FOR IMMEDIATE RELEASE

Calvert Foundation Awarded Large Federal Grant

Bethesda, Md. – August 19, 2010 – The CDFI Fund, a program of the U.S. Department of the Treasury, has awarded a $750,000 grant to Calvert Foundation. This marks the first time since 2001 that Calvert Foundation, a nonprofit that fights poverty through investment, has received public funding.

“We are thrilled to be recognized by the federal government for our important work in driving investment dollars to where it’s needed most – creating jobs and homes for families in low-income communities,” said Calvert Foundation President and CEO Shari Berenbach. “This grant is particularly relevant now, as the economic downturn has taken its toll on so many people.”

For 15 years, Calvert Foundation has been a leader in bringing investment capital to disadvantaged communities with the goal of creating sustainable solutions to poverty. Calvert Foundation has over 7,500 investors, who have invested nearly $230 million to support organizations helping low-income communities through the creation of affordable housing, small business financing, microfinance, and jobs.

“We have individuals and institutions eager to place investment capital in this sector,” Ms. Berenbach said. “People often ask us, ‘If you have investors, why do you need donations?’ The simplest answer to that question is mission.  We rely on philanthropy in order to keep the loans we make to the organizations carrying out this important work both flexible and affordable, and allow us to run - and grow - a highly effective loan program that serves both investors and borrowers as well."

The more complex answer gets to the heart of Calvert Foundation’s business model. Calvert Foundation is not a bank, and yet, like a bank must have sufficient operating capital and reserves in order to raise investment capital from the public and to lend money to our borrowers. Banks can raise equity through selling stock. As a nonprofit, Calvert Foundation can only get this “equity” through philanthropy. Every dollar that investors put in the Community Investment Note is targeted to loans for nonprofits; no investor dollars are used to pay salaries, utilities, or rent.

“The grant from the CDFI Fund will allow us to continue to grow our investment program, bringing more investors to the table, and disbursing more money to communities in need, a win-win for all participants,” said Ms. Berenbach.

The CDFI Fund was created to help financial institutions to provide credit, capital, and financial services to underserved populations and communities in the United States. Since its creation in 1994, the Fund has awarded more than $1 billion to community development organizations and financial institutions.

This accomplishment is a triumphant way for Ms. Berenbach to top off a distinguished 13-year term she has held as the leader of Calvert Foundation, during which she helped to popularize impact investing, growing the organization from a staff of two with $5 million in assets to a staff of 42 managing assets over $500 million. Ms. Berenbach will be leaving Calvert Foundation in mid-September to accept a post at USAID. Executive Vice President and Chief Lending Officer Lisa Hall has been appointed by Calvert Foundation’s Board of Directors to serve as the Interim President.

- ### -

About Calvert Foundation

Calvert Foundation is a nonprofit organization that provides the opportunity for investors to achieve financial returns while empowering people living in low-income communities in the United States and around the world. Calvert Foundation believes in creating a win-win, improving both the lives of those who receive investment dollars and the lives of our investors. A pioneer in the social impact investment field, Calvert Foundation investors have helped to create over 450,000 jobs for low-income individuals, built or rehabilitated 17,000 affordable homes, and financed close to 27,000 nonprofit facilities and social enterprises through their investment in Calvert Foundation’s Community Investment Note. Learn more at www.calvertfoundation.org.

Media Contact

Carrie Hutchison, 301-280-6003, carrie.hutchison@calvertfoundation.org