FT. LAUDERDALE, Fla., Nov. 30, 2010 /PRNewswire/ -- A recent investment in the CRA Qualified Investment Fund (Tickers: CRAIX/CRANX/CRATX), a market-rate, community development bond fund, is helping finance the redevelopment of the Scott/Carver HOPE VI, Phase II property in Miami's Liberty City community. Phase II of the project is planned as a mixed-income development and will create 354 new mixed-income rental units, of which 50% will be public housing; 30% will be set aside for residents with incomes at or below 60% of area median income; and 20% will be unrestricted to accommodate community families who earn more than the tax credit income limits allow.
The project aims to create a safe, sustainable and high-quality mixed-income community that reintegrates the neighborhood into the greater Liberty City area. Urban Strategies, a non-profit corporation that rebuilds the physical and human infrastructure of redeveloping urban communities, is helping to create a human capital plan that identifies resident needs and resources to assist them in achieving personal goals, greater self-sufficiency and upward mobility.
The bond that helped fund the project was issued by the Housing Finance Authority (HFA) of Miami-Dade County. The Miami-Dade Public Housing Agency (MDPHA) through its $35 million Homeownership Opportunities for People Everywhere (HOPE VI) grant from the United States Department of Housing and Urban Development (US-HUD) will revitalize the Scott/Carver public housing developments.
Additionally, through stimulus funding awarded to MDPHA by US-HUD, the renovation plan for Phase II was eligible to receive $16.6 million to create a green and sustainable community. MDPHA, together with the HOPE VI developer, will use these funds to incorporate Green Building Concepts such as reflective roofing, compact fluorescent lighting, and insulation and air-sealing treatments.
"In today's economy, many families are struggling to find a decent place to call home," said Barbara VanScoy, Senior Portfolio Manager of the CRA Qualified Investment Fund. "This project will not only preserve vital affordable housing that is environmentally-friendly but it is also a catalyst for reviving the Liberty City community."
"We are thrilled to be a part of the gentrification efforts for Liberty City and fortunate to partner with Urban Strategies to help residents with opportunities and resources," said Patricia Jennings Braynon, Director, HFA of Miami-Dade County. "The Scott/Carver HOPE VI project is a great example of furthering the HFA's mission to alleviate the shortage of housing opportunities in Miami-Dade County."
About Community Capital Management and the CRA Qualified Investment Fund
Community Capital Management, Inc. is a Fort Lauderdale-based SEC-registered investment advisor. The firm was founded in 1998 by Barbara VanScoy and Todd Cohen to provide fixed income investment services to institutional investors. Its clients include public funds, foundations, financial institutions, faith-based investors, and mission-related investors. The CRA Qualified Investment Fund was launched in 1999 and has grown to include investments from more than 300 banks/thrifts and other types of investors interested in its community development strategy. Community Capital Management manages over $1 billion in assets under management and offers institutional investors its investment strategy via a separate account or a mutual fund. For additional information, please contact Jamie Horwitz at 877.272.1977 or visit www.ccmfixedincome.com.
Investing involves risk including the loss of principal. 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. As of 9/30/10, the bond financing Scott/Carver HOPE VI, Phase II represents 0.49% of the fund's assets. The CRA Qualified Investment Fund is distributed by SEI Investments Distribution Co. (SIDCO) which is not affiliated with Community Capital Management or any other affiliate.
About Miami-Dade Public Housing Agency
The Miami-Dade Public Housing Agency's (MDPHA or the "Agency") mission is to provide decent, affordable housing to Miami-Dade County's qualified low- and moderate-income residents. To accomplish this, MDPHA administers federal subsidies that support almost 10,000 units of public and other assisted housing. The Agency works with builders, developers, lenders and private housing providers to expand affordable housing opportunities in Miami-Dade County and supports self-sufficiency and offers resources for current and aspiring homeowners. The Agency has earned a well-deserved reputation as an innovative department with capable, professional staff. Its programs have received numerous national awards and recognition in many areas. As the sixth largest housing agency in the nation and undoubtedly one of the most complex and comprehensive public housing agencies, MDPHA is responsible for housing more than 30,000 residents, provides for Section 8 subsidized payments for 16,000 families and administers an array of specialized housing opportunities for special populations and the homeless.
About The Housing Finance Authority of Miami-Dade
The Housing Finance Authority of Miami-Dade County, Florida is a public body created under the laws of the State of Florida. The Authority was created to address a housing shortage in the County by stimulating the construction and rehabilitation of housing.
About Urban Strategies
Urban Strategies builds the physical and human infrastructure of redeveloping urban communities by partnering with neighborhood organizations, residents, developers, policy makers, institutional stakeholders and funders to transform public and private systems and support strong, self-sustaining people, families and communities. Headquartered in St. Louis, MO, Urban Strategies has a diverse team of professionals with extensive experience in Citizen Directed Planning, Public Policy Development, Social Work, Hope VI Community and Supportive Services, Support Systems Implementation, Community Health, Public School Performance Improvement, Community-Based Economic Vitality, Geriatrics and Senior Services.
SOURCE Community Capital Management, Inc.