General Board Financing Provides Affordable Housing Opportunities in Milwaukee, Wisconsin

For Immediate Release
January 17, 2012

Contact: M. Colette Nies, Managing Director, Communications
(847) 866-4296 or cnies@gbophb.org

Glenview, IL—The General Board of Pension and Health Benefits (General Board) recently approved a loan commitment to the United Methodist Children's Services of Wisconsin (UMCS) for a newly constructed 24-unit low-income housing project, continuing its tradition of values-driven investing. Known as UMCS III, it includes one three-story ten-unit apartment building and seven duplexes, and is the third such tax-credit project sponsored by UMCS in the Washington Park Apartments and United Townhomes, total 30 units and are both fully occupied.

In 1990, the General Board initiated its Positive Social Purpose (PSP) Lending Program by originating loans to support affordable housing. Over the past 20 years, the PSP Lending Program has financed numerous housing loans, as well as loans for community health centers, homeless and transitional housing centers, and charter schools throughout the United States.

The General Board partnered with the Great Lakes Capital Fund (GLCF) to provide a commitment to purchase a $705,000 Fannie Mae mortgage-backed security to fund the project. GLCF helps socially responsible corporations and financial institutions and then invests these resources into real estate development partnerships.

Investor Background

UMCS is a non-profit agency serving women, children and families in the Milwaukee area since 1962. In addition to its affordable housing developments, the agency runs a children's center, a transitional living facility and a family resources center in the neighborhood.

The General Board's PSP Program promotes affordable housing, community development and expanded loan opportunities for poor communities around the world, all while earning a market rate of return commensurate with risk. Begun in 1990 with a $25 million commitment to affordable housing, the program now has over $750 million invested for the creation and preservation of affordable housing and other community development facilities. For more information, visit the PSP section on the General Board's website.

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About the General Board

The General Board of Pension and Health Benefits (GBPHB) is a not-for-profit administrative agency of The United Methodist Church, responsible for the general supervision and administration of the retirement, health and welfare benefit plans, programs and funds for more than 74,000 clergy and lay employees of the Church.

GBPHB is the largest faith-based pension fund in the United States; with approximately $17 billion in total assets under management, it ranks among the top 100 pension funds in the country. As a socially responsible investor, GBPHB is actively involved in shareholder advocacy, proxy voting, portfolio screening and community investing.