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Media Release

Leading sustainable energy and community finance organizations join forces to pursue National Clean Investment Fund mandate

Calvert Impact announces intention to apply for Greenhouse Gas Reduction Fund program in partnership with Community Preservation Corporation and Self-Help

Jun 22, 2023
BETHESDA, MD, June 21, 2023 /24-7PressRelease/ -- Three pioneers of investing at the intersection of clean energy and disadvantaged communities, Calvert Impact, the Community Preservation Corporation (CPC) and Self-Help, today announced the formation of Climate United, a consortium formed to compete for the mandate to manage the $14 billion National Clean Investment Fund, a component of the Greenhouse Gas Reduction Fund (GGRF) passed in the Inflation Reduction Act. Through their decades-long histories, the consortium and its core partners have directly deployed more than $40 billion in communities across the country that historically have been overlooked by the financial services industry but will be disproportionately affected by climate change.

"Each organization in this consortium has demonstrated the ability to scale community-based solutions," said Calvert Impact CEO Jenn Pryce, "and together we represent a strategy with a unique combination of financial and operational strength; experience raising and deploying private capital; a robust track record and pipeline of green lending and investment; and trust in local communities. We are ready to put this critical federal investment to work to deploy clean energy technologies that generate energy savings, cleaner air, and quality jobs across the country, with a focus on investing in and empowering Justice40 communities."

The National Clean Investment Fund is being administered by the Environmental Protection Agency, which is expected to issue a request for proposals this summer from organizations with experience driving public/private partnerships to advance sustainable economic development and a demonstrated commitment to serving communities that are marginalized, underserved, and overburdened by pollution.

"CPC is joining Climate United to contribute our leading national multifamily housing finance platform to maximize the impact of the GGRF funds," said Rafael E. Cestero, CEO of the Community Preservation Corporation. "We see enormous potential to leverage this program to transform the multifamily mortgage markets to integrate deep decarbonization standards into affordable housing buildings across the country. This will deliver lower-cost energy, better health, and more resilient homes for American families while significantly reducing greenhouse gases that are warming our planet."

The Climate United strategy will catalyze investments across target sectors, including distributed generation of renewable energy, building decarbonization, and transportation.

"Together with Calvert Impact and CPC, we're committed to ensuring that this once-in-a generation investment from the federal government reaches its potential to bring the benefits of the low-carbon transition to households and communities that have largely failed to see real benefits to date," said Martin Eakes, CEO at Self-Help. "That includes the obvious benefits of making these communities cleaner and healthier, but also the transformational impact of the jobs and economic opportunity this program will create and the energy cost savings that will make a difference for family budgets."

The consortium has already begun building a roster of deployment and implementation partners that is expected to include national clean energy financing platforms, local and state-based green banks, credit unions, Minority Depository Institutions (MDIs), Community Development Financial Institutions (CDFIs), among others, to originate projects tailored to their local community context.

Indicative deployment partners include HASI, a leading climate positive investment firm; TruFund Financial Services (TruFund), a nonprofit that provides affordable loan capital to small businesses and nonprofits; Beneficial State Bank, a sustainable community development bank; National Development Council (NDC), a national community and economic development nonprofit; and Reinvestment Fund, a mission-driven nonprofit lender.

"We are proud to partner with the consortium led by Calvert Impact to prudently leverage and deploy private capital to climate positive projects that reduce emissions and support disadvantaged communities," said Jeffrey A. Lipson, President and CEO of HASI, a leading climate investment firm with a $5 billion pipeline of projects that has agreed to provide origination and strategic support to the consortium. "As one of America's longest-standing and largest capital providers exclusively focused on greenhouse gas-reducing projects, we are confident that our extensive climate investment experience and strong relationships across multiple decarbonization markets will play a key role in driving the success of the GGRF."

Community and green lenders will be able to obtain financial assistance from Climate United to invest in projects, communities, and households that cannot otherwise access affordable private capital today.

"The Greenhouse Gas Reduction Fund can be a historic catalyst for deploying clean energy, improving air quality, creating good jobs, and building wealth in underserved communities," said James H. Bason, President and CEO of TruFund. "We see our participation in the Climate United consortium as an opportunity to bring forth equitable, accessible and effective capital solutions for low-income communities and underserved small business of color who are overburdened by climate change and pollution, often lack access to financing, and find many greenhouse gas reduction solutions unaffordable."

"We see an enormous opportunity to expand our consumer, commercial, and project lending to drive significant GHG reduction and economic benefits in under-resourced communities and communities of color but are often constrained by our risk parameters," said Kat Taylor, co-founder and Chair of the Board at Beneficial State Bank. "Partnering with the Climate United consortium will allow us to unlock these opportunities and bring the benefits of the low-carbon transition to the communities we were built to serve."

"The National Development Council (NDC) is a proud partner in the Climate United consortium. Building upon our strong history of collaboration with Calvert Impact, we are excited to continue leveraging our collective capacity in order to direct capital into and to empower low-income and minority communities nationwide," said Daniel Marsh, President and CEO of NDC. "Together with our consortium partners, we are poised to make significant strides in addressing climate change and fostering sustainable development. NDC remains dedicated to our shared vision of an inclusive and resilient future for all."

"Reinvestment Fund is pleased to join the Climate United consortium and bring decades of experience in green finance to this partnership," said Don Hinkle-Brown, President and CEO of Reinvestment Fund. "Reinvestment Fund has financed energy efficient projects that conserve almost 980,000 MMBTUs yearly and energy generation projects that create 440,000 MMBTUs of clean energy annually with a history of leveraging and combining public and private investment capital for sustainable development."

Supporters also include networks like the Housing Partnership Network (HPN), the Mortgage Bankers Association, and the National Association of Affordable Housing Lenders, who will be critical to efforts led by CPC to transform the affordable housing markets to drive decarbonization in buildings across the country.

"Calvert Impact and two of our members – CPC and Self-Help – have formed a formidable collaborative and developed a compelling application strategy to pursue decarbonization funding through the Greenhouse Gas Reduction Fund," says Robin Hughes, HPN's President and CEO. "We are in alignment with their goals of ensuring climate resources are prioritized for affordable housing and delivered to low-income communities and communities of color."

"Innovative financing programs like the one proposed by Community Preservation Corporation leverage private capital, existing relationships and expertise in multifamily housing to expand the potential impact of EPA's Greenhouse Gas Reduction Fund" said Matthew Rocco, Chair of the Mortgage Bankers Association. "Such public-private investment partnerships can serve as an attractive and cost-effective model to create safer and greener affordable rental housing supply in disadvantaged communities across the country."

"Connecting the Greenhouse Gas Reduction Funds with affordable housing is a critically important opportunity. Decarbonizing housing will address a major source of greenhouse gases and cut costs for low- and moderate-income residents," said Buzz Roberts, President and CEO of the National Association of Affordable Housing Lenders. "Low-income communities often bear the brunt of environmental impacts of greenhouse gases, this investment will contribute to healthier communities across the country."

The RFP process is expected to run through the fall of 2023, with awardees selected by September 2024. To learn more about Climate United, please visit

About Calvert Impact

Calvert Impact is a global nonprofit investment firm that helps investors and financial professionals invest in solutions that people and the planet need. During its 28-year history, Calvert Impact has mobilized approximately $5 billion to build and grow local community and green finance organizations through its flagship Community Investment Note™ and other products and services. Calvert Impact recently launched the Cut Carbon Note, a product that aims to reduce carbon emissions and transform the way we build. Calvert Impact uses its unique position to bring the capital markets and communities closer together. More at

About The Community Preservation Corporation (CPC)

CPC is a nonprofit multifamily finance company that was founded in 1974 to provide financial and technical resources to stabilize and revitalize underserved communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to affordable and workforce housing, advance diversity and equity within the development industry, and expand investment in the green economy and lessen the impact of climate change. Since its founding, CPC has invested over $14 billion to finance the creation and preservation of more than 225,000 units of housing. The company provides a suite of construction and permanent products including Freddie Mac, Fannie Mae and FHA mortgages, and is an equity investor with approximately 4,200 affordable units under ownership. CPC is a carbon-neutral company and has been rated AA- by S&P. Visit CPC at, and on Facebook, Twitter and LinkedIn.

About Self-Help

Self-Help is a leading national community development financial institution (CDFI) with a mission to create and protect ownership and economic opportunity for all. They help drive economic development by providing responsible financial services, lending to individuals, small businesses and nonprofits, developing real estate, and promoting fair financial practices across the nation. Over 40 years, Self-Help has delivered $10.8 billion in financing to help more than 155,000 borrowers buy homes, start and grow businesses and strengthen community resources. Self-Help lends nationally through their credit union network as well as through secondary market partnerships with banks, credit unions, and CDFIs. Partnering with working families and communities often underserved by the financial marketplace is core to Self-Help's work and vision for equitable green lending. Visit to learn more.

About HASI

HASI (NYSE: HASI) is a leading climate positive investment firm that actively partners with clients to deploy real assets that facilitate the energy transition. With more than $10 billion in managed assets, their vision is that every investment improves our climate future. For more information, please visit

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