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2008-06-03 issue:

New fund helps with Gulf coast recovery

Mennonite Mutual Aid sponsors new interfaith initiative, The Isaiah Funds.

by Mennonite Mutual Aid

Print Article

On May 15 an interfaith partnership launched The Isaiah Funds to aid in the long-term rebuilding efforts in low-income communities in the Gulf Coast region.

Mennonite Mutual Aid is one of six partner institutions who created the investment funds to provide low-cost capital to revitalize the economies of these communities affected by disasters. The funds will initially focus on post-Katrina/Rita hurricane recovery efforts.

The other key collaborators include the American Baptist Home Mission Society, CHRISTUS Health, Highland Good Steward Management, Jesuits of the New Orleans Province and Jewish Funds for Justice.

“Economic redevelopment is a vital, and often overlooked, second stage to disaster recovery,” said Mark Regier, MMA’s stewardship investing services manager.

MMA Community Development Investments (MMA CDI) plans to invest up to $500,000 in the funds by 2009, with additional investments to be considered later.

The Isaiah Funds are designed for institutional investors. Individual investors in the MMA Praxis Mutual Funds will participate in the Isaiah Funds through the mutual funds’ 1 percent commitment to community development investing made through MMA CDI. Individuals can also support the Isaiah Funds’ work by donating to MMA CDI’s Deka Fund.

Other partners in the Isaiah Funds include: American Baptist Home Mission Society, CHRISTUS Health, Highland Good Steward Management, Jesuits of the New Orleans Province and the Jewish Funds for Justice.

Today, The Isaiah Funds announced its first set of loans and deposits. Though much of the Gulf Coast has regained the appearance of normalcy, some of the hardest rebuilding work still lies ahead.

The Isaiah Funds demonstrate that the faith community, which was among the first to respond to Hurricanes Katrina and Rita, is continuing to expand its commitment to the region.

To reestablish themselves after natural and man-made disasters, low-income communities rely on patient, low-cost capital.

Faith-based institutional investors, guided by their values, are well-situated to provide this capital. The Isaiah Funds will make it easier for faith investors to support disaster recovery.

By early 2009, The Isaiah Funds will make $4.5 million in loans and grants to nonprofit organizations and community development financial institutions in the Gulf Coast, supporting affordable housing, small business development and the construction of community facilities.
Regier was part of the Katrina Investment Response Team that led efforts to create a way to provide funds to needy communities along the Gulf Coast.

This team grew out of the Interfaith Center on Corporate Responsibility, an organization dedicated to leading the corporate social responsibility movement.

“Combining their knowledge,” said Regier, “with our ‘impassioned dollars,’ we can bring healing and wholeness back to the affected communities in the Gulf Coast and in regions that may be affected by disasters in the future.”—MMA

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