CRA Fund Dedicates $50M to Reconstruction

The CRA Qualified Investment Fund, Ft. Lauderdale, Fla., which invests in fixed-income securities to aid affordable housing, has dedicated $50 million toward post-Hurricane Katrina reconstruction in the affected Gulf states and in South Florida and parts of Texas, where the largest numbers of evacuees have relocated.Of the total, $40 million comes from institutional shareholders affected by the storm and $10 million is from individual investors and their investment advisers. The fund said it hopes to raise at least $50 million more. "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," said Barbara VanScoy, the fund's portfolio manager. "This is a power opportunity to show what community investing can do."