FT. LAUDERDALE, Fla., April 4, 2011 /PRNewswire/ -- The revitalization of downtown Lancaster, California is in full swing, bringing new life back to a declining area and helping to transform the eighth-largest city in Los Angeles County into a more vibrant neighborhood. One project in the city's revitalization efforts is the rehabilitation of the Essex House Hotel into Arbor Court Apartments, a full-service complex for very low-income seniors and disabled individuals.
Arbor Court is part of the city's goals to create a social service "hub" for the community and will provide comprehensive on-site support services at no cost to residents. The complex houses a 10,000 square foot adult day healthcare facility offering occupational, speech, and other forms of rehabilitation. Additionally, nutritional meals are offered by the Antelope Valley Committee on Aging and the project incorporates green features such as solar panel technology. This technology was funded in part through MASH, Multifamily Affordable Solar Housing, which provides solar incentives on qualifying existing multifamily affordable housing. MASH is part of the California Solar Initiative which is overseen by the California Public Utilities Commission.
Torrey Pines Bank helped to provide funding for the project through its investment in the CRA Qualified Investment Fund CRA Shares (Ticker: CRAIX), a market-rate community development bond fund. The Fund earmarked a portion of Torrey Pines Bank's investment toward the purchase of a Fannie Mae Delegated Underwriting Servicing bond issued to finance the acquisition and rehabilitation of the Essex House Hotel into Arbor Court Apartments.
"Torrey Pines Bank is committed to community reinvestment and revitalization efforts that will help under-served communities," said Crystal Watkins, senior vice president at Torrey Pines Bank. "We are delighted that the bank's investment in the CRA Qualified Investment Fund is supporting such a wonderful project."
Arbor Court received an Affordable Housing Program (AHP) subsidy of $1 million from the Federal Home Loan Bank of San Francisco. The AHP facilitates the development of affordable rental housing and home ownership opportunities for very low-, low-, and moderate-income households.
"With the way the economy has been over the last couple years, it is a critical time for complexes like Arbor Court to be available for seniors," said Barbara VanScoy, Senior Portfolio Manager of the CRA Qualified Investment Fund. "Not only is it affordable but it provides vital ancillary services to seniors such as nursing care, social work assistance, and therapeutic activities."
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 asset 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 3/31/11, the bond financing Arbor Court represents 0.33% 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 Torrey Pines Bank
Torrey Pines Bank is a California-chartered commercial bank, providing commercial and financial services to small and middle market businesses, and personal banking services to proprietors, employees, executives and consumers desiring a personal banking relationship. Information about products and services offered by Torrey Pines Bank is available at www.torreypinesbank.com.
SOURCE Community Capital Management, Inc.