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Insurers Support California Affordable Housing

SAN FRANCISCO-Eight insurance companies christen a new consortium by jointly purchasing, packaging and selling as investment grade securities some $40 million in mortgages from a similar consortium of banks and thrifts.

By Brian K. Miller | Updated on August 09, 2000

A new type of investor is supporting affordable housing in California. IMPACT Community Capital, a young consortium of brand-name insurers is just beginning to purchase and securitize mortgage loans held by local nonprofits who may then reinvest the cash in other affordable housing projects.

The group’s first investment, announced yesterday, was in 12 multifamily rental housing properties (1,456 units) from the California Community Reinvestment Corporation (CCRC), a nonprofit lending consortium funded by 45 member banks and thrifts throughout California.

IMPACT is comprised of Allstate Insurance Company, Farmers Insurance Companies, Pacific Life Insurance Company, PMI Mortgage Insurance Company, SAFECO Insurance, State Farm Insurance Companies, Teachers Insurance and Annuity Association, 21st Century Insurance Compan and Nationwide Mutual Insurance Company, its latest member.

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