FT. LAUDERDALE, Fla., July 24, 2012 /PRNewswire/ -- Community Capital Management, Inc., on behalf of its flagship fund - the CRA Qualified Investment Fund CRA Shares (Ticker: CRAIX), announced today that it purchased its first United States Department of Agriculture (USDA) rural development loan to Maniilaq Association. Maniilaq manages social and health services for approximately 6,500 people within the Northwest Arctic Borough and the village of Point Hope, Alaska. The Association also coordinates tribal and traditional assistance programs, and environmental and subsistence protection services. It employs around 550 in its workforce making it the largest employer in the region.
"We are very excited to have purchased our first USDA rural development loan to a tribal organization," said Community Capital's senior portfolio manager Barbara VanScoy. "We continuously research new and innovative community development issues and believe this is a space with tremendous positive impact."
The Maniilaq Association manages and maintains all of its medical, clinical, and nursing services, including the eleven village clinics and the 88,000 square foot Maniilaq Health Center. The Health Center is a state-of-the-art, top quality primary care medical facility. It houses an emergency room, with local and medivac support for accident/trauma victims, as well as an ambulatory care clinic, dental and eye care clinics, a pharmacy, a specialty clinic, and an inpatient wing with 24 beds for recovering patients. The nearest health care facility that offers comparable services is over 600 miles away.
The loan to Maniilaq Association is through the USDA Rural Development Business & Industry (B&I) Guaranteed Loan Program. The purpose of the B&I Program is to improve, develop, or finance business, industry, and employment and improve the economic and environmental climate in rural communities. Borrowers must be engaged in or proposing to engage in a business that will: provide employment; improve the economic or environmental climate; promote the conservation, development, and use of water for aquaculture; or reduce reliance on nonrenewable energy resources by encouraging the development and construction of solar energy systems and other renewable energy systems.
B&I loans are typically available in rural areas, which include all areas other than cities or towns of more than 50,000 people and the contiguous and adjacent urbanized areas of such cities or towns. Maniilaq Association is located in Kotzebue, Alaska, in a census tract designated as "underserved or distressed" and "medically underserved (MUA)". Its population was 3,201 as of the 2010 census.
"The loan to Maniilaq Association is extremely important as it helps the community strengthen their economy, provide better quality of life to its residents, and support vital jobs," said Alyssa Greenspan, chief operating officer at Community Capital. "The Fund's purchase of this loan will help support the cultural and traditional needs of the Maniilaq tribal members."
Since the CRA Qualified Investment Fund's inception in 1999, it has invested approximately $4 billion in community investments on behalf of its shareholders. As of June 30, 2012, the average annual total returns for the CRA Qualified Investment Fund CRA Shares for 1-year, 5-year, 10-year and since inception (August 30, 1999) were 6.66%, 5.62%, 4.75% and 5.28%, respectively.
About Community Capital Management, Inc. and the CRA Qualified Investment Fund
Community Capital Management, Inc. is an independently owned, client-focused fixed income investment adviser and the registered investment adviser to the CRA Qualified Investment Fund. The firm was founded in 1998 and the Fund was launched in 1999. The firm's primary goal is to produce above-average, risk-adjusted returns while providing added diversification and simultaneously having a positive impact on the community and the environment. Clients include public funds, foundations, financial institutions, faith-based investors, and other types of impact investors. Community Capital manages over $1.5 billion in fixed income assets. For more information, please visit www.ccmfixedincome.com.
The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. An investor's investment return and principal value will fluctuate, so that your shares when redeemed may be worth more or less than your initial cost. To obtain the most recent month-end performance, call 1-877-272-1977. Performance of other share classes may vary. For current standard performance, please click here.
Investing involves risk including the loss of principal. Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. The Fund is non-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 6/30/12, this investment represents 0.04% 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.
SOURCE Community Capital Management, Inc.