"Greening" health facilities and strengthening communities
Praxis Impact Bond Fund purchases make a difference for personal and community health
Two new targeted bond purchases support both social and large-scale green projects in the United States. Among the last quarter’s investments, the Praxis Impact Bond Fund purchased bonds from the Kaiser Foundation Hospitals and Local Initiatives Support Corporation.
“We’re always searching for new bond offerings that present exciting opportunities to support important work benefitting climate and communities,” said Benjamin Bailey, CFA®, Vice President of Investment and Senior Fixed Income Investment Manager for Praxis Mutual Funds®. “These new bonds move toward improvements for both personal and community health, which are integral to our collective well-being.”
The Kaiser Foundation Hospitals green bond will help health facilities pay for green projects, furthering the organization’s work to meet its long-term environmental stewardship goals. Their goals include becoming “carbon net positive” by using clean energy, supporting sustainable agriculture and reducing waste. The bond will support projects such as the San Diego Medical Center, which is certified LEED Platinum.
The LISC social bond will help energize local economies by fueling businesses, jobs and large-scale redevelopment efforts. According to LISC, it is the first Community Development Financial Institution – a designation for specialized lenders focused on the needs of low-income people and places – to issue a general obligation bond.
The organization gives out grants, loans and equity to support economic development, affordable housing, health care, community safety, education, family financial stability and employment.
The Praxis Impact Bond Fund is committed to purchasing social and green bonds that make a direct, positive difference for climate and community. Positive impact investments now make up more than 26 percent of the Praxis Impact Bond Fund. In addition to bonds, this number includes a 1 percent commitment to high social impact community development investments in nonprofits that benefit underprivileged communities nationally and around the world. Learn more about how the Praxis Impact Bond Fund is investing to impact climate and community.
About Praxis Mutual Funds and Everence
Praxis Mutual Funds, advised by Everence Capital Management, is a leading faith-based, socially responsible family of mutual funds designed to help people and groups integrate their finances with values.
Everence helps individuals, organizations and congregations integrate finances with faith through a national team of advisors and representatives. Everence offers banking, insurance and financial services with community benefits and stewardship education.