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 Borrowing From the Greater New Haven Community Loan Fund

The Greater New Haven Community Loan Fund’s Community Loan Pool funds organizations that benefit the housing and community needs of low and moderate income residents throughout the 27 towns and cities of New Haven County and beyond.

1. Affordable Housing Loans (Click here for more information)

GNHCLF lends to both nonprofit and for-profit housing developers/owners who create or preserve affordable housing options for low and moderate income residents.  We finance all phases of housing development, including pre-development, acquisition, construction, bridge, and semi-permanent loans that support single family or multi-family projects, homeownership or rental projects. We encourage housing for special needs populations, including transitional, permanent supportive, intergenerational, cooperatives, and veterans. We offer flexibility, patience, and an understanding of financing and development issues.

2. Cash Flow Loans/Lines of Credit

GNHCLF lends to qualified nonprofit organizations against contract or grant receivables to cover operating expenses.  The program enables groups to solve immediate cash flow problems and address some of the underlying reasons for the shortfall, while helping them to establish a strong credit history. Nonprofit agencies are encouraged to apply for pre-qualification before an actual need arises so that a loan can be processed quickly.

3. Facility/ Equipment Loans

GNHCLF lends to qualified nonprofit organizations for building repairs and upgrades to facility space, or purchases of technology and other equipment. Facilities may include housing, child care, health care, educational, arts, job training, elderly.  Priority is given to nonprofits who serve low income communities, promote job growth, and plan green building updates.

4. Small Contractor Loans/Lines of Credit

GNHCLF assists small-to-medium-sized private contractors based in the Greater New Haven area with short-term financing to cover preliminary material and payroll costs. Contractors must be registered with the City of New Haven Small Contractor Development Program as a Small Business Enterprise (SBE) firm and must be actively involved with, or have applied for, contract work through the City of New Haven as a general contractor or sub-contractor.

5. Citizens Bank Home Buyer Down Payment Assistance Program

GNHCLF has partnered with Citizens Bank to underwrite down payment assistance loans to income-eligible homebuyer.  The funds are designed to complement first mortgages from Citizens Bank and are 0%, deferred loans. The owner may sell or transfer the property at any time and either repay the loan or transfer it to a new income-eligible homebuyer.