Capital for Change's (C4C) is the successor organization to the former (Greater New Haven Community Loan Fund) with a 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.
Capital for Change offers community-minded investors a simple, affordable and effective way to build a strong economy and community. It’s a practical way to help their neighbors and communities and promote economic justice.
Individuals, faith-based and civic groups, foundations, trusts, and financial institutions invest in C4C through loans to the SRI Community Loan Pool. This creates a lending capital pool, so that low-cost, flexible loans can be made to those who are unable to access conventional credit. Your funds are added to our approximately $3.4M SRI lending pool. The risk is shared, and an investor’s funds will not be dedicated to a single project or sector. Individuals appreciate that Capital for Change has an unblemished record of repayment to investors. Investments in Capital for Change are protected by our significant permanent capital and our excellent history of repayment from borrowers.
You (the lender) and Capital for Change (the borrower) sign a simple loan agreement that spells out the investment terms you have chosen. When the investment is made, you will receive a Promissory Note, Capital for Change’s promise to repay you according to those terms. Minimum investments of $1000 with rates up to 4%, depending on the length of the loan. When the maturity date is about to end, our Development Officer will contact you to offer you the opportunity to renew your investment, change it or to receive repayment.
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 is headquartered in Hartford, but due to the historic impact of the Greater New Haven Community Loan Fund, it will maintains a presence in New Haven. The organization keeps offices in the three cities that are home to many under-served people; New Haven, Hartford and Bridgeport. The New Haven office is located at the site of the former Greater New Haven Community Loan Fund, 171 Orange Street, Suite 3, New Haven, CT 06510.
Capital for Change is a Community Development Financial Institution, a 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 and models 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, The former Connecticut Housing Investment Fund's 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 unified 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.
A wider range of affordable housing opportunities will be made 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 access to safe, decent housing options to enjoy a higher standard of wellness and economic stability.
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.
A strong community not only meets its members’ basic needs but also works to create long-term solutions to their problems. Provide people with affordable housing, enough to eat and access to affordable health care and you enable them to envision a better future for themselves.
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