About Us
General Information
The Greater New Haven Community Loan Fund provides low interest financing for projects which:
• Enlarge the stock of affordable housing
• Revitalize or stabilize neighborhoods
• Foster community development
• Encourage resident control and ownership
We provide short-term loans to organizations for predevelopment, construction and associated costs to build housing that is affordable to low- and moderate-income individuals and families.
The Loan Fund operates a number of distinct lending programs – all of which revitalize or stabilize the community, create affordable housing and strengthen nonprofit organizations. The programs are:
Community Pool Loan Program - provides short-term and medium-term loans out of funds pooled from individual, corporate, institutional and religious investors. The priority in lending is, and has always been, benefit to projects with significant resident control and those serving lowest income populations. In 20 years of lending, the Community Pool made loans of more than $16.8 million which have funded the creation of 1,394 units of housing, including mutual housing, elderly congregate housing, supportive housing, low-income homeownership and rental housing. In addition, the Community Pool gives low-interest emergency cash flow and small scale capital expenditure loans to area nonprofit organizations. The Fund’s loan officer conducts underwriting. Final lending decisions are made by a committee of Loan Fund Board members, developers and members of the community.
Affordable Housing Bank Pool - is a $6.575 million reservoir of funds established by eight area banks. A representative from each bank sits on the lending committee. Each bank receives CRA credit for participation and is able to make community development loans, incur no underwriting costs and spread its risk. The AHBP makes short-term loans to housing development projects. It has funded 1,053 units and $27.9 million to date.
Residential Loans Programs - are funded programs. The Greater New Haven Community Loan Fund has been contracted to originate loans for the City of New Haven, and generates its own loans to assist homeowners and homebuyers. Currently, the fund administers the following programs for the City of New Haven: Down Payment and Closing Cost Assitance and Lead Hazard Abatement. The Loan Fund also offers down payment assistance to buyers whose first mortgage is with Citizens Bank. Residential programs staff members also provide counseling and intervention services for homeowners facing foreclosure.
Click here to view the most recent Form 990
Click here to view the 2008 Annual Report
Please contact the Loan Fund for copies of the Form 1023, Form 990T, past Form 990s and Audited Financial Statements
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