Created in partnership by Impact Shares and CCM, OWNS has purchased custom mortgage pools of more than 375 loans primarily supporting minority and low and moderate-income families
FT. LAUDERDALE, Fla., August 16, 2022–(BUSINESS WIRE)–Impact Shares and Community Capital Management (CCM) celebrate the first anniversary of the Impact Shares Affordable Housing MBS ETF (NYSE: OWNS). The exchange-traded fund (ETF) seeks to generate income while addressing the racial wealth gap by directing capital toward homeownership opportunities in minority communities, families, and workers.
OWNS launched in July 2021 and, to our knowledge, is the first and only publicly-traded solution seeking to support the growth of affordable homeownership by creating financing for low- and moderate-income (LMI) borrowers. OWNS invests in agency mortgage-backed securities (MBS) backed by pools of mortgage loans made to LMI families, minority families, and/or families that live in persistent poverty areas. The ETF offers investors a capital markets solution for bridging the racial wealth gap to help address the affordable housing crisis in the U.S.
“OWNS is the culmination of our focus on addressing the racial wealth gap,” said Alyssa Greenspan, president and COO of CCM. “CCM has invested over $3.9 billion in minority communities since our inception, including what we believe to be the first MBS pool consisting solely of women led minority families in 2018. OWNS enables all types of investors the opportunity to focus on affordable homeownership to help reduce the wealth gap issue.”
OWNS allows investors – who reach a certain investment requirement – to direct their capital towards a specific geography, creating customizable local impact within the ETF. This feature can help banks receive investment test consideration on their Community Reinvestment Act (CRA) exam and enables other place-based investors, such as pensions, unions, state and local governments, and community foundations, to achieve localized impact.
“Affordable housing is a core component of community development efforts,” said Dan Rollins, chairman and CEO of BancorpSouth. “We are proud to be invested in this innovative financial solution that looks to address the nation’s ongoing need for affordable homeownership for LMI and minority borrowers, while also meeting our CRA needs.”1
Since its launch, OWNS has invested in custom-created mortgage pools, comprised of 375 loans, primarily supporting minority and LMI families. Of those loans, 82% have been made to LMI minority borrowers, with 196 loans made to minority women borrowers. The ETF has invested in loans across 37 states plus the District of Columbia, including 24 unique persistent poverty counties.
“In addition to OWNS’s first anniversary, we are also celebrating the ETF’s impact on wealth creation for LMI families,” remarks David Sand, chief impact strategist …….