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Fixed income impact investing

Affordable housing

Affordable housing
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

Amount invested: $351.3 Million

SDG alignment

Impact Report 
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

Examples

Enterprise Community Loan Fund (ECLF)
  • Sector
    Investment grade corporate bond
  • Mission
    To deliver innovative financial products and technical assistance to mission-aligned organizations to acquire, develop and preserve quality affordable housing for low- and moderate-income families, and to revitalize their communities by providing access to good jobs, quality affordable housing, schools, transportation and healthy living environments.
  • Use of proceeds
    The proceeds of the bonds are being used to refinance certain existing debt obligations of ECLF, reducing the cost of borrowing. These obligations were issued to finance community development loans serving the needs of various populations.
  • Measurable impact
    • 861 affordable housing units (49 will earn LEED for Homes3 certification)
    • 137 senior affordable housing units
    • 500 homes built to LEED Platinum standard
City and county of San Francisco, California
  • Sector
    Investment grade, tax-exempt municipal bond
  • Mission/projects
    Hope San Francisco (HOPE SF) is the nation’s first large-scale public housing revitalization project to prioritize current residents while also investing in high-quality, sustainable housing and broad community development. HOPE SF creates thriving, mixed-income communities that provide green buildings, better schools, new local businesses and onsite resident services.
  • Use of proceeds
    Proceeds will reimburse the city for funds used to finance a portion of the Hunters View housing development project in the Bayview-Hunters Point neighborhood — part of HOPE SF’s larger initiative to replace four publicly owned housing developments.
  • Measurable impact 
    The overall Hunters View project consists of three phases with an estimated total cost of $450 million. All phases will ultimately include not only new housing, but also new streets, pedestrian walkways, open space, sewers, lighting and other necessary infrastructure.

    Specific outcomes include:
    • Demolition and replacement of severely deteriorated public housing sites
    • 426 new housing units (267 public housing units replaced on a one-for-one basis)
    • Addition of market-rate and affordable rental and ownership housing
    • Phase I completed in 2013
    • Phase II (construction of infrastructure and multifamily rental buildings) completed in 2017
    • Phase III began in 2018 with expected completion in 2020
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Core impact bond strategy

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Dimitri Stathopoulos
United States
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 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.