The Community Reinvestment Act (CRA) is a federal law enacted in 1977 to encourage banks and depository institutions to meet the credit needs of the communities in which they do business, including low- and moderate-income (LMI) neighborhoods. On the investment test, CRA credit typically requires investing in an institution’s nearby assessment area(s), but in areas hit by major disasters, CRA credit can be extended. Last year, after Hurricane Maria, federal banking officials extended CRA credit to financial institutions anywhere in the United States to include hurricane-stricken Puerto Rico.1 Eligibility for CRA credit in Puerto Rico is intended to increase capital flowing into communities as they try to rebuild.Read More
In the past year, many major U.S. cities have reported significant progress in housing for their homeless.1 While homelessness has been on the decline nationally, the trend, unfortunately, does not hold true in several major cities. In Los Angeles, the number of homeless people increased by 12 percent in LA county and 16 percent in the city last year. According to the county’s Homeless Service Authority, they helped 21,631 people into permanent housing during 2018, yet economic conditions forced thousands more into homelessness due to economic forces and the interlocking systems of foster care, mental health, criminal justice, and the housing market.2Read More
Summertime is usually associated with warm weather, days at the pool – or the golf course – and vacation. For some of us at CCM, summer can mean travel, especially to conferences throughout the U.S. This week kicked off the summer conference season with the US SIF conference in Minneapolis and the Catholic Health Assembly in Dallas. CCM team members attended and networked with many of the attendees, including innovative influencers in the impact/ESG investing space.
Depending on the location of the conference – or in some cases, the destination of our team member’s travel – we ask our team to learn more about the stories behind our investments by conducting local on-site visits. We always enjoy seeing first-hand the properties or small businesses that our clients’ investments are financing and how they are helping to create positive impact. At many of our visits, we are able to meet with residents, employees and supportive staff, as well as receive a tour of the property and neighborhood.
Our team thoroughly enjoys visiting the properties as each visit gives us more insight into our direct impact on the community. We value the opportunity to meet the people behind each of our investments and share details of our visits with our investors in our Annual Impact Report.
Image: CCM's President & COO, Alyssa Greenspan visits a property in Minneapolis, MN
This summer we already have three scheduled on-site visits throughout the U.S. – one of them being our 2018 Annual CCM Impact Award Winner, the Hawthorne Eco Village Apartments in Minneapolis, Minnesota. To read more about three of our 2018’s on-site visits, our 2018 Annual Impact Report can be found here.
We look forward to reporting back on our upcoming on-site visits and happy summer!Read More