A news release from The CRA Qualified Investment Fund said the investments would be directed to help recovery efforts in New Orleans and other damaged portions of Louisiana, Alabama, Mississippi, and also in South Florida and parts of Texas where many Katrina refugees were relocated.
The announcement said that the company has $50 million to direct towards this initiative – $40 million from institutional shareholders affected by the storm and $10 million from individual investors and their investment advisors. The firm said it hopes to generate at least $50 million more from institutional and individual investors.
“The reality is that what these communities really need to get back on their feet are major investments in infrastructure, housing, small businesses, schools, and other vital community services,” Barbara VanScoy, the Fund’s portfolio manager, said in the news release. “The CRA Qualified Investment Fund is in a unique position to make sure that those investors who want to get involved in supporting these long-term reconstruction efforts can do so in a very real and a very direct manner. This is a powerful opportunity to show what community investing can do – and we intend to help concerned Americans make the most of it.”
The $640 million no-load Fund is exclusively dedicated to community and economic development, according to the company.