Greater New Haven Community Loan Fund
171 Orange St.
3rd Floor
New Haven CT 06510-3111
Contact Information
Address 171 Orange St.
3rd Floor
New Haven, CT 06510-3111
Telephone (203) 789-8690 x
Fax 203-865-6475
Web and Social Media

The Greater New Haven Community Loan Fund is a certified Community Development Financial Institution (CDFI), a flexible source of alternative financing for affordable housing developers and nonprofit organizations.Through its lending and investment, the Fund's mission is to create and sustain vibrant neighborhoods and communities.

At A Glance
Year of Incorporation 1987
Organization's type of tax exempt status Public Supported Charity
Organization received a competitive grant from the community foundation in the past five years Yes
CEO/Executive Director Ms. Carla Weil
Board Chair Mr. C. Michael Tucker
Board Chair Company Affiliation C. Michael Tucker Associates
Financial Summary
Projected Revenue $2,313,978.00
Projected Expenses $2,096,870.00

The Greater New Haven Community Loan Fund is a certified Community Development Financial Institution (CDFI), a flexible source of alternative financing for affordable housing developers and nonprofit organizations.Through its lending and investment, the Fund's mission is to create and sustain vibrant neighborhoods and communities.

The Greater New Haven Community Loan Fund (GNHCLF) was incorporated in December 1987 through the pioneering work of Interfaith Cooperative Ministries and became certified as a Community Development Financial Institution (CDFI) in 1999. CDFI certification is is  a voluntary and rigorous process and only 61% of CDFI Loan Funds nationally possess certification status. CDFI's are mission driven, meaning that they measure their success through non-financial as well as financial returns.  GNHCLF's mission is to build affordable housing and as such this is our largest lending activity. The organization makes pre-development, bridge financing, construction and rehabilitation loans to affordable housing developers. It also offers a special loan product to non-profit organizations to address small capital purchases or short-term cash flow needs. Nonprofits must frequently react to unexpected funding challenges like sudden payment decreases or delays from public funding sources involving grants or contracts. The nonprofit financing product provided by GNHCLF is unique and often is credited by providers with helping to keep their doors open and services flowing to meet the needs of the underserved.
For more than a quarter century, GNHCLF has demonstrated its strong adaptive capacity with the ability to closely monitor, assess and respond to internal and external environmental changes. A GNHCLF hallmark, in fact, is its flexibility and resilience in providing financing solutions that meet emerging community trends and immediate needs. To maximize impact on its target population; programs and services have frequently been altered to keep step with borrower needs. To give a good example of our flexibility, it was at the suggestion of a trusted local funder that a loan product for cash flow and facilities needs was originally developed.
GNHCLF's Residential Loan Program Department has changed with the times. Once solely responsible for the administration of home-ownership programs on behalf of the City of New Haven, it gradually moved on to a variety of functions such as administration of housing rehabilitation funds, management of the City's lead abatement and down-payment assistance programs. 
In late 2007 GNHCLF reinvented itself as the administrative home for the ROOF Project, a collaborative dedicated to fighting foreclosure involving the City of New Haven, Yale Law Clinic, Neighborhood Housing Services and the CT Fair Housing Center. ROOF took on an effective three-pronged approach (Outreach, Assistance, and Neighborhood Stabilization) in dealing with a severe local foreclosure crisis. Eventually in 2011,at the urging of regional municipal leaders,ROOF expanded its reach beyond the Elm City to serve 15 Connecticut cities and towns.
GNHCLF soon sought and obtained certification as a HUD counseling agency in 2009 and has been faithfully counseling homeowners ever since about how to avoid foreclosure. Currently, this department is also responsible for day-to-day management of the Westville Land Subsidence Project, a state-funded rehabilitation grant program for structural damage to homes related to land subsidence project in this New Haven neighborhood.
Community Development Loan Funds raise capital through grants and loans from other institutions, including banks, government agencies, philanthropic organizations and individuals.  Our circle of socially responsible investors includes  individuals, religious and community organizations and several local financial institutions that are genuinetly interested in making a positive social impact. In our 27 year history, no GNHCLF investor has experienced an investment loss and 80% renew their investment at the end of its standard 1, 3 or 5 year terms. 
Over the course of its lending history, the Loan Fund has lost less than one half of one percent in defaulted loans. This accomplishment is largely due to the close working relationships GNHCLF forms with small housing developers and other nonprofit partners in providing copious technical assistance and flexible financing to develop successful projects.
  • Since its inception in 1988, the Loan Fund has impacted its target markets of low to moderate income individuals by approving more than 300 affordable housing and cash flow loans. This cumulative $57 million in direct community investment and leveraging of more than $284 million in additional funding resources has resulted in than 2,484 affordable housing units, community assets that give struggling low-income individuals and families access to housing that otherwise would be out of their reach. 
  • In 2014 the Fund closed 17 loans representing $2.42 million for projects that developed 177 new affordable housing units, these included home-ownership opportunities for 31 families and affordable rental units for 146 more families.
  • In Fiscal Year 2014 our lending projects sustained or created 221 jobs throughout our region.
  • During 2014, GNHCLF continued its role as fiduciary of the Real Options Overcoming Foreclosure (ROOF) Project collaborative and continued to contact every homeowner receiving a foreclosure notice or "lis pendens" in any of the 15 towns comprising the South Central CT Regional Council of Governments.
  • The Fund's HUD certified housing counselors helped 80 families work their way through foreclosure with high quality homeowner counseling sessions delivered free of charge. Counseling helped 70% of these cases eventually come to a successful resolution with a successful loan modification, short sale, etc. Free counseling services are available to homeowners by appointment Monday through Friday from 8 a.m to 4 p.m. or at group clinics held at GNHCLF offices. Our experienced and highly qualified housing counselors are also certified by the Connecticut Housing and Finance Authority, (CHFA) and provide educational workshops on the responsibilities of becoming a landlord to new buyers of multi-family homes in conjunction with CHFA.
  • GNHCLF serves as the Connecticut coordinator for two National Community Stabilization Trust (NCST) programs. NCST is a national non-profit organization that helps communities access solutions to rebuild strong and stable neighborhoods. As Community Coordinator, GNHCLF helps to facilitate the transaction of previously foreclosed homes from sellers to non-profit housing developers. GNHCLF has helped facilitate the transaction of 58 properties in Greater New Haven, eight of which were finalized this year.
Donors: Unrestricted or Operating Funds: GNHCLF depends on charitable contributions from individuals, foundations and corporations to provide operating funds that allow us to deliver our lending program and to provide the extensive technical assistance that is necessary for the majority of CDFI borrowers.  
Investors: To serve the community development needs of GNHCLF clients, it seeks $750,000 in additional loan capital to make financing more widely available to affordable housing developers, nonprofit organizations and small business contractors. Our current community loan pool is $6.7M. Presently 66 individual and institutional investors   receive a competitive (up to 3%) fixed rate return for a loan to our community loan pool.

 Dedicated Volunteers:  Individuals interested in helping GNHCLF with community outreach activities by serving as advocates and goodwill ambassadors. Additionally, professionals with backgrounds in finance, banking and lending who are interested in serving on our loan committee.


CEO Statement
Since 1987 the Greater New Haven Community Loan Fund has invested in affordable housing projects for low to  moderate income families throughout the region, and in many nonprofit organizations that provide amazing opportunities, support and services to the local community. The Loan Fund is a Community Development Financial Institution (CDFI), a movement/industry that has also grown during this time. While traditional financial institutions track their success with financial returns, a CDFI's success is measured both by financial returns and by its impact on the economic strength and well-being of the community that targets lower-income and under-served community residents.
The GNHCLF's core business is making loans to developers who build and renovate affordable housing. Our lending priority is to groups doing comprehensive developments that address the revitalization of neighborhoods. Over the years we have supported every type of housing opportunity from homeless shelters to affordable home ownership and everything in between. The Fund also addresses the financial needs of nonprofit organizations by providing loans to keep their doors open when grant and contract funds are slow to arrive, or loans to help make capital expenditures that may be paid back over the long term.  As part of all of our lending the Fund provides technical assistance to our borrowers to help them find additional resources or partners and to help projects and programs through the rough spots when they occur.
One hallmark of the Loan Fund has been its flexibility-in lending and in program development. Flexibility in lending means finding ways to make successful loans that create more affordable housing opportunity while still protecting our loan capital-finding ways to finance opportunities others miss. Programmatic flexibility has meant providing new programs and services to meet needs as they develop in the community.  Over the years the Fund has provided a variety of services to help families to become homeowners and to help existing homeowners to keep their homes.  For example, when the foreclosure crisis hit our community, the Fund became the administrative home of the ROOF Project (Real Options Overcoming Foreclosure), a collaborative effort of nonprofit and government agencies to provide outreach and services to our neighborhoods. The foreclosure crisis is slowly winding down, but GNHCLF still makes available two HUD certified foreclosure counselors to provide free counseling services that help prevent homeowners from losing their homes. Public outreach includes a strong referral network, referrals through the United Way's 211 Directory, etc.
A hallmark of the Loan Fund has been its ability to collaborate and partner with other groups.  Our success hinges on our unique ability to partners with state and local government agencies, foundations, grant-making and financial institutions, neighborhood groups, developers and others. As an intermediary, our role is to use the funds invested in us by individuals, religious organizations, government agencies and financial institutions and put them to work in our community.  Over the past 27 years we have worked hard to nurture strong collaborative relationships and have established a solid lending record and body of achievement upon which to build. Today, we are more committed than ever to taking those experiences and skills and leveraging them to have an even greater impact on neighborhoods and communities.
Board Chair Statement
For me, as an architectural graduate student, having come out of the student strikes at Columbia during the late 60’s, I was always looking for a way to get into community work. Much of the student strike back then was about giving back to the community and being involved in it. The concept of affordable housing was particularly appealing to me because it combined my profession and my desire to help my community.

 And so I jumped at the chance to be on the GNHCLF board some 20+ years ago. Eventually, I served as President of the board for quite a few years until I reached my term limit and retired from the board - only to be called back to service two years later, service I was happy to provide.

Last year when our previous president, John Rowland, took the opportunity to pursue a marvelous job offer out-of-state, I have moved up from the board and served as president again. 
My joy during all of this time on the Loan Fund board has been the learning experience of finding so many ways to help families and communities. First it was housing, and when I first served on the Loan Committee, I just sat in awe as Carla and the bankers on the committee figured out ways to cobble together various loans and subsidies to provide enough funds for the project, but still properly securing and protecting the loan for the Loan Fund.

 And then the Community Foundation asked us to look at a program of cash flow loans for non-profits. So the Loan Fund developed the underwriting criteria for such loans to help non-profits meet such issues as payroll when entities such as the State of Connecticut (in particular) were late in delivering checks on awarded grants.
Another example in 2008, was the ROOF program which provided a loan pool to rehabilitate houses in New Haven neighborhoods impacted by the sub-prime mortgage crisis.

And that has been one of the strengths of the Loan Fund – using their dedicated, multi-talented staff to develop programs to effectively meet the changing needs of the New Haven region – serving homeowners, developers, and other non-profits as well as our community investors by creating partnerships and programs that are well-managed. 

Service Categories
Primary Organization Category Housing, Shelter / Housing Development, Construction & Management
Secondary Organization Category Community Improvement, Capacity Building / Management & Technical Assistance
Tertiary Organization Category Community Improvement, Capacity Building / Community & Neighbourhood Development
Areas Served
In a specific U.S. city, cities, state(s) and/or region.
East Haven
Lower Naugatuck Valley
New Haven
North Branford
North Haven
West Haven

The primary service area footprint is New Haven and the surrounding county, however, lending for affordable housing development in other Connecticut municipalities is also available. The Fund has made successful loans in Ansonia, Branford, Bridgeport, Derby, Guilford, North Haven, Meriden, Madison, Milford, Middletown and Waterbury.

CEO/Executive Director/Board Comments Throughout its history, GNHCLF has proudly remained responsive to borrowers needs, as well to the needs of  the community-at-large.  It has been and always will be a public advocate for issues that increase access to stable, safe and affordable housing for everyone. Today, we are committed more than ever to helping to fund opportunities that others may overlook.  Collaborative relationships and a solid lending record and body of achievement are the solid foundation on which we continue to build.

GNHCLF makes flexible loans to affordable housing developers and non-profits. Affordable housing lending activities describe the majority (75%) of our work during 2014. Our current  ($6.5M) loan portfolio features loans ranging from $25,000 to $1M to 22 housing developers.  Desired projects encompass many types of affordable housing options including affordable rental, supportive housing, mutual housing, cooperatives and home-ownership. Loans may be for acquisition, bridge funding, construction/rehabilitation financing, or mini-permanent terms. Examples of housing projects that are reflective of our mission are the renovation of foreclosed blighted 1-4 family properties for rental or sale to the acquisition of larger multifamily projects for use as rental or supportive housing for people with special needs.

Population Served Poor,Economically Disadvantaged,Indigent / Homeless / General/Unspecified
Program is linked to organization’s mission and strategy Yes
Program is frequently assessed based on predetermined program goals Yes
Short Term SuccessHelpOrganizations describe near term achievement(s) or improvement(s) that will result from this program. This may represent immediate outcomes occurring as a result of the end of a session or service.
For the GNHCLF
Through its mission-driven lending the Fund will increase the proportion of its budget funded through self-generated revenue (interest and points). Success in lending also helps generate potential investor interest in providing additional capital that will result in the Fund’s lending resources to be available for more and larger projects.
Success will be measured in terms of the lending activity as well as in terms of housing opportunities supported by that lending. Internal success is tracked in lending and payment activity.Loan performance is tracked regularly at internal staff reviews and by the Board and Loan Committees.
Approximately 8-12 housing loans will be approved within one year and total lending will be at least $3 million dollars. Loans will continue for projects in New Haven and surrounding towns, but loan applications from outside New Haven will increase from the previous year.
Housing projects approved will include a balance of rental and homeownership projects. Approved projects will reinforce previous development activity and neighborhood stabilization.
Long Term SuccessHelpOrganizations describe the ultimate change(s) that will result from this program. This may be far into the future and represent an ideal state.

For the Community

More units of affordable housing will be available throughout the New Haven region for both owners and renters in a variety of housing types. This will include the renovation of blighted properties in target neighborhoods which will help stabilize those neighborhoods. Access to affordable housing units will contribute to a higher quality of life for the residents and increased stability in their lives.

Program Success Monitored ByHelpOrganizations describe the tools used to measure or track program impact.
Success can be measured by the number of loans approved, the dollar value of loans approved, the amount of other funding leveraged by GNHCLF loans and, the number of housing units produced. These factors are tracked internally.
Impact on the neighborhoods where development occurs is harder to measure quantitatively.Potential qualitative measures may including taking note of improvements made to other properties on the block that may have been spurred by the GNHCLF funded development; increased property values on the block as noted by (non-foreclosure) sales prices; and reduction in crime rates in the immediate neighborhood. ·
Client feedback obtained from the Annual Borrower Survey.
Examples of Program SuccessHelpOrganization's site specific examples of changes in clients' behaviors or testimonies of client's changes to demonstrate program success.
The Neighborhood Stabilization Program, utilized GNHCLF funds and Federal funds allocated to the City of New Haven and administered by the Fund on behalf of its partners.  It is a strong example program success. 15 properties were acquired by our project partner (EDC) in neighborhoods targeted because of the impact of foreclosure and proximity to prior community development investment. 14 properties were sold, at cost, to four housing development organizations and one blighted property was demolished to provide parking for a local nonprofit. The Fund approved and managed a combination of loan and subsidy financing, thereby reducing the usually time consuming process of getting full project financing. As a result projects were completed ahead of schedule and under budget. In total 24 affordable housing units were completed.

GNHCLF makes loans to non-profit organizations for cash flow and small scale capital purchases. Our current loan portfolio contains six non-profit cash flow loans in the amount of $139,000 and one facilities loan in the amount of $350,000. Non-profit lending reflects approximately 6% of the loan portfolio. The stability of nonprofit sector is an important factor in maintaining a vibrant community and in serving the community development needs of the region. Cash flow loans are secured by assignments of grant dollars or demonstration of earned third party payments, grants or contracts. Often these cash flow loans prevent service interruptions in programs provided by these non-profits. In addition to making loans, Loan Fund staff work with the non-profit leaders to analyze cash flow, review budgeting and explore new ways if possible to stabilize future cash flow. Capital loans are made for small scale repairs or equipment purchase and are repaid over 3 to 5 years. Staff also assist borrowers where possible in planning for future capital needs.

Population Served At-Risk Populations / Poor,Economically Disadvantaged,Indigent / General/Unspecified
Program is linked to organization’s mission and strategy Yes
Program is frequently assessed based on predetermined program goals Yes
Short Term SuccessHelpOrganizations describe near term achievement(s) or improvement(s) that will result from this program. This may represent immediate outcomes occurring as a result of the end of a session or service.

GNHCLF Success: Measures of lending activity will reflect the success for the GNHCLF. Success (for cash flow and capital lending) will be reflected in the number and dollar volume of loans originated, the repayment rate of the loans and the number of new nonprofits assisted.

Borrower Success: Success for the borrower is reflected in the programs and services they are able to provide as a result of the loan. For cash flow loans this may be measured by the number of staff who are able to receive scheduled pay and continue working - avoiding any service interruptions which would have occurred without the ability to pay expenses. For capital purchase it may be measured in additional services that can be provided (e.g. a new van purchase allows more clients to be transported), or the ability to maintain necessary services (e.g. boiler or roof repair in a facility.)

Long Term SuccessHelpOrganizations describe the ultimate change(s) that will result from this program. This may be far into the future and represent an ideal state.
Through its' lending and technical assistance the GNHCLF helps to strengthen and stabilize its nonprofit borrowers. Borrowers are able to focus on the programs and services that address their mission rather than on how to cover their cash flow needs on a day to day basis. They will be able to make repairs or equipment acquisitions necessary to providing their programs and services. The result is a stronger more stable nonprofit sector in the Greater New Haven Region that is able to address the health care, educational, job creation, social services, cultural and social needs of its clients and of the community.
Program Success Monitored ByHelpOrganizations describe the tools used to measure or track program impact.

GNHCLF Success: Internal success is measured by tracking lending and payment activity. Loan performance is tracked regularly at internal staff portfolio reviews as well as by the Board and Loan Committee on a regular basis. Poor performance (late payment, loan defaults) in the portfolio can indicate issues with the borrower's environment but may also reflect the need to change GNHCLF underwriting or loan structuring.

Borrower Success: Success for the borrower is monitored by their ability to repay the loan as well as by how often they need to apply for additional loans and how well they have planned for their cash flow and capital needs.

Program success may also be measured by surveys of regular borrower surveys.

Examples of Program SuccessHelpOrganization's site specific examples of changes in clients' behaviors or testimonies of client's changes to demonstrate program success.

"GNHCLF's lending has assisted us in fulfilling our mission by allowing us to refinance our building several years ago to re-organize debt and keep our doors open. Most recently, we have been able to take short-term cas flow loans through GNHCLF to assist us in meeting payroll obligations during periods when payment on grants was slowed or delayed."

Christopher A. Cole, Executive Director, AIDS Project New Haven

"Had it not been for GNHCLF, we would not have been able to support our efforts to work towards our mission. Waiting an entire quarter before receiving funding from a primary source placed a severe cash flow problem on the agency. The assistance we received from GNHCLF allowed us to continue our work without disrupting our service to needy children and families."
Joan B. Jenkins, J.D., Executive Director, Children in Placement


The GNHCLF has two HUD Certified counselors who provide foreclosure mitigation counseling to homeowners in or at risk of going into foreclosure. Clients are referred to the Loan Fund through partner agencies, the HUD website, local outreach activities or referrals from others who have benefited from our services.

Counselors work with homeowners to develop a clear understanding of their financial circumstances and the terms of the existing mortgage and then develop a viable strategy to pursue. This could be a loan modification request from the bank servicer, access to applicable government programs, or even short sales. Staff make sure that the clients are prepared to take full advantage of the Connecticut foreclosure mediation program. In 2014,79 households received free foreclosure counseling services and more than 70% of clients experienced a positive outcome.

Population Served Unemployed, Underemployed, Dislocated / Families / General/Unspecified
Program is linked to organization’s mission and strategy Yes
Program is frequently assessed based on predetermined program goals Yes
Short Term SuccessHelpOrganizations describe near term achievement(s) or improvement(s) that will result from this program. This may represent immediate outcomes occurring as a result of the end of a session or service.

Counseling will also prevent homeowners from falling prey to the many "housing assistance" scams where they risk losing more money and gaining no assistance.

Long Term SuccessHelpOrganizations describe the ultimate change(s) that will result from this program. This may be far into the future and represent an ideal state.

With the assistance of GNHCLF counselors, families in, or at risk of foreclosure are able to utilize available programmatic, legal and financial resources to arrive at the most advantageous resolution of their housing issue. In most cases a successful resolution will mean that the family is able to get a permanent mortgage modification that allows the family to stay in their home with a mortgage payment that is affordable and sustainable. In some circumstances, the family may need to leave the home but if that is the case it is done in a time frame and a manner that does the least damage to the homeowner's long term credit and provides them a stable transition to another living situation.Counseling will also prevent homeowners from falling prey to the many "housing assistance" scams where they risk losing more money and gaining no assistance.

Program Success Monitored ByHelpOrganizations describe the tools used to measure or track program impact.

Client cases are tracked through the HCO (Housing Counselor Online) system which is used to report to HUD and our funders. The system tracks client progress and outcomes through the counseling process. Financial, demographic and other client data are also captured by the system.

Counselors participate in monthly knowledge sharing with other counselors in the State and in other additional training seminars to continue to learn best practices in the field.

Examples of Program SuccessHelpOrganization's site specific examples of changes in clients' behaviors or testimonies of client's changes to demonstrate program success.

Two counseling examples:

NC – GNHCLF staff met with this single mother of two in September. She had applied for a modification due to reduced income and loss of overtime income. She completed the trial payments and was then told that she was ineligible for a modification. The trial payments, less than her regular payment now made her loan delinquent and in foreclosure. We contacted the servicer in October and were told that she may be eligible for a new program. NC completed the necessary documents. In November her mortgage was modified.

C C – Single parent of an adult child still living at home, CC had a reduction in income due to furlough days, taking in her elderly mother, and loss of income from her significant other who moved out of her home. In July GNHCLF presented documents to her servicer. In August she received trial payments for the months of September, October and November. In January of the following year she received permanent modification documents.


GNHCLF extends an investment opportunity to individual, institutional and corporate investors interested in making a socially responsible investment with local impact. There is currently $6.5M in our community loan pool and our desire is to increase that amount in 2015 with $1M in additional investment. With a minimum of $1,000 investors can make loans to us for terms between 1 and 10 years at rates beginning at 0 to 3 percent.

Individuals or organizations may loan money to GNHCLF which will be put to use in Greater New Haven through its Community Loan Pool. Investments start at $1,000 for a minimum term of one year. Interest is paid quarterly or annually according to investor preference. Contact Darcy Arcand, Development Officer for more details.

Population Served Other Economic Level / General/Unspecified / General/Unspecified
Program is linked to organization’s mission and strategy Yes
Program is frequently assessed based on predetermined program goals Yes
Short Term SuccessHelpOrganizations describe near term achievement(s) or improvement(s) that will result from this program. This may represent immediate outcomes occurring as a result of the end of a session or service.

In the next year the Fund intends to raise an additional $750,000 in loan capital to assist more borrowers through its lending.

Investment outreach to new individuals and institutions interested in socially responsible investment will gain a deeper understanding of the work that the Loan Fund does and the community needs it supports.

No investors will lose any of their capital.

Long Term SuccessHelpOrganizations describe the ultimate change(s) that will result from this program. This may be far into the future and represent an ideal state.

GNHCLF Success: The Fund hopes to grow the size of its available capital from individuals, religious institutions and corporations by $750,000 during this fiscal year, to provide a more substantial impact in terms of affordable housing development and nonprofit organization support through its lending. The Fund hopes to accomplish this by adding new investors and increasing the amounts pledged by our 46 current investors.

Program Success Monitored ByHelpOrganizations describe the tools used to measure or track program impact.

The Fund continually tracks the balance of its investments as part of its overall financial tracking. Success is tracked by the increase in the availability of investments available for lending, by the percentage of investors who roll their investments over for an additional term once they mature, and by the Fund's ability to repay investors when investments mature. The Fund has never lost any investor capital in its 26-year history. This record is a reflection of both the Fund's management of its lending risk through careful underwriting, good borrower relations, and prudent development of loss reserves and other net assets.

Examples of Program SuccessHelpOrganization's site specific examples of changes in clients' behaviors or testimonies of client's changes to demonstrate program success.

One measure of investor program success is to renew at least 85% of loans at term maturity.

"Calvert Foundation invests in GHNCLF to help create healthy homes and communities while empowering more individuals and families to overcome poverty and homelessness."

Andrew W. Shlack APA, Assoc. AIA-Senior Investment Officer, US Investments, Calvert Foundation

"In keeping with the Adrian Dominican Sisters' criteria for community investing, GNHCLF invests in affordable housing development which ultimately assists low to moderate income individuals and their families. We recognize and applaud not only affordable housing development, but the promotion of the environmentally-friendly construction ("green construction") loan program. Thank you for all you do to improve lives and communities in the Greater New Haven region!"

Lura Mack, Director of the Portfolio Advisory Board, Adrian Dominican Sister

"We seek to allow our everyday investors to support the work GNHCLf does building commnities and development affordable housing in Connecticut"

Julie Sandler, Officer, Risk Management, Calvert Foundation

The New Haven Teachers Fund is designed to encourage teachers to live and teach in the City of New Haven, especially in moderate income neighborhoods and low income schools. It provides down payment and closing cost assistance up to $40,000 to teachers employed by the City of New Haven Public School System who purchase homes in New Haven. The loans are zero percent interest with repayment deferred until the sale, transfer, or refinance of the property. Five New Haven teachers have purchased homes in 2014.
Population Served / /
Program Comments
CEO Comments
The GNHCLF is committed to participating in strategic policy issues related to our community development mission. That focus has been evident in our longstanding leadership role in the ROOF Project Collaborative. GNHCLF will continue to combat higher than average forclosure levels by offering the free expertise of our HUD and CHFA certified home counseling services through the delivery of foreclosure clinic workshops and one-to-one counseling sessions during 2015.
GNHCLF is affiliated with the National Community Reinvestment Coalition and actively assists in getting bank-donated foreclosed properties into the hands of nonprofit developers. 
In an effort to maximize the Fund’s impact we are pursing collaborative activities with two other Connecticut based CDFIs, Connecticut Housing Investment Fund (CHIF) and Community Capital (CommCap). The Opportunity Finance Network is assisting in facilitating a discussion about how to come together to increase, leverage and combine available lending resources and programmatic impact throughout the state of Connecticut.
CEO/Executive Director
Ms. Carla Weil
Term Start Apr 1988
Carla Weil holds a Masters in Public Policy (MPP) from Harvard's Kennedy School of Government and a B.A. in Geography from the University of California at Los Angeles. She has served as Executive Director since its inception in 1988 and is a highly regarded leader in the national CDFI movement.  
Carla Weil currently serves on the boards of the CT Association of Non-Profits and the CFGNH's Women and Girls Fund. In the past she has served on the boards of the Connecticut Housing Coalition (past President), the Connecticut CDFI Alliance (past President), the New Haven Chamber of Commerce Non-Profit Council (past-Chair), the New Haven Preservation Trust and the West River Neighborhood Association (past Secretary). 
Number of Full Time Staff 7
Number of Part Time Staff 1
Number of Volunteers 30
Staff Retention Rate 75%
Staff Demographics - Ethnicity
African American/Black 2
Asian American/Pacific Islander 0
Caucasian 4
Hispanic/Latino 1
Native American/American Indian 0
Other 0 0
Staff Demographics - Gender
Male 1
Female 6
Unspecified 0
Senior Staff
Title Director of Residential Loan Programs
Title Accounting Director
Title Development Officer
Formal Evaluations
CEO Formal Evaluation Yes
CEO/Executive Formal Evaluation Frequency Annually
Senior Management Formal Evaluation Yes
Senior Management Formal Evaluation Frequency Annually
Non Management Formal Evaluation Yes
Non Management Formal Evaluation Frequency Annually
The Loan Fund collaborates with the City of New Haven, Yale Legal Services Clinic, CT Fair Housing, Neighborhood Housing Services, the South Central Connecticut Regional Council of Governments and a host of other providers to address the foreclosure crisis in New Haven.
The GNHCLF collaborates with 66 investors to create a Community Loan Pool from which community members may borrow, loan products focus on nonprofits and affordable housing developers.

The Fund routinely makes loans in conjunction with other Connecticut based CDFIs and began a  intensive exploration of formal collaborative opportunities with two other Connecticut based CDFIs with an anticipated January 1, 2016 formal merger date.



United Way of Greater New Haven2008
Connecticut Association of Nonprofits2005
Greater New Haven Chamber of Commerce1994
Connecticut Association of Nonprofits2000
Nonprofit Partnership AwardGreater New Haven Chamber of Commerce2009
Impact Award (ROOF Project)CT Community Development Association2013
CEO Comments
Strategic Plan
The Fund unveiled a three year (2012-2014) Board-Approved Strategic Plan in December 2011. The plan points to a renewed focus on expanding our lending in the areas in which GNHCLF is active; affordable housing and nonprofit support. Our focus in Affordable Housing is to build upon a successful neighborhood stabilization strategy pursuing projects designed to purchase and rehabilitate foreclosed residential properties. Our immediate goal is to generate $3M in lending during the 2015 fiscal year. 

Succession Planning
The Fund began working on developing a succession plan during 2012 through the assessment and training opportunity provided by the Community Foundation. A draft copy of a proposed succession plan is attached to this profile pending Board approval.
Risk Management
As a lending organization, the Fund also has risk management provisions related to establishing the size of the loss reserve necessary to set aside to provide for bad loans. Though the Fund has had losses totaling less than one half of one percent in its 27 year history, it maintains prudent and conservative loss reserves. (No investor has ever lost funds). The official risk and reserve policy is available upon request.
External Assessment
Since FY2010 the Fund has been evaluated through the Opportunity Finance Network's CARS (CDFI Assessment and Rating System).This rigorous annual review of the Loan Fund's operations, finances and performance included a review of extensive preliminary materials and a two day site visit including file review, program review and interviews with staff and board. This is a voluntary program and undergoing the process indicates the organization's commitment to transparency and to an interest in guidance to improve both operations and impact. Most recently the Fund received a rating for FY2012 of AA for program effectiveness (on a scale of AAA - B), a 3 or satisfactory for financial soundness (1-5) and a "+" indicating that the organization is active in the area of Policy.

The Fund is an active member of the Connecticut Housing Coalition and a member of the Opportunity Finance Network, a national trade, training and policy resource for the CDFI Industry.



Board Chair
Mr. C. Michael Tucker
Company Affiliation C. Michael Tucker Associates
Term Apr 2013 to Dec 2015
Board of Directors
Dorothy Adams Unitarian Church of Westport
Anna Blanding Pilliner Group
Thomas Dufour Attorney
Robin Golden Connecticut State Board of Regents
Nicole Licata Grant United Illuminating
William Placke
John Rowland Quadel Consulting
Ed Seibert
William Spruill St. Luke's Development Corp.
Board Demographics - Ethnicity
African American/Black 3
Asian American/Pacific Islander 0
Caucasian 7
Hispanic/Latino 0
Native American/American Indian 0
Other 0 0
Board Demographics - Gender
Male 6
Female 4
Risk Management Provisions
Directors and Officers Policy
Commercial General Liability and D and O and Umbrella or Excess and Automobile and Professional
Disability Insurance
Employee Dishonesty
See Management and Governance Comments
Special Event Liability
Umbrella or Excess Insurance
Workers Compensation and Employers' Liability
Standing Committees
Development / Fund Development / Fund Raising / Grant Writing / Major Gifts
Additional Board/s Members and Affiliations
Ms. Anna Blanding Choate Rosemary Hall, Investment Office
Mr. Darrin Della Vecchia Webster Bank
Mr. Tom Dufour Attorney Thomas Dufour
Ms. Christine Owens-Morgan Wiggin and Dana
Mr. Leonard Schiraldi R2D Construction (Founding GNHCLF President)
Mr. C. Michael Tucker C. Michael Tucker Associates
Mr. Dean Young Citizen's Bank
CEO Comments

GNHCLF has a unique committee structure specific to its primary role as a lender. The Community Loan Committee makes lending decisions on behalf of the organization. The committee is made up of both board members and non-board members whose areas of knowledge and expertise are important to the lending process.

Fiscal Year Start Jan 01 2015
Fiscal Year End Dec 31 2015
Projected Revenue $2,313,978.00
Projected Expenses $2,096,870.00
Spending Policy N/A
Credit Line No
Reserve Fund Yes
Other Documents
Other Documents 3
Annual Report2013View
Annual Report2012View
Annual Report2011View
Detailed Financials
Prior Three Years Revenue Sources ChartHelpThe financial analysis involves a comparison of the IRS Form 990 and the audit report (when available) and revenue sources may not sum to total based on reconciliation differences. Revenue from foundations and corporations may include individual contributions when not itemized separately.
Fiscal Year201420132012
Foundation and
Corporation Contributions
Government Contributions$2,178,385$1,158,548$124,182
Individual Contributions------
Investment Income, Net of Losses$2,944$2,681$3,242
Membership Dues------
Special Events$10,000$35,474$16,950
Revenue In-Kind------
Prior Three Years Expense Allocations Chart
Fiscal Year201420132012
Program Expense$2,763,837$1,095,987$929,039
Administration Expense$292,560$147,496$100,957
Fundraising Expense$105,020$105,811$100,443
Payments to Affiliates------
Total Revenue/Total Expenses1.121.721.14
Program Expense/Total Expenses87%81%82%
Fundraising Expense/Contributed Revenue4%6%12%
Prior Three Years Assets and Liabilities Chart
Fiscal Year201420132012
Total Assets$11,840,500$11,268,615$9,340,456
Current Assets$11,488,163$11,146,402$9,248,245
Long-Term Liabilities$8,885,688$8,715,519$7,780,368
Current Liabilities$31,069$31,161$12,778
Total Net Assets$2,923,743$2,521,935$1,547,310
Prior Three Years Top Three Funding Sources
Fiscal Year201420132012
Top Funding Source & Dollar AmountCT Dept. of Housing $1,569,790U.S. Dept. of the Treasury CDFI Fund $953,892Purdue Pharma $350,000
Second Highest Funding Source & Dollar AmountState of CT DECE $528,188CL&P $500,000Santa Fuel, Inc. $150,000
Third Highest Funding Source & Dollar AmountCT Light & Power $500,000State of CT DECD $114,377United Illuminating Corp. $21,491
Short Term Solvency
Fiscal Year201420132012
Current Ratio: Current Assets/Current Liabilities369.76357.70723.76
Long Term Solvency
Fiscal Year201420132012
Long-Term Liabilities/Total Assets75%77%83%
Capitial Campaign
Currently in a Capital Campaign? No
Capital Campaign Anticipated in Next 5 Years? No
CEO Comments
The Fund has worked to keep costs in check and to diversify its revenue streams to meet the challenges to lending and fundraising in a difficult economy. GNHCLF continues its work in offering housing counseling and administers a state-funded programs, the "Sinking Homes" fund for New Haven's Westville neighborhood. 
Foundation Staff Comments

This profile, including the financial summaries prepared and submitted by the organization based on its own independent and/or internal audit processes and regulatory submissions, has been read by the Foundation. Financial information is inputted by Foundation staff directly from the organization’s IRS Form 990, audited financial statements or other financial documents approved by the nonprofit’s board. The Foundation has not audited the organization’s financial statements or tax filings, and makes no representations or warranties thereon. The Community Foundation is continuing to receive information submitted by the organization and may periodically update the organization’s profile to reflect the most current financial and other information available. The organization has completed the fields required by The Community Foundation and updated their profile in the last year. To see if the organization has received a competitive grant from The Community Foundation in the last five years, please go to the General Information Tab of the profile.


Address 171 Orange St.
3rd Floor
New Haven, CT 065103111
Primary Phone 203 789-8690
Contact Email
CEO/Executive Director Ms. Carla Weil
Board Chair Mr. C. Michael Tucker
Board Chair Company Affiliation C. Michael Tucker Associates


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