Groundworks New Mexico and the New Mexico Impact Investment Collaborative announced the Local Impact-Driven Fixed Income Targeted Investment New Mexico (LIFT NM), an investment initiative in support of homeownership and job creation for low-and-moderate income citizens and communities of color.
Local investors can participate in the initiative and have an opportunity to put their money toward efforts and communities of their choosing. More than $11 million has been committed to the LIFT NM fund so far, according to a news release.
The money will be invested via the Access Capital Community Investment Strategy, a bond investment strategy managed by RBC Global Asset Management. The financial adviser works with organizations to invest in customized U.S. agency guaranteed mortgage-backed securities guaranteed by U.S. government agencies and local, state and federal government-backed loans and securities.
“The objective of this impact investment initiative is to strengthen community development and advance socio-economic, health and racial equity in New Mexico by attracting more capital and investors for social good,” Groundworks New Mexico executive director Frank Lopez said in a prepared statement.
Foundations, corporations, nonprofits, health care organizations, financial advisors, family offices and other private and public institutions can participate in the investment effort, the release says. So far, the fund's participants include McCune Charitable Foundation and CHRISTUS St. Vincent, according to the release.
“Investments like this serve to strengthen our community by expanding affordable housing, creating jobs, supporting small businesses and providing low-income communities with access to capital. This helps us to live our mission of improving the health and well-being of the communities we serve," Lillian Montoya, President and CEO of CHRISTUS, said in a statement.
In total, RBC's Access Capital Community Investment Strategy has more than $1.5 billion USD in assets under management with "impact investments" in 49 states and the District of Columbia, per the release.
