Community Development

Community development investing is a natural progression from investing in affordable housing. In order to maintain positive communities, it is important to foster residential, commercial and social development. The General Board currently has more than $25 million dollars invested in community development loans.

The General Board originated its community development investing by loaning money for the creation of Single Room Occupancy buildings (SRO's) in California and homeless shelters in New York. From there, the program has expanded to include investments in a wide range of community facilities including health care and community centers. Just as with the Affordable Housing Program, community development investing attempts to achieve market rates of return for all investments. Community development investments are found in the Domestic Bond Fund and Stable Value Fund.

The General Board's community development investing consists of investments in community facilities that work for or provide services to low and moderate income populations. More recently, the program was expanded to include investment in charter schools. The Community Development Program operates through non-profit intermediary organizations that are dedicated to serving disadvantaged communities. Intermediary organizations loan money to Community Development Financial Institutions (CDFI), charter school organizers and developers who build community facilities. The completed facilities provide space for small businesses needed in the community, such as chartered schools, or perhaps small companies that employ local residents.