Fund works to redevelop hurricane-ravaged coast

The CRA Qualified Investment Fund plans to invest about $100 million in mostly AAA-rated paper to fund redevelopment projects such as affordable housing and small business loans in areas devastated by Hurricane Katrina, said Barbara VanScoy, portfolio manager for the $650 million fund. CRAFund Advisors, which helps U.S. banks meet regulatory requirements for investing in their communities, said the fund already has $40 million from institutional shareholders affected by the storm and $10 million from individual investors and their advisers, with plans to raise "at least $50 million more." CRA is moving proactively — working closely with underwriters tied to local governments, mortgage originators and others — to put that money to work as quickly as possible, Ms. VanScoy said.