Stuart Boesky, president and chief executive of Charter Municipal Mortgage Acceptance Co., says he has a way for banks to meet their Community Reinvestment Act investment budgets by yearend.

The New York company, also known as CharterMac, which invests in tax-exempt bonds to finance affordable rental housing, is marketing shares of its convertible preferred stock to banks as a way to meet CRA requirements and diversify CRA-related investments. Just as common stock does, the preferred shares pay quarterly dividends and may appreciate in value, but they also offer CRA credit.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.