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While many investors use the CARS ratings as secondary information in their community investment decisions, Merrill Lynch will use it as its primary underwriting tool.

SocialFunds.com -- At last week's Opportunity Finance Network (OFN) conference, Merrill Lynch Community Development Company (MLCDC) announced plans to place $93 million in community development financial institutions (CDFIs) using the CDFI Assessment and Ratings System (CARS). The move represents a major stamp of approval for CARS, which was developed in 2003 by the National Community Capital Association, the CDFI membership organization that changed its name to OFN last year. While some 20 investment firms subscribe to CARS to augment the research that informs their community investment decision-making, Merrill is foregrounding CARS by using it as the primary tool steering underwriting decisions. read more