasing a bond issued by the Illinois Housing Development Authority (IHDA), which funded the preservation of 856 residential units specifically designated for residents eligible for Section 8 housing assistance. The IHDA, an independent and self-supporting State Authority, is at the forefront of Illinois' efforts to finance the creation and preservation of affordable housing.
"Governor Rod R. Blagojevich and the IHDA understand that one of the keys to promoting strong communities in our State is to ensure that individuals and families of all income levels have a safe and decent place to live. Community Capital Management's innovative, geographically-targeted approach offers organizations like ours access to the capital needed for developing affordable housing for Illinois' neediest residents," said DeShana L. Forney, IHDA Executive Director.
Community Capital's investments have supported several other community initiatives throughout the State, ranging from the rehabilitation of a cooperative affordable housing complex for the blind, hearing impaired or elderly, to the construction of an intermodal transportation facility in Grundy County. The transportation hub, which is situated on a 167-acre site running along the historic Illinois-Michigan Canal, helped generate and retain 112 jobs.
About Community Capital Management and the CRA Qualified Investment Fund
Ft. Lauderdale, Florida-based Community Capital Management is a SEC-registered investment advisor that manages fixed income portfolios on behalf of institutional clients. The company's largest portfolio is the CRA Qualified Investment Fund, a $750 million no-load mutual fund comprised exclusively of fixed income community investments.
Community Capital Management seeks to earn competitive returns while promoting economic and community development activities such as affordable housing, job creation and job training, small business growth, workforce development, and environmental restoration. Since 1999, the company's geographically- and economically-targeted investments have directed $2.2 billion toward community initiatives in all 50 states.
As of September 30, 2007 its investments have financed 137,000 affordable rental housing units; 5,500 home mortgages for low- and moderate-income families; $30 million in affordable health care facilities; $147 million in community development activities including neighborhood revitalization and brown field redevelopment; $102 million in job training and creation programs; and $332 million in down payment assistance and statewide home-ownership programs. For additional information, visit http://www.ccmfixedincome.com, or call (877) 272-1977.
Past performance does not guarantee future results. Mutual fund investing involves risk including the loss of principal. Bond and bond funds are subject to interest rate risk and will decline in value as interest rates rise.
Carefully consider the risks, investment objectives, charges and expenses of the Fund before investing. The prospectus contains this and other important information. Call 866-202-3573 for a prospectus. Please read the prospectus carefully before investing.
The CRA Qualified Investment Fund is distributed by SEI Investments Distribution Co. (SIDCO) which is not affiliated with Community Capital Management or any other affiliate.