CRA Qualified Investment Fund Celebrates 1,000 Positive Evaluations on CRA Investment Test
Community Capital Management, Inc. (CCM), the adviser to the Community Reinvestment Act (CRA) Qualified Investment Fund (ticker symbols: CRAIX/CRANX/CRATX), today announced that out of 1,000 CRA exams, every shareholder has earned positive consideration for their investment in the Fund.
The flagship CRA share class (Ticker: CRAIX) was launched in 1999 as a vehicle to help banks meet the investment test requirements of the CRA. The CRA, created in 1977, mandates that banks make capital available to the low- and moderate-income communities in which they serve. Today, the no-load bond Fund has approximately $1.7 billion in assets on behalf of over 380 bank shareholders nationwide along with non-financial institutional and retail investors. Its focus is on high credit quality market-rate bonds that finance community development activities nationwide.
“The CRA Fund has been helping banks with their CRA investments for 16 years,” said John Taylor, chairman of the board of trustees for the Fund and president and CEO of the National Community Reinvestment Coalition (NCRC). “These investments help finance much-needed community development in low- and moderate-income neighborhoods nationwide such as creating affordable housing opportunities, generating jobs, and spurring revitalization efforts, among many other CRA-eligible activities.”
David Sand, chief investment strategist and interim chief impact investment officer at CCM, added: “Our shareholders range from larger national banks to smaller community banks. Regardless of the bank size and type, the Fund allows financial institutions the opportunity to invest in a vehicle that targets community development capital to their local markets with many located in ‘hard-to-find’ areas. This achievement further validates the Fund’s effectiveness in helping banks satisfy CRA investment guidelines while making a positive impact and revitalizing communities.”
To date, CCM, on behalf of the Fund and its shareholders, has invested over $5.8 billion in community development initiatives, generating results that make a powerful impact: 301,000 affordable rental housing units; 12,500 home mortgages for low- and moderate-income families; $28 million in affordable healthcare facilities; $199 million in job creation and small business development; $187 million in community development including environmentally sustainable initiatives and neighborhood revitalization activities; and $663 million in statewide homeownership and down payment assistance programs. Since inception (8/30/99) through June 30, 2015, the annualized total return for CRAIX is 4.46% and its 30-day SEC Yield as of June 30, 2015 is 2.02%.
As of June 30, 2015. CRA exams conducted by FDIC, OCC and FRB. These regulators have not approved or disapproved of the Fund.
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 6/30/15. 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. For more information on the CRA Qualified Investment Fund, please visit www.crafund.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.
Impact numbers are approximate. The performance quoted represents past performance. Past performance does not guarantee future results. As of June 30, 2015, the 1-year, 5-year and 10-year returns for the CRA share class are 2.38%, 2.45%, and 3.46%, respectively. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please call 866-202-3573. The total annual operating expenses for the CRA Share Class (CRAIX) is 0.94%. Performance for other share classes will vary.
Investing involves risk including the loss of principal. Bond and bond funds are subject to interest rate risk and will decline in value as interest rates rise. The Fund is not diversified. The CRA Qualified Investment Fund is distributed by SEI Investments Distribution Co. (SIDCO) which is not affiliated with Community Capital Management.
Carefully consider the risks, investment objectives, charges and expenses of the Fund before investing. The prospectus contains this and other important information. Call 866-202-3573 for a prospectus. Please read the prospectus carefully before investing.