October 04, 2005
GULF COAST RECOVERY INITIATIVE
By Calvert Foundation
CALVERT FOUNDATION LAUNCHES COMMUNITY INVESTMENT PUSH TO TARGET GRASSROOTS RECOVERY EFFORTS IN
HURRICANE DEVASTATED AREAS
BETHESDA, MD.///October 4, 2005///Calvert Foundation – the leader in U.S.
community investing –
announced today that it will direct Calvert Community
Investment (CCI) notes to help rebuild
communities in the U.S. Gulf Coast
region devastated by hurricanes Katrina and Rita.
Capital raised through the targeted CCI notes will be used to assist with the redevelopment of
affordable homes, the financing of community facilities and other initiatives to support critical
recovery efforts. Calvert Foundation’s investment dollars will be placed with a broad range of
private and public efforts in the Gulf Coast region over the coming months and
Calvert Foundation has started working with such community-based grassroots organizations as the
Hope Community Development
Credit Union in New Orleans and the Southern Mutual Help Association
which serves rural Louisiana.
Calvert Foundation Executive Director Shari Berenbach said:
“Now, Calvert Foundation community investors can channel their investment capital to help rebuild
cities and rural communities devastated by Hurricane Katrina. Our
investors have been asking
for this kind of program over the last two weeks. We want to support local organizations --
accountable to the communities they serve -- to foster long-term revitalization and more equitable
To target funds to the Gulf Coast region, investors need only write the
word “Gulf Coast Recovery” on their Community Investment Note application or download a new
application from the Calvert Foundation website. For more
information about CCI notes, go to
call (800) 248-0337.
Calvert Foundation also is
welcoming charitable donations to the Katrina Community GiftShare – a donor-funded capital pool
dedicated to local
community development corporations and others grass roots organizations that
need capital on more flexible terms, creating even wider impacts in communities in need. Community
GiftShares are an irrevocable and tax-deductble donation to Calvert Foundation. For more
information about the
new Katrina Community Giftshare program, go to
http://www.calvertfoundation.org or call (800) 248-0337.
The Community Investment
Notes targeted to the Gulf Coast Recovery Initiative offer investors a modest interest rate
(maximum 2 percent for
one, three, five, seven or ten year terms.) Investor principal will be
used to finance affordable housing, micro-enterprise, and community development. Once an investor
purchases a note, Calvert Foundation performs rigorous due
diligence and then invests the funds
in organizations with secure financial positions and high social impact. These loans are provided
to portfolio participants at “soft” interest rates.
Community investing channels capital
into community-based programs such as first-time homebuyer programs, small business and
microenterprise job creation, sustainable agriculture and vital community services. As the U.S.
leader in community investing, Calvert Foundation issues its fixed-rate CI Notes to individual and
institutional investors that wish to finance opportunity in low-income communities globally.
ABOUT CALVERT FOUNDATION
The Calvert Foundation uses the power of
to channel affordable credit to low-income communities, reversing inequality and creating hope and
economic opportunity where it is most needed. The Calvert Foundation receives investment capital
from individuals and institutions, and uses industry-leading due diligence to select and manage a
diversified portfolio of high social impact investments. Over the
past 10 years, Calvert
Foundation has recycled more than $250 million in investments that have helped to create more than
110,000 jobs for low income individuals, built or rehabilitated 6,000 affordable homes, and
financed more than 6,410 nonprofit facilities, including daycare centers, community health clinics,
and schools. Calvert Foundation makes available a wide range
of innovative financial
instruments. Its Web-based information services and philanthropic products include Community
Investment Notes, the Community Investment Profile Database, the Calvert Giving Fund, and Community
CONTACT: Patrick Mitchell, (703) 276-3266 or
© Calvert Foundation
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