Our Impact
Social, Economic, and Environmental
C4C strives 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.
Mobile Home Finance Program:
Making Homeownership Accessible
For many, owning a home is a cherished dream, but with traditional housing costs on the rise, that dream can feel out of reach. The Mobile Home Finance Program at Capital for Change is making homeownership more accessible, offering a practical and affordable solution for those seeking stability without the financial strain. In partnership with the Connecticut Housing Finance Authority, we’re helping residents purchase or refinance mobile manufactured homes—an affordable alternative to conventional housing. These homes provide a unique opportunity for individuals and families to step into homeownership without the hefty price tag. One of the greatest benefits of mobile home living is its cost-effectiveness. Whether you’re looking at a new model or a pre-owned option, the costs are significantly lower than those of traditional homes. This affordability opens doors for people with low to moderate incomes, allowing them to own their own space without overwhelming financial pressure. At Capital for Change, we understand the importance of making informed financial decisions. That’s why we carefully assess each applicant’s financial situation, ensuring compliance with affordable housing regulations and providing below-market rates to existing homeowners. Our goal is to help buyers secure financing in markets where low-maintenance, affordable living is in high demand. In essence, the Mobile Home Finance Program is about more than just purchasing a home—it’s about building a secure future. We’re dedicated to making homeownership a reality for more people, helping them enjoy the stability and pride that comes with owning a home, all while safeguarding their financial well-being.
A Front-Door To Services For Unhoused Individuals
Since 1987, Downtown Evening Soup Kitchen (DESK) has been a vital resource for those in need in New Haven, providing nightly meals and essential services to individuals seeking food, shelter, and support. Situated in the heart of downtown, DESK has long been a lifeline for the community, and now, with the acquisition of a three-story building at 266 State Street in December 2020, they are expanding their mission even further. The vision for this new space is both inspiring and ambitious: to create a fully integrated Drop-in and Resource Center just a few blocks from the New Haven Green. This center will be much more than a place to get a meal—it will offer unhoused individuals access to basic necessities like food, clothing, and toiletries, as well as harm reduction products. "More importantly, it will provide critical mental health and medical care through an onsite clinic, along with spaces designed to help individuals transition off the streets, find housing, and achieve financial stability. This $4.2 million project represents a significant investment in the community. The renovation will include a complete redesign of the first-floor Drop-in Center, new program offices and cold storage in the basement, a second-floor commercial kitchen with administrative workstations, and a third-floor medical clinic. The clinic will serve as the headquarters for Cornell Scott Hill Health Center's Homeless Healthcare Department, ensuring comprehensive care for those who need it most. Capital for Change is proud to support this transformative project with a $1,000,000 construction loan, helping to bring DESK’s vision to life. The new Drop-in and Resource Center will not only be a place of refuge but also a gateway to a better future for countless individuals in the New Haven community.
Developer Creates Better Living On Acorn Street And Beyond
The 12-unit property on Pequot Avenue is in a great location as it is located in New London on a very picturesque street. The neighborhood consists of people of various ages, and socio-economic backgrounds. Also in progress is a 3-family home in a working-class neighborhood on Acorn Street in New Britain. There are single-family homes, multi-family homes, condos, and even a college on the street. The town of New London is very diverse and a small city with tremendous potential. The former owners had significantly neglected the property due to the extensive deferred maintenance. "I love the diversity of the neighborhood and the location. I think there is tremendous upside as the city has been public about putting additional resources into the area." "We had a plan to both complete needed repairs and improve the profitability of the building. Working with C4C, we developed a plan, and they showed us how to fund our plan." Now he is working on installing energy-efficient mini splits in each unit. He has installed a new roof, new energy-efficient windows, replaced flooring, painted the entire building's interior and exterior, and updated the bathrooms and kitchens. If not for this loan, the tenants would be living in substandard outdated units, and the units would not be energy efficient. More than half of the tenants receive some social services, including mental health, and need affordable, clean, and safe housing. By doing the energy-efficient upgrades, it helps to lower the utility expenses that the owner pays and enables the units to remain affordable.
Strong School Project
At 69 Grand Avenue in New Haven, the historic Horace H. Strong School is undergoing a transformation that reflects both its storied past and a bright future. Built in 1915, this Tudor-style building, once an overflow space for the New Haven School District, is now being revitalized into something truly impactful—a space that combines affordable housing with a vibrant arts and cultural hub. In partnership with Strong School, LLC, The Cloud Company, and the New Haven Pride Center, Capital for Change is proud to support this significant project. With the help of a $1,000,000 predevelopment loan and a $1,800,000 bridge loan, this development will bring 58 affordable housing units to the community, along with commercial spaces that will serve as a cultural gathering place, particularly for the LGBTQ+ community. The project offers a mix of studio, one-bedroom, and two-bedroom apartments, catering to a diverse range of incomes. It’s a thoughtful approach that ensures everyone—from those earning below 30% of the Area Median Income (AMI) to those at 80% AMI—has access to quality, affordable housing. Residents will also benefit from on-site amenities, management, and parking, making it a welcoming and inclusive environment. This transformation hasn’t been undertaken in isolation. The development team has actively sought input from local neighborhood groups, the City of New Haven, and cultural organizations like Long Wharf Theatre, Bregamos Community Theatre, and the Neighborhood Music School. This collaboration ensures that the project not only meets the needs of its future residents but also enriches the broader community. With the City Planning Commission’s approval and special permits secured, the project is moving forward with the full support of the community and city officials. It’s a development that aligns perfectly with Capital for Change’s mission to address the pressing need for affordable housing while fostering community growth and inclusivity. Through our financial support, Capital for Change is helping to turn this vision into reality—creating a space that honors the legacy of the Strong School while providing much-needed housing and cultural opportunities for the New Haven community.
A School Project - Elm City Montessori
Elm City Montessori School (ECMS) was founded in 2012 by a group of parents as a racially, ethnically, and economically diverse school with a nurturing child-centered approach to early education with strong parent engagement. They adopted the Montessori education model. Supported by the New Haven Board of Education, ECMS is a part of the district’s efforts to provide a portfolio of exemplary educational options designed to ensure that all New Haven students complete high school with 21st Century skills, ready to lead successful lives. ECMS began with a core of early education grades and has grown to include K-7th grade and will add 8th grade in the 22/23 School Year. The school is committed to building an Anti-Bias and Anti-Racism institution in partnership with staff, families, children, and community. ECMS was given the opportunity to purchase the building that housed the school. Financing for the $5.4 million purchase was made possible through the financial cooperation of three CDFIs (New Haven Bank, Capital for Change, and Community Economic Development Corp. (CEDF)).
Edward Street Project
Edward Street Housing, LLC is comprised of three (3) lots purchased from the City of Hartford to build three 2 unit houses. The City in recent years spent $210,000 on environmental remediation cleanup in the area. The new 2-unit multi-family homes are being sold below cost to qualified buyers. Buyers must meet certain income levels and receive training in property management. Potential buyers must have family income less than 80% of the Hartford area median family or $78,720 and are required to take 8 hours of pre -purchase training. Other requirements pertain to resales for 15 years. Special mortgages on the three properties were offered by Liberty Bank at 3.5% for 30 years with down payment and closing cost assistance. Edward Street Housing, LLC intends to have all three homes sold by year-end. The completion has been achieved by funding from the borrower, Rashid Hamid, and his entity, Naek homes, a first mortgage from Capital for Change, Inc., and a second mortgage from the City of Hartford. The City selected Edward Street Housing, LLC thru its participation in the Federal Home Improvement Program. The homes are modular and were built by Westchester Modular Homes in New York. Additional construction was performed by primarily minority contractors. Attention was paid to every efficiency. The units are 1225 square feet each with 3-bedrooms and 1.5 bathrooms on the first floor and 3-bedrooms and 1 bath on the second floor. Due to the reduced sales price the program offers a minimum term ownership requirement. The overall program is part of on-going efforts to support the development of decent, safe, and affordable home ownership and vacant lots are removed adding tax revenue for the City. The properties also become a positive addition to the neighborhood and are conveniently located to transportation and commerce.