The Greater New Haven Community Loan Fund is the region's source of flexible, responsive capital for affordable housing, nonprofit organization stability and community development. It offers technical assistance to nonprofit developers, community groups, government agencies, and others to create and sustain vibrant neighborhoods and forgivable loans to low-income individuals for home purchase and rehabilitation. Since inception 20 years ago, the GNHCLF has provided $42,840,450 in financing, creating more than 2,100 units of affordable housing.
- GNHCLF operates a number of programs which contribute to creating and sustaining healthy
neighborhoods in New Haven County.
- Community Pool Loan Program - provides short-term and medium-term loans out of funds pooled from individual, corporate, institutional and religious investors.
- Affordable Housing Bank Pool - is a $6.875 million reservoir of funds established by eight area banks that makes short term loans to housing development projects.
- Bank of America Fund - is a $1 million pool established by Bank of America for which bank pool underwriting rules apply.
- Residential Loan Programs - loan origination for the City of New Haven Livable City Initiative for lead hazard abatement, down payment assistance, elderly/handicapped home rehabilitation and Urban Development Action Grants. Additional loans are made for down payment assistance, code compliance, handicapped accessibility and emergency repairs throughout New Haven County.
- Developer Loans- loans to support construction, predevelopment and permanent lending for affordable/supportive/shelter housing with investments from individuals, groups, government agencies and banks totaling more than $11 million in available funding.
- Nonprofit Loans - loans to qualified nonprofit organizations for cash flow emergencies and for small scale capital needs.
- Real Option, Overcoming Foreclosure - prevention and intervention counseling for homeowners facing foreclosure. Support to local developers acquiring vacant properties to insure affordability and successful return to market.
- Socially Responsive Investment Opportunity - accepts loans from organizations and individuals seeking a double bottom line - financial return and positive community impact.
- Community Resource - GNHCLF offers a Breakfast Series as a forum for community stakeholders to address housing and economic development issues and provides speakers for community groups seeking information on foreclosure prevention and affordable housing.
- Ninety-five percent of clients served by the loans are at or below 80% of median income. The
GNHCLF has partnered with developers to bring supportive and/or affordable housing to nine
municipalities in New Haven County. More than half (65%) of The Fund's clients are women. It also
serves a diverse client population, with 55% African American, 20% Latino, 20% white, 3% Asian and
2% Native American.
- Since inception, GNHCLF has made loans totaling nearly $43 million helping to create more than
2,100 units of affordable housing in nine local communities. We have also assisted more than 35
nonprofits with cash flow emergencies and capital purchases, in many cases preventing an
interruption in services to their clients. The Residential Loans Programs have assisted more than
600 households with forgivable loans to acquire or remain in the homes of their choice. GNHCLF
continues to expand its partnerships to continue serving its mission to provide resources for
affordable housing and community development.
Casa Familia is a housing community for seniors with permanent legal custody of their grandchildren, built thanks to a loan GNHCLF was able to provide to Casa Otoņal, Inc. and The Community Builders. Ernestine, 61, lives in Casa Familia with her mother Gladys, in her late 90s, and her granddaughters Jennifer and Felicia. Before moving into Casa Familia, Ernestine was renting a cramped, two-bedroom apartment in an unsafe neighborhood. Ernestine and her family love their new homes cleanliness, convenience, and accessibility. The opportunity to live in a safe environment has made all the difference for this three-generation family. Full Story