Capital for Change (Formally known as the Greater New Haven Community Loan Fund)
121 TREMONT ST
HARTFORD CT 06105-2541
Contact Information
Address 121 TREMONT ST
HARTFORD, CT 06105-2541
Telephone (203) 7898690 x
Fax 203-4013378
E-mail darcand@capitalforchange.org
Web and Social Media
Mission

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. 

At A Glance
Year of Incorporation 1987
Former Names
Greater New Haven Community Loan Fund
Connecticut Housing Investment Fund
Community Capital
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
Leadership
CEO/Executive Director Mr. Calvin B. Vinal
Board Chair Ms. Dorothy Adams
Board Chair Company Affiliation Unitarian Church of Westport
Financial Summary
 
Projected Revenue $4,943,857.00
Projected Expenses $4,935,111.00
Statements
Mission

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. 

Background
Capital for Change was formed from the merger of three Community Development Financial Institutions that occurred on May 1, 2016 and July 1, 2016 respectively. Community Development Financial Institutions are mission-driven lenders, meaning they measure their success through non-financial, as well as financial returns. The majority of C4C's  activities fall into these categories: 1) affordable housing and energy efficiency, 2) loan servicing and portfolio administration, 3) third-party contract administration, 4) home-buyer education and foreclosure counseling. Capital for Change's loan programs provide several types of loans to support new construction or rehabilitation of residential units such as construction, pre-development, interim bridge and permanent loans. Our lending finances affordable housing, promotes home ownership and neighborhood revitalization projects across Connecticut. As a loan portfolio administrator, C4C services a $200 million portfolio comprised of 11,000 loans originated by state, municipal agencies, and non-profit organizations. As a third party administrator C4C provides financial and contract management services for city, state and corporate organizations by administering home improvement loans and grant programs that benefit low and moderate income families and individuals.
 
C4C's flexible CDFI lending terms allows it to connect with non-profit and for-profit borrowers through a source of subsidies for development to pay for the "appraisal gap" that exists between the total development cost and the after-rehabilitation appraised value of the property.  After rehabilitating the unit, the new home-buyer obtains a permanent mortgage based on the appraised value of the completed property, and assumes the appraisal gap (the second mortgage) subsidy from the developer.  This "silent," or "soft" second mortgage is forgiven after a short term, usually five to ten years.  
 
Another unique feature of Capital for Change is that it invites socially responsible people and institutions to support us as mission investors. In exchange for a financial investment in our community development mission, SRI investors may receive a fixed rate of up to 3% on funds invested. Dozens of like-minded investors, (individuals, institutions and foundations) have responded and made generous loans to help us capitalize our Community Loan Pool.These community pool funds specifically target projects that benefit low-moderate populations in need of affordable housing options. In return, our dedicated Socially Responsible (SRI) investors receive a steady fixed-rate return for a loan of more than $1,000 for a term of at least one year. The investor determines the length and terms of the loan and get a double-bottom line return on their money. Over the course of this program's 28- year history, no investor has ever experienced a loss and more than 85% of those investors chose to renew their loans at the end of their term.
 
In 2007, a comprehensive foreclosure counseling program, the ROOF Project Collaborative, was developed to strategically pool resources to combat the widespread foreclosure crisis plaguing Greater New Haven. Soon thereafter the Greater New Haven Community Loan Fund became a certified HUD and Connecticut Housing Finance Authority foreclosure counseling agency. At this time, Capital for Change's New Haven office continues its commitment to struggling homeowners by maintaining the state and federal housing counseling training and certifications necessary to counsel borrowers dealing with complex issues surrounding foreclosure. Approximately 90 homeowners are engaged with a certified counselor annually and 70% of them have favorably resolved their cases, i.e. by approval for trial payments, loan modifications, short sale, etc. Our staff works diligently to keep homeowners in their own homes. Their approach involves identification of the root cause of the mortgage program and development of  realistic workout options. Foreclosure counseling is available to our clients free-of-charge for as long as it takes to bring your case to draw to a conclusion.  
  
Impact Capital for Change is a Community Development Financial Institution (CDFI) that is the result of a merger between the Greater New Haven Community Loan Fund and the Connecticut Housing Investment Fund which took place on May 1, 2016. A third CDFI, Community Capital of Bridgeport merged on July 1, 2016. The primary metrics C4C will measure and address pertain to 1. Affordable households/individuals/businesses served (TA, loans); 2. Affordable units impacted (created, preserved, improved); 3. Energy usage/demand reduced, dollars saved, alternative/clean energy created and 4. Jobs created or retained/businesses supported financially.
Needs
Donors: In addition to state and federal government sources, Contributions from individuals, foundations and corporations are an important source of our funding.Capital for Change seeks grant funding from corporate and foundation sources, as well as contributions from individuals who share our community development mission. These philanthropic funds allow us to flexibly operate and deliver our lending program and to provide the extensive technical assistance free of charge to our clients-an ingredient that is necessary for the majority of our borrowers to be successful. 
 
Investors:  As a nonprofit lending institution, C4C extends a unique opportunity to individual and institutional investors to support our work. C4C seeks to engage additional loan capital to make financing more widely available to affordable housing developers, nonprofit organizations and small businesses in need. Presently more than 50 individual and institutional investors receive a (0 to 3%) fixed rate in return in exchange for a loan to our Community Loan Pool.

Dedicated Volunteers:  Capital for Change is always in need of individuals interested in helping us with community outreach activities; people willing to serve as advocates and goodwill ambassadors on our behalf. Additionally, professionals with backgrounds in finance, banking and lending who are interested in our mission are invited to consider serving on our Loan Committee.

 

CEO Statement I am honored to be serving as the first CEO/President of Capital for Change, Connecticut's newest, and largest Community Development Financial Institution Loan Fund.The recent merger of the former Connecticut Housing Investment Fund (CHIF), the Greater New Haven Community Loan Fund and Community Capital Fund culminates several years of planning. Each partner builds on brings a rich history and commitment to social justice and affordable housing that we jointly take pride in. CHIF's history is intertwined with the lives of its beloved founders; George and Patricia Ritter. The Ritters were remarkable people who worked together in the Hartford area to establish a national model for minority home-ownership and integrating housing before the Civil Rights Act made discrimination in housing illegal. During it’s nearly half century of operations, in existence, CHIF has closed more than 28,000 loans, more than 20,000 of which were for energy efficiency improvements, and is responsible for more than $185M in direct community investment, $330M in leveraged public and private capital investment, and loans that created or improved more than 35,000 affordable housing units. The Greater New Haven Community Loan Fund was established in 1987 by a group of socially concerned leaders of the Interfaith Cooperative Ministry. This ecumenical coalition was dedicated to helping the poor and disadvantaged. It was a group dedicated to the creation of affordable housing and was instrumental in the establishment of GNHCLF in 1987.During its nearly 30-year history, GNHCLF's flexible CDFI lending represents more than $57 M in direct community investment and the leveraging of more than $285M in funding sources that have resulted in more than 2,500 affordable housing units. In 2005, Community Capital was formed from the merger of two loan funds, it inherited $12M in business and real estate loans. Over the past 10 years, CommCap has leveraged public and private funds to respond to the demand for its affordable housing and small business loans, providing more than $23M in financing to qualified borrowers. All that being said, Capital for Change, with more than $50M in combined assets and $17.5 in net assets promises to yield higher market efficiencies and streamline operations. The across the board consolidation of our existing commercial and consumer loan products features flexible CDFI lending that will sustain more affordable housing starts and promote energy efficiency and home-ownership.
Board Chair Statement

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.

Service Categories
Primary Organization Category Housing, Shelter / Housing Development, Construction & Management
Secondary Organization Category Community Improvement, Capacity Building / Management & Technical Assistance
Areas Served
In a specific U.S. city, cities, state(s) and/or region.
Ansonia
Bethany
Branford
Cheshire
Derby
East Haven
Guilford
Hamden
Lower Naugatuck Valley
Madison
Milford
New Haven
North Branford
North Haven
Orange
Oxford
Seymour
Shelton
Shoreline
Wallingford
West Haven
Woodbridge
Other
Other

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.

CEO/Executive Director/Board Comments The vision of 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.
Programs
Description

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.

Energy Lending: C4C works with the Connecticut Green Bank and other funders as a leader in promoting energy efficiency upgrades to multi-family apartment buildings, housing cooperatives or condominiums. The Low-Income Multi-Family Energy or (LIME) Loan provides unsecured financing for energy efficiency improvements to building through loan payments that use a portion of the energy savings.  In addition, the LIME loan program has a solar option in which solar power equipment and the resulting electricity generated is sold to the building owners at reduced rates in accordance with a negotiated power purchase. 
 
 
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.
Short-Term Success will be measured in terms of the volume of our lending activity and the numbers of new housing opportunities supported by those activities .Loan portfolio performance is tracked regularly at internal staff reviews and by the Board and Loan Committees.
 
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.

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.

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 leveraged funding and, the number of housing units produced. These metrics 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.
 
 
 
 
Description

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.

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 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.

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.


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 – 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.

Program Comments
CEO Comments
As a newly formed organization, a major priority is to ensure that our lending is sufficient to maintain our continued financial stability.  The first year of the merger will result in one-time transactional costs and introduce some inefficiencies as staff and processes are realigned. The plan is to begin to move forward in the months ahead to strategically deploy a wider range of flexible lending products and programmatic activities in as orderly a fashion as possible to a larger number of Low to moderate income (LMI) populations across the state.  
CEO/Executive Director
Mr. Calvin B. Vinal
Term Start May 2016
Email cvinal@capitalforchange.org
Experience
Calvin Vinal is a mission-focused leader with more than 30 years of experience in banking, real estate, and community development lending environments. He was the CEO of Connecticut Housing Investment Fund and the President of its nonprofit affiliate; CT Energy Efficiency Finance Company (CEEFCO) for seven years before assuming his present role. Under Mr. Vinal's leadership, CHIF grew from $9.5M to $35M in assets.  Key strategic accomplishments led by Mr. Vinal include creating a data warehouse supported by on-line applications and automated processing, design and implementation of on-bill repayment processing of energy efficiency loans for Eversource electric customers, building a $9.8 M multi-family permanent pool funded by 12 banks, creation of a $13.5 M nonprofit affiliate to offer consumer energy efficiency loans and creation of innovative financing produces for affordable multi-family energy efficiency.  Mr. Vinal graduated summa cum laude from the University of Maine with a B.A. in Political Science.  He is also a graduate of the Development Training Institute and has worked as a licensed commercial real estate appraiser.
Staff
Number of Full Time Staff 34
Number of Part Time Staff 1
Number of Volunteers 20
Staff Retention Rate 75%
Staff Demographics - Ethnicity
African American/Black 6
Asian American/Pacific Islander 1
Caucasian 20
Hispanic/Latino 7
Native American/American Indian 0
Other 1 0
Staff Demographics - Gender
Male 7
Female 28
Unspecified 0
Former CEOs and Terms
NameTerm
Ms. Carla Weil Apr 1988 - May 2016
Senior Staff
Title Chief Strategy Officer
Title Manager, Small Business Lending
Title VP, Controller
Title VP, Controller
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
Collaborations
Connecticut Housing Coalition
Connecticut Green Bank 
Neighborhood Housing Services of New Haven
Neighborworks New Horizons 


 

 

Affiliations
AffiliationYear
Greater New Haven Chamber of Commerce1994
Awards
Award/RecognitionOrganizationYear
Nonprofit Partnership AwardGreater New Haven Chamber of Commerce2009
Impact Award (ROOF Project)CT Community Development Association2013
Comments
CEO Comments

 

Board Chair
Ms. Dorothy Adams
Company Affiliation Unitarian Church of Westport
Term May 2016 to May 2019
Board of Directors
NameAffiliation
Anna Blanding Pilliner Group
Ginne-Rae Clay City of Bridgeport
Carmen Colon Alpha Community Services YMCA
Linda Cote Webster Bank
Robin Golden
Nicole Licata Grant United Holdings Corporation
Timothy Hodges People's United Bank
Brian Robinson HAI Group
Jeffrey Robinson TD Bank
Diane Smith Connecticut Housing Finance Authority
Board Demographics - Ethnicity
African American/Black 3
Asian American/Pacific Islander 0
Caucasian 7
Hispanic/Latino 1
Native American/American Indian 0
Other 0 0
Board Demographics - Gender
Male 3
Female 8
Unspecified 0
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
Finance
Development / Fund Development / Fund Raising / Grant Writing / Major Gifts
Additional Board/s Members and Affiliations
NameAffiliation
Ms Anna Blanding Pilliner Group
Ms. Linda Cote Webster Bank
CEO Comments

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.

 
 
Financials
Fiscal Year Start May 01 2016
Fiscal Year End Mar 31 2017
Projected Revenue $4,943,857.00
Projected Expenses $4,935,111.00
Spending Policy N/A
Credit Line No
Reserve Fund Yes
Other Documents
Other Documents 3
NameYear
Annual Report2014View
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 Year201520142013
Foundation and
Corporation Contributions
$705,797$673,030$655,391
Government Contributions$620,848$2,178,385$1,158,548
Federal------
State------
Local------
Unspecified$620,848$2,178,385$1,158,548
Individual Contributions------
------
$186,503$627,630$468,518
Investment Income, Net of Losses$380,195$2,944$2,681
Membership Dues------
Special Events$26,997$10,000$35,474
Revenue In-Kind------
Other($4,132)$57,816$3,307
Prior Three Years Expense Allocations Chart
Fiscal Year201520142013
Program Expense$1,303,839$2,763,837$1,095,987
Administration Expense$240,327$292,560$147,496
Fundraising Expense$77,774$105,020$105,811
Payments to Affiliates------
Total Revenue/Total Expenses1.181.121.72
Program Expense/Total Expenses80%87%81%
Fundraising Expense/Contributed Revenue6%4%6%
Prior Three Years Assets and Liabilities Chart
Fiscal Year201520142013
Total Assets$10,384,028$11,840,500$11,268,615
Current Assets$10,046,747$11,488,163$11,146,402
Long-Term Liabilities$7,149,873$8,885,688$8,715,519
Current Liabilities$26,571$31,069$31,161
Total Net Assets$3,207,584$2,923,743$2,521,935
Prior Three Years Top Three Funding Sources
Fiscal Year201520142013
Top Funding Source & Dollar Amount --CT Dept. of Housing $1,569,790U.S. Dept. of the Treasury CDFI Fund $953,892
Second Highest Funding Source & Dollar Amount --State of CT DECE $528,188CL&P $500,000
Third Highest Funding Source & Dollar Amount --CT Light & Power $500,000State of CT DECD $114,377
Solvency
Short Term Solvency
Fiscal Year201520142013
Current Ratio: Current Assets/Current Liabilities378.11369.76357.70
Long Term Solvency
Fiscal Year201520142013
Long-Term Liabilities/Total Assets69%75%77%
Capitial Campaign
Currently in a Capital Campaign? No
Capital Campaign Anticipated in Next 5 Years? No
Comments
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 121 TREMONT ST
HARTFORD, CT 061052541
Primary Phone 203 7898690
CEO/Executive Director Mr. Calvin B. Vinal
Board Chair Ms. Dorothy Adams
Board Chair Company Affiliation Unitarian Church of Westport

 

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