New York Life’s Impact Investment Initiative Commits $50 million to IMPACT Community Capital in support of affordable housing preservation
NEW YORK--(BUSINESS WIRE)--Jul 22, 2021--
New York Life, America’s largest 1 and most admired 2 mutual life insurer, today announced a $50 million investment to support the preservation of affordable housing rental properties throughout the United States via an equity investment with IMPACT Community Capital.
This is the latest investment by New York Life’s $1 billion impact investment initiative announced in April 2021. The initiative is focused on addressing the racial wealth gap by investing in underserved and undercapitalized communities over the next three years with a focus on supporting small businesses, affordable housing, and community development.
The investment with IMPACT Community Capital will provide short-term bridge loans to borrowers and owners of affordable housing seeking to preserve the properties’ affordability status. The underlying properties will be nearing the expiration of affordable rent restrictions, which place the properties at risk of becoming market-rate rentals.
“This investment affords us the opportunity to partner with an established market participant and make an immediate positive impact in the affordable housing sector,” said Martin King, managing director and head of impact investments at New York Life. “New York Life’s impact investment initiative is focused on delivering meaningful societal impacts and generating market returns to help build and sustain positive economic outcomes in underserved and undercapitalized communities over the long term. As an asset class, affordable housing has a strong property performance history.”
IMPACT Community Capital has more than a 20-year track record of investing in affordable housing and has a stated commitment to social and racial equity. Owned by a group of prominent life insurers, the investment group maintains a direct line of sight into the investment needs of the industry and is guided by the industry’s high standards for financial performance and corporate stewardship.
According to Jeff Brenner, president and chief executive officer of IMPACT Community Capital, “We have originated and sourced purpose-driven investments for institutional investors since 1998. We are pleased to partner with New York Life as we continue to seek opportunities for our investors that achieve their investment objectives and make enduring, positive impacts on the challenges faced by American’s communities and families.”
This investment with IMPACT Community Capital follows New York Life’s initial impact investment initiative commitment of $150 million to Fairview Capital in support of diverse and emerging fund managers and hundreds of small businesses.
New York Life will continue to partner with diverse asset managers, federally chartered community development financial institutions (CDFI), and other mission-driven organizations as part of this initiative. The company’s long-term impact investment strategy is to develop large-scale solutions and investment structures that aim to deliver broad and inclusive economic outcomes linked to job growth, health and wellness, and personal and household advancement.
ABOUT NEW YORK LIFE
New York Life Insurance Company ( www.newyorklife.com ), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States 1 and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies 3.
New York Life Group Benefit Solutions products and services are provided exclusively by or through Life Insurance Company of North America or New York Life Group Insurance Company of NY, formerly known as Cigna Life Insurance Company of New York (New York, NY), or by or through affiliates or subsidiaries of Cigna Corporation. Life Insurance Company of North America is not authorized in New York and does not conduct insurance business in New York.
Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/2/2021. For methodology, please see http://fortune.com/fortune500/.
As reported by “Fortune 2021 World’s Most Admired Companies ranking within Insurance (Life and Health),” Fortune magazine, 2/1/2021. For methodology, please see https://fortune.com/franchise-list-page/methodology-worlds-most-admired-companies-2021/.
Individual independent rating agency commentary as of 10/15/2020: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).
View source version on businesswire.com:https://www.businesswire.com/news/home/20210722005070/en/
CONTACT: Kevin Maher
New York Life
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES
SOURCE: New York Life
Copyright Business Wire 2021.
PUB: 07/22/2021 09:00 AM/DISC: 07/22/2021 09:02 AM