Community Capital Management Investments Expand the Offerings of Green Bonds for Investors
FT. LAUDERDALE, FL (June 1, 2015)
Community Capital Management, Inc. (CCM), a leading fixed income impact investing manager, today announced two new green bond investments it purchased on behalf of clients.
Bond proceeds for one of the investments helped finance Flats 170 at Academy Yard, a green community in Odenton, Maryland, built to achieve LEED Silver Certification. The property was built with over 75% recycled and regionally sourced materials both stimulating the local economy and minimizing energy required for transportation. Over 90% of the construction waste during development was recycled and diverted from landfills. Units and common areas are equipped with ENERGY STAR certified appliances, low-energy lighting, and high-efficiency dual-flush toilets, showerheads and faucets that reduce approximately 40% of water consumption. A highly efficient HVAC system was installed to cut down utility usage by greater than 15%.
Bond proceeds for the other investment were issued by the New York City Housing Development Corporation (HDC) and used by the Corporation to finance the acquisition of 23 affordable housing mortgage loans located in the five boroughs. One of the properties, Via Verde in the Bronx, represents a new model for affordable, green and healthy urban living. It achieved LEED Gold Certification from the U.S. Green Building Council for its innovative environmentally responsible design. It offers many green features including a storm water reclamation system that recycles water for irrigation; motion sensors located in stairways and corridors to conserve electricity; and building-integrated photovoltaic panels that produce electricity from the sun's energy. At the heart of the property is a dynamic garden and series of green roofs that serve as the organizing architectural element and identity for the community.
"CCM has been buying green bonds since 1999, before there was even a 'green' label," said David Sand, chief investment strategist at CCM. "The green bonds we have purchased over the last 15 years and continue to purchase today are designated green based solely on the intended use of proceeds for the financing of environmentally beneficial initiatives like the Flats 170 at Academy Yard and Via Verde."
Gary Rodney, president of the NYC HDC, added: "We have worked with CCM for a number of years and are pleased they have participated in this deal given the many innovative green components of properties like Via Verde. Via Verde is green urban living, and represents the future of high quality, affordable, and sustainable housing. The financing of such mortgage loans for socially beneficial projects furthers HDC's mission of creating and preserving safe, quality affordable housing that adds value to New York City's neighborhoods and fosters the economic diversity that is a hallmark of a great city. HDC is looking to include Sustainable Neighborhood bonds as part of its future issuances."
Sand added: "At CCM, we identify, record, and track the underlying environmental benefit that each transaction will support. We are excited to have participated in these green bond offerings and to show that many bonds, while not necessarily designated 'green' have a multitude of environmental benefits."
About Community Capital Management, Inc.
Community Capital Management, Inc. (CCM) is an independently-owned investment adviser registered with the Securities and Exchange Commission. Headquartered in Fort Lauderdale, Florida with offices in Charlotte, North Carolina and Boston, Massachusetts, the firm was founded in 1998 and currently manages $2 billion in assets as of 3/31/15. CCM's flagship intermediate fixed impact investing strategy is available as a separate account or via a mutual fund. Other products managed by CCM include a liquid alternative income fund and customized separate account strategies. For more information, please visit www.ccmfixedincome.com.
Community Capital Management, Inc. is a Florida-based investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. The securities identified and described herein are current holdings and for illustrative purposes. Their selection was based upon non-performance criteria, such as the security's social and/or environmental attributes. Past performance does not guarantee future results.