Capital for Change's (C4C) mission is to provide flexible, creative and responsive financial products and services to benefit low and moderate income persons, and minority and otherwise disadvantaged individuals, businesses and communities. The vision for Capital for Change is to be Connecticut's premier community development financial institution offering capital solutions that will create and sustain lasting, positive change to low-income communities, including broadened social and economic participation, economic growth and environmental sustainability. C4C's core lending products focus on financing and servicing loans for affordable housing development, energy efficiency and conservation, and neighborhood revitalization.
What gets me excited about Capital for Change? it fills a unique place in the Connecticut landscape of financing for a purpose. It is like tapping a water source in a parched desert. Ground that looks barren can blossom with a flow of funding able to reach the places that have never had it before. With C4C, more people have places that they can afford to live in. And dozens of area nonprofits can better serve those in need thanks to better funding options.
Capital for Change maintains a strong regional presence and maintains an offices in the cities of New Haven, Hartford and in Bridgeport. The New Haven regional office address and phone numbers remain the same as that of the former Greater New Haven Community Loan Fund, or 171 Orange Street, Suite 3, New Haven, Connecticut.
Affordable Housing: Capital for Change is a CDFI loan fund that makes financing available to housing developers to help address the market demand for safe, affordable housing throughout our state. Desired projects encompass many types of affordable housing options including rental, supportive housing, mutual housing, cooperatives and home-ownership. Loans may be obtained for a variety of purposes, including acquisition, bridge funding, and construction/rehabilitation financing. In FY15, CHIF lending impacted the creation/rehab/development of 1,295 affordable/energy efficient affordable housing units. The former GNHCLF was responsible for financing another 39 affordable housing units. As a united CDFI, our goal is to assist others in joining the economic mainstream and the target demographic for our work is low to moderate wage earners with household incomes of 80% of area median income (AMI) or less. In addition, C4C includes a loan servicing business that specializes in affordable housing and community development loans. Clients are state, federal and private mortgage lenders with housing, community development and economic development loan portfolios.
Affordable Housing opportunities will be available throughout the region to homeowners and renters in a variety of housing types, i.e. single and multi-family. Affordable housing projects include renovation of formerly blighted properties that will help stabilize urban neighborhoods. Lower income people need safe, decent housing to enjoy a higher standard of living, health and economic stability.
Capital for Change is a HUD-certified housing agency that offers free housing counseling to homeowners at risk of home foreclosure. The Connecticut Department of Housing and grants from our philanthropic partners provide programmatic funding. Clients are also referred to the C4C through partner agencies, the federal Housing and Urban Development (HUD) website, local outreach activities including workshops and referrals from others who have benefited from our services. Clients in 23 area communities are recipients of foreclosure counseling but the majority of our clients resided in New Haven, Hamden, East Haven, and Ansonia last year,
Counselors work with individual homeowners to develop a clear understanding of their financial circumstances and the terms of their existing mortgage. Counselors help develop a viable strategy uniquely designed to prevent a foreclosure depending on their circumstances. This approach could involve the negotiation of a loan modification request from a bank servicer, access to applicable government programs or a short sale. In 2015, 63 households s received free foreclosure counseling services and more than 70% of clients experienced a positive outcome upon working with a counselor.
Counseling will also prevent homeowners from falling prey to the many "housing assistance" scams where they risk losing more money and gaining no assistance.
With the assistance of Capital for Change 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.
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.
Two counseling examples:
NC – Capital for Change staff met with this single mother of two during the month of 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 counselor 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.
Capital for Change has a unique committee structure specific to its primary role as a lender. Members of the Loan Committee make final lending decisions on behalf of the organization.The committee is made up of both board members and non-board members with specialized areas of knowledge and expertise in finance and/or banking that are important to the lending process.
Indirect Public Support HelpIndirect public support represents revenue received through solicitation campaigns. This includes funding United Way and other federated fundraising organizations, but does not include donor designated contributions.
Earned Revenue HelpEarned revenue represents income generated in direct exchange for a product or service.Earned income includes income from government contracts.
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.
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