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 19 years of lending, the Community Pool made loans of more than $15.7 million which have funded the creation of 1,349 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 $6.1 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 1,025 units and $24.5 million to date.

Bank of America Fund - is a $1 million pool established by Bank of America for which bank pool underwriting rules apply. Recommendations for approval are made by the Community Pool loan committee while a Bank of America representative has final sign off on all loans.

The Connecticut Housing Finance Authority - made a commitment of $1.6 million to the Loan Fund to support construction and predevelopment lending and to initiate a permanent loan program.

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, Urban Development Assistance Grant (a homebuyer subsidy program), Elderly/Handicapped Home Rehabilitation and Lead Hazard Abatement. The Loan Fund also offers emergency repair, code compliance and handicapped accessibility loans for homeowners throughout New Haven County, as well as down payment assistance to buyers whose first mortgage is with Citizens Bank.

Click here to view the most recent Form 990