Impact Community Capital announced that Nationwide Mutual Insurance of Columbus, Ohio, has joined its growing membership of California insurers committed to voluntary community investments.
Nationwide officials said the decision to join Impact made good business sense and was consistent with the company’s long-standing tradition of community involvement and commitment to consumers in urban markets.
Nationwide’s decision to join Impact drew immediate praise from California Insurance Commissioner Harry Low, who stated his belief that the preferred way for insurers to make meaningful differences in the state’s underserved communities is a voluntary approach to community investment. He added for such an approach to be successful, insurers must demonstrate a genuine commitment to community investing. Low also stated that Nationwide’s decision to become an Impact member-investor was a demonstration of such commitment.
Impact president and CEO Dan Sheehy said the addition of Nationwide brings to nine the number of insurance companies participating in the pooled community investment consortium.
Nationwide recently received the prestigious Spirit of America award from the United Way in recognition for the company’s demonstrated tradition of community involvement. The Spirit of America award is the highest tribute a company can receive for corporate community involvement. Only one company in America receives the Spirit of America award each year and Nationwide is the first insurance organization to win the award.
Nationwide has enhanced its presence in urban markets with the opening of more than 30 sales and service centers in major cities and has made more than $230 million in financial investments and grants to housing groups.
Nationwide joins Allstate Insurance Company, Farmers Insurance Companies, Pacific Life Insurance Company, PMI Mortgage Insurance Company, SAFECO Insurance, State Farm Insurance Companies, Teachers Insurance and Annuity Association and 21st Century Insurance Company as members of Impact.
The first venture of its kind in the United States, Impact has proved to be a dynamic vehicle for making focused, innovative and sound investments on behalf of its insurance company members. Through sound community investments, Impact helps finance expanded affordable housing, jobs, small businesses development and additional economic and community development benefits throughout California.
Impact recently invested $40.5 million to purchase 12 low-income, multi-family housing properties (1,450 units total) throughout California. Included in the investment are properties developed for and by farm workers in California’s Central Valley, housing for low-income seniors and the disabled in Huntington Park, apartments for low- and moderate-income families in Roseville, an apartment complex in Los Angeles that houses the Temple/Edgeware Boys and Girls Club, and a mixed-use development in Berkeley that includes low-income housing and small businesses.
Impact currently is developing investments in additional housing for low-income and moderate-income families, loans to rehabilitate existing housing in urban areas and mixed-use business properties in underserved communities.
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