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Fixed Income Impact Investing

Affordable housing

Housing complex

Amount invested: $351.3 Million

SDG alignment

No poverty, sustainable cities and communities

Impact objectives
  • Increase availability of affordable housing globally
  • Reduce rent burden to increase financial resources available after housing payments
  • Increase access to home ownership for low- and moderate-income populations
  • Increase availability of housing near transit options
Project type
  • Low- and moderate-income housing loans
  • Transit-oriented development
  • Walkable communities
  • Mixed-use development projects
IMPACT METRIC1 IMPACT FOR 2019 EQUIVALENT TO
Number of affordable mortgages guaranteed or provided 1.8 million  
Housing built or supported, including units designated for low- to moderate- income residents 339,388 More housing units than the Boston metro area2

Century Housing Corporation (Century)

Century housing village 
Alignment with SDGs:

Icon 11 Sustainable cities and comunities

Sector: Investment grade taxable municipal

Century Housing Corporation (Century) is one of more than 1,100 mission-driven financial providers nationwide that operate as certified Community Development Financial Institutions (CDFIs). Established by Congress in 1994, the CDFI Fund serves these institutions with resources and programs that invest federal dollars alongside private-sector capital to support economically disadvantaged communities.3

Century’s mission and intended outcomes Measurable impact
Finance, build, and operate exceptional affordable housing so that the people we serve may have a dignified home, a healthy and hopeful future, and attain economic independence.”4 In the past few years, Century has diversified its sources of capital by issuing public debt. The proceeds of the bonds in which Nuveen invested were used to refinance loans for multifamily affordable housing development, including:
Offer innovative financing programs in California, partnering with state and local agencies, municipalities and other CDFIs. 1,952 affordable housing units
843 supportive housing units (combining affordability with access to coordinated physical and mental health services)
1,515 senior housing units
381 workforce housing units (allowing moderate-income workers who would otherwise be priced out of local housing markets to live closer to their jobs).

"We’ve found that engagement with issuers early in the process is crucial to help them develop meaningful impact metrics,” says Adam Guerino, a portfolio manager on Nuveen’s Global Fixed Income – ESG/Impact team. “It’s been rewarding to see Century become more accountable and deliberate in reporting as they increase their participation in the public markets.”

“The public fixed income markets give issuers a practical tool for refinancing, which lowers their cost of capital,” adds Stephen M. Liberatore, head of ESG/Impact – Nuveen Global Fixed Income. “Helping issuers achieve scale, improve borrowing costs and ultimately provide greater benefits to the community are all part of a capital market solution to myriad social and environmental problems."

 

Examples

 

Enterprise Community Loan Fund (ECLF)

City and county of San Francisco, California

Explore our latest impact insights

1 Reporting methodology The Nuveen Responsible Investing team developed this report to provide an indication of the aggregate social and environmental impact created by the projects and organizations financed in part by the Strategy. Given the difficulty of attributing impact in proportion to the size of the Strategy’s share of each bond issuance (which ranges from 0.015% to 100%), the data reflect total impact generated by the project, program, or issuer rather than the Strategy’s share alone. The report represents bonds that are classified under the Strategy’s proprietary impact framework and for which relevant data are available. All impact data are sourced from publicly available issuer disclosures at the bond or project level when possible, or the program or issuer level if not. Metrics selected for each impact theme reflect the information most commonly reported by issuers, and each metric includes data from between 2 and 46 bonds. In cases where the Strategy has a large position in a certain issuer, we prioritize selecting metrics reported by that issuer.
2 U.S. census data.
3 Community Development Financial Institutions Fund, https://www.cdfifund.gov
4 Century Housing Corporation, https://century.org
5 LEED (Leadership in Energy and Environmental Design), administered by the nonprofit U.S. Green Building Council, is the world’s largest green building certification program, providing benchmark criteria for efficiency, cost savings and environmental sustainability.

A word on risk
Because ESG criteria exclude some securities, investments in ESG-focused products may not be able to take advantage of the same opportunities or market trends as products that do not use such criteria. Investment products in general may be subject to market and other risk factors. 

The investment advisory services, strategies and expertise of TIAA Investments, a division of Nuveen, are provided by Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC. Securities offered through Nuveen Securities, LLC.

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