2nd Annual Investment Summit
Insurer Tax Credit Awards
Commissioner Jones commended two insurers, the California State Automobile Association (CSAA) Insurance Group and MetLife Insurance Company, for their combined $15.3 million in community investments through the Department of Insurance's COIN Tax Credit Program in the first half of 2015.
CSAA is recognized for its $7.8 million qualified investment into two COIN certified CDFIs. CSAA's $4.8 million equity investment into Enterprise Community Investment will leverage additional funding to rehabilitate affordable rental housing units. Its $3 million loan at zero percent interest to the Nehemiah Community Reinvestment Fund will acquire, rehabilitate and sell affordable single-family homes to low income borrowers. |
MetLife Insurance Company USA is recognized for its $7.5 million qualified investment into Enterprise Community Loan Fund through the COIN CDFI Tax Credit Program. This investment will leverage additional funding to refinance two affordable rental housing project and finance a Rocketship 5 Charter School in California. |