RSF Social Finance Selects Community Capital Management To Deploy Unique Fixed Income Strategy FT. LAUDERDALE, Fla., Sept. 4
FT. LAUDERDALE, Fla., Sept. 4 /PRNewswire/ -- RSF Social Finance became
the first financial services organization to dedicate funds to a fixed-income
portfolio comprised primarily of securities that support environmental
initiatives and programs, announced Community Capital Management, the
Florida-based money manager selected to manage a portion of this program's
assets.
On behalf of RSF, Community Capital has already invested nearly 50% of the
fixed-income portfolio in high credit quality fixed-income securities that
finance environmentally sustainable programs throughout the U.S. This includes
a Community Redevelopment Agency of Los Angeles (CRA/LA) bond which is helping
to finance the redevelopment of the economically distressed Wilshire
Center/Koreatown neighborhood. Proceeds will aid environmental rehabilitation
of blighted buildings, construction of green affordable housing, development
of public parks and green spaces, and grants to commercial property owners for
sustainable improvements to their buildings. The CRA/LA's mission is to help
reverse deterioration in Los Angeles' most troubled urban neighborhoods and
via its Healthy Neighborhoods Policy, it has established sustainable goals and
principles for its project areas including a "Sustainability Consultation
Program" to foster green building.
Other securities purchased help to finance a low-income housing
development (built to green architectural standards) in Alaska and provide
homeownership opportunities for low- and moderate-income borrowers in Wyoming
in energy efficient homes. Future potential investments may include brownfield
redevelopment, adaptive reuse or restoration of existing real estate resources
and other community and economic development initiatives.
"RSF Social Finance has expanded exponentially since 1984 in terms of the
services we offer, the social impact we can make, and the assets we manage.
Our lending and investing programs have always been committed to the same
values as our grantmaking program, supporting innovations in sustainable food
& agriculture, education and the arts, and ecological stewardship; this
strategy has grown our community to over 1,000 clients and $120 million in
assets," said Don Shaffer, president and CEO of RSF Social Finance. "We chose
Community Capital to launch the fixed-income portion of our program because
they have spent the last decade pioneering mission-related investing with
portfolios of bonds customized to the geographic and mission-related mandates
of their clients."
RSF's long-standing dedication to creating social impact through its
lending and investing portfolios puts the nonprofit financial services
organization at the cutting edge of a growing trend among institutional
investors, especially foundations and endowments, to employ mission-related
investment practices, where organizations proactively make investments that
advance core missions while simultaneously aiming to earn an above-market-rate
financial return. In the case of RSF, its mandate to Community Capital is to
invest in market-rate bonds that finance green programs, reflecting the
organization's mission to "cultivate environmental, social and financial
sustainability."
"We were delighted to have had the chance to help combine RSF's
longstanding history of innovation in social finance and commitment to
environmental issues with Community Capital's fixed income expertise. We hope
this offering will provide an opportunity for environmentally-focused
investors to have access to a new, high quality, institutionally managed fixed
income option," said Taylor Jordan, managing director of Imprint Capital
Advisors, RSF's consultant who advised on the structure and creation of this
new portfolio.
Community Capital manages nearly one billion dollars in fixed income
assets in separate accounts and mutual funds on behalf of institutional
investors. Providing clients with customized, geographically-targeted and
mission based portfolios, Community Capital uses the Lehman Brothers Aggregate
Bond Index as a benchmark for total return, duration and credit quality on
each portfolio.
"We have been researching and purchasing increasing amounts of high-grade
taxable municipal bonds and mortgage-backed securities that support
environmentally sustainable activities," said Todd Cohen, president and chief
investment officer for Community Capital Management. "We're honored RSF has
chosen us for this landmark project, and we're looking forward to putting
these kind of investments to work for such an innovative organization."
About RSF Social Finance
RSF Social Finance is a nonprofit financial services organization at the
center of a growing movement to support place-based, local economies that
value human beings and the environment. RSF provides capital for innovations
in food & agriculture, education & the arts, and ecological stewardship, and
has made over $145 million in loans and over $65 million in grants since 1984.
Inspired by the work of Rudolf Steiner, RSF offers lending, giving, and
investing services that help clients unlock the potential for connection and
meaningful impact. Learn more about what you and RSF can do together at
www.rsfsocialfinance.org or call (415) 561-3900.
About Community Capital Management
Ft. Lauderdale, Florida-based Community Capital Management is an
SEC-registered investment advisor that manages fixed income portfolios on
behalf of individual and institutional clients. 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
sustainability.
As of June 30, 2008 its investments have purchased nearly $2.5 billion of
community and economic development investments which have financed 155,000
affordable rental housing units; 6,000 home mortgages for low- and
moderate-income families; $31 million in affordable health care facilities;
$162 million in community development activities including neighborhood
revitalization and brown field redevelopment; $108 million in job training and
creation programs; and $345 million in down payment assistance and statewide
home-ownership programs. For additional information, please visit
www.ccmfixedincome.com or call (877) 272-1977.
Contact: Julia Wakefield
The Weinbach Group, Inc
(305) 668-0070
SOURCE Community Capital Management
