Often the discussion of climate resilience focuses on vulnerable overseas communities, but severe and changing weather patterns are also having a noticeable effect on many parts of the U.S., including the bayous of Louisiana.
The investment from Calvert is part of the Bethesda, Md., nonprofit investment manager’s new Capital Aggregation initiative to syndicate fixed-income investment opportunities.
MyStrongHome, which combines climate-resilient construction with financing and insurance products for coastal residents of Louisiana, South Carolina and Alabama, also raised $1.7 million in equity-like financing from Prudential Financial and several foundations.
MyStrongHome was launched by Margot Brandenburg, formerly of the Rockefeller Foundation, in the aftermath of Hurricane Sandy.
The debt investment from Calvert, backed by MetLife, Pi Investments and the Libra Foundation, will enable the company to retrofit its first 1,000 homes. MacArthur Foundation provided a guarantee on the senior debt.