SOCIAL TOPICS: COMMUNITY DEVELOPMENT INVESTING

Published, Spring 2001

       Walden believes the ultimate measure of our success as social investors is the support we can provide in creating economic activity that fosters healthy communities. Community development investing plays a direct role in this process. In 1996, Walden formalized a service to assist clients who wish to invest directly in community development banks, credit unions and loan funds. Since then, we are pleased to report that Walden clients have invested over $6.5 million in over 25 community development financial institutions.

       Below is a partial list of community development financial institutions that Walden has offered through this service. As financial intermediaries, these organizations have been successful catalysts for the creation of new enterprise and housing in primarily lower income communities. We expect to repeat offering many of them as an investment opportunity, as well as continue to augment the list.

       If you are a Walden client and would like to learn more about this service, please contact Linda Berkel at (617) 726-7251 or Jane Chase at (617) 726-7276.

Market Rate Investments

Alternatives Federal Credit Union, Ithaca, NY
Borrego Springs Bank, CA’s San Diego and Imperial Counties
Central Appalachian Peoples Federal Credit Union, Appalachia
Community Bank of the Bay, CA Bay area
Community Capital Bank, New York City
Elk Horn Bank, Arkansas Delta
First American Credit Union, AZ and NM
Self-Help Credit Union, NC
Shore Bank Pacific, Pacific Northwest
South Shore Bank, Chicago, Cleveland, and Detroit
Vermont Development Credit Union, VT

Below-Market Rate Investments

Regional and Local Community Development Funds
Boston Community Loan Fund, Eastern MA
Chicago Community Loan Fund, Chicago metropolitan area
Coastal Enterprises, Inc., ME
Cooperative Fund of New England, New England
Delaware Valley Community Reinvestment Fund, Philadelphia
Federation of Appalachian Housing Enterprises, Inc., Appalachia
New Hampshire Community Loan Fund, NH
New Mexico Community Loan Fund, NM
Northcountry Cooperative Development Fund, Upper Midwest
Northern California Community Loan Fund, Northern CA
Vermont Community Loan Fund, VT
Washington Area Community Investment Fund, Inc., D.C.

National Community Loan Funds
Institute for Community Economics
Low Income Housing Fund
McCauley Housing Fund
Mercy Loan Fund

International
Acción International, Latin America
Thembani International Loan Guarantee Fund, South Africa

       Walden’s Community Development Investment Service provides clients once or twice a year with the choice of market rate and/or below-market rate instruments. Management fees are waived for investments up to 5% of portfolios. We offer these options to lower client risk and to accommodate client preferences for products in a variety of locales, addressing different issues. Our intention is to present clients with better quality funds and financial institutions. However, there are always investment risks and the choice of investment remains with the client.