Federal Reserve Bank of San Francisco

Community Development

Making the Case for Social Metrics and Impact Investing

Author(s): Margot Brandenburg

December 2010

Community Development Investment Review

In volume 5, issue 2 of this journal, my colleagues Antony Bugg-Levine and John Goldstein describe the emergence of an industry the Rockefeller Foundation refers to as impact investing. Broadly defined, impact investing is that which helps solve social or environmental problems while generating financial returns. Impact investing encompasses a broad range of sectors and geographies, but U.S. community development finance is widely recognized as one of its most mature and vibrant areas of activity.

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