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February 11, 2014

Community Capital Management Publishes First Impact Report
    by Robert Kropp

The Florida-based fixed-income investment adviser reports on its use of proceeds and the social programs financed by its investment activities. -- Transparency is not just for corporations. In 2011, Ben Heineman and Stephen Davis co-authored the paper Are Institutional Investors Part of the Problem or Part of the Solution?, in which they called for a national database on the governance and practices of institutional investors.

A number of sustainable investment firms have been ahead of the curve in embedding transparency in their practices. In 2009, for example, Green Century Capital Management became the first US-based mutual fund to disclose its own carbon footprint. Several other firms have since followed suit.

As attention to fixed-income sustainable investment strategies increases, it is heartening to find that Community Capital Management (CCM), a Florida-based fixed-income investment adviser, has joined the trend toward improved transparency by publishing its first annual impact report. The report “provides an added layer of transparency by detailing the use of proceeds and providing a full understanding of the programs being financed,” CCM states.

Since CCM's inception in 1999, the firm has invested more than $6 billion in community development investment initiatives throughout the US. In October, reported that CCM has committed to investing up to $200 million in low- and moderate-income communities over a one-year period, as part of a Clinton Global Initiative commitment. CCM's impact report further describes the investments and community development impacts that it developed in 2013.

Overall, CCM invested $750 million in community development initiatives during the year:
$150 million in statewide homeownership and down payment assistance programs;
1,400 home mortgages for low- and moderate-income borrowers;
$43 million in job creation and small business development;
$20 million in economic development;
23,000 affordable rental housing units; and
$500,000 in affordable healthcare facilities.

"CCM takes a leadership role in creating and identifying fixed income impact investments that are responsive to community development needs and that are not routinely provided by conventional capital markets," said Barbara VanScoy, chief impact investment officer at CCM. "We created this report to provide investors more detail on our impact metrics along with an update on new and progressive community development initiatives in the fixed income impact investing space.”

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