For Profit Housing Loans

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For-Profit Loan Program Description
 Eligibility and Terms

Loan Type:  Acquisition, construction, bridge, rehab, mini permanent.

Eligible Borrower:

  • For-profit developer with track record of developing affordable housing for either rental or homeownership.  Developer should have a minimum of 2 years experience and 5 properties developed or under management.  Developer must have a demonstrated record of producing quality renovations and maintaining properties under management (a third party inspection will be conducted).
  • Strong preference for developers based in New Haven or nearby towns, with local property management capacity.  Non-local investors must demonstrate established relationship with local property management firm.
  • Must be in compliance with City of New Haven rental registration program and clear of unresolved code violations.  If there is a history of code violations, the investor must demonstrate timely response in addressing violations.
  • Must have a demonstrated desire and commitment to engage with the community and respond to community concerns.
  • Priority to developers who incorporate energy-efficient rehab practices.
  • Must show financial capacity.

Eligible Properties:

  • 1-4 Family – Multi-Family Residential Properties
  • Properties located in low-moderate income census tracts, with priority to properties in close proximity to investments by Loan Fund, City of New Haven, and other nonprofit partners.
  • Properties located throughout the Greater New Haven community with demonstrated income restrictions and affordability mechanisms.


  • If housing is in a low-moderate income census tract, then no affordability restrictions
  • If housing is not in a low-moderate income census tract, affordability restrictions may apply

To determine if a property is located in a Low-Moderate Income (LMI) census tract, use the search tool located here:

.  Enter the property address, click “search,” and then click “get census demographic.”



  • Loan Amount:  $25,000 – $250,000+
  • Term: 12 months for construction/Up to 36 months for permanent
  • Interest Rate:  7-8% based on GNHCLF cost of funds
  • Amortization:  interest only for short-term loans; up to 20 years for longer term loans
  • LTV:  Up to lesser of 80% of after improved appraised value or 80% of cost.
  • Debt Service Coverage:  Minimum 1.2
  • Loan Repayment:  permanent mortgage, cash flow
  • Collateral:  First lien on financed property; personal or corporate guarantees will be required.
  • Fee:  2 pts.

TO APPLY: Contact Loan Officer Anne Conners at 203-789-8690 or via email at