Socially Responsible Investing: Affordable Housing in Puerto Rico
Allstate’s work to better North American communities comes in many forms. One way is through our portfolio of environmentally and socially responsible investments as we consider how to both make an economic impact while yielding returns.
In partnership with a national affordable housing syndicator R4 Capital, in 2018 Allstate invested in the second phase of Valentina Rental Housing, an affordable housing construction project in Puerto Rico. Hurricane Maria devastated the island in 2017 causing billions in damage and leaving tens of thousands of residents with damaged or destroyed homes. Allstate’s investment is helping to mitigate the impact of the hurricane by providing desperately needed new housing for low-income families.
Lack of access to affordable housing for low-income families continues to be a pressing issue in the United States, and a cause that Allstate has set out to mitigate by way of socially responsible investing. Allstate Investments believes that affordable housing tax credits help provide needed housing for low-income renters while also promoting ancillary benefits to the economy in the form of job creation, increased local revenues, improvements to health & wellbeing, increased educational levels, and reduced crime rates.
Allstate is proud to be a part of the Affordable Housing Investors Council and the ACTION network, a coalition of over 2,000 national, state, and local organizations and businesses working to strengthen the Low-Income Housing Tax Credit.
Read more about Allstate’s responsible investments.