CRA Qualified Investment Fund Bond Purchase Helps Finance Affordable Rental Property Designed Exclusively For Seniors
Lakeview at Victoria Park in Waldorf, Maryland Meets the Changing Physical Demands of the Aging Process
FT. LAUDERDALE, Fla., March 19, 2013 /PRNewswire/ -- Community Capital Management, Inc., on behalf of its flagship fund – the CRA Qualified Investment Fund CRA Shares (Ticker: CRAIX) – announced today that it invested $2 million in a bond helping to finance Lakeview at Victoria Park in Waldorf, Maryland. The complex is a Low Income Housing Tax Credit property for seniors and was awarded $1.3 million in Maryland Community Development Administration HOME funds for construction costs. The backing of the Charles County Commissioners helped to ease the project through the local zoning process, as well as to obtain an impact fee waiver and lower the minimum age from 62 to 55 to make housing more accessible to people locally.
Lakeview at Victoria Park was specifically designed to meet the challenging physical, social and psychological changes of the aging process, creating a structure that is extraordinarily fine tuned to the needs of seniors. Some of these features include: wall accents painted in bright primary colors and fluorescent light bulbs in light fixtures to address the loss of sight; hand-rails installed on one side of the hallways to address changes in mobility; doors with levers rather than knobs to eliminate unnecessary wrist strain; and furniture with backs, arms, rounding and padding to make sitting down and getting up less stressful on the spine and legs.
Additionally, utility costs are kept down through the use of an Aquatherm system which is one of the most advanced and environmentally-friendly piping systems in the world. The dryers in the laundry room are operated through the use of pro-rated cards that charge only for the amount of time used, saving seniors additional money and eliminating the need to carry cash or search for change in coins.
The bond that helped finance the project was a Fannie Mae Delegated and Underwriting Servicing (DUS) bond, purchased in part by the CRA Qualified Investment Fund, on behalf of one of its shareholders, Community Bank of Tri-County, headquartered in Waldorf, Maryland.
The CRA Fund was launched in 1999 as a vehicle to help banks meet the requirements of the Community Reinvestment Act (CRA). The CRA, created in 1977, mandates that banks make capital available to the low- and moderate-income communities which they serve. Community Bank of Tri-County has been a shareholder in the Fund since 2006 and targets their CRA investments in the Fund to benefit community development in Charles, St. Mary's, and Calvert counties in Maryland.
"Community Bank of Tri-County is dedicated to helping the communities in which our clients and employees work and live," said Michael Middleton, Chief Executive Officer of Community Bank of Tri-County. "Lakeview at Victoria Park, designed exclusively for seniors, is a great example of a property that positively impacts the health and mobility of its residents while simultaneously offering first-class features."
"Baby boomers represent one of the largest population growths in U.S history and with the average life expectancy in 2012 reaching 78.5 years of age, the senior population continues to grow," said Barbara VanScoy, Chief Impact Investment Officer of the CRA Qualified Investment Fund. "Many of these citizens need an affordable place to call home; Lakeview at Victoria Park offers this plus an enhanced lifestyle that's one-of-a-kind."
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 325 banks/thrifts and other types of investors interested in its community development strategy. For additional information, please visit www.ccmfixedincome.com or www.crafund.com.
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. 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 1/31/13, the bond financing Lakeview at Victoria Park represents 0.13% 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 Community Bank of Tri-County
Community Bank of Tri-County is the oldest independent financial institution headquartered in Southern Maryland with eleven branches and over $975 million in assets. Community Bank of Tri-County branches are conveniently located throughout Calvert, Charles and St. Mary's counties, in Maryland and in King George, Virginia.
SOURCE Community Capital Management, Inc.
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