“There’s a fallacy about Connecticut,” says Darcy Arcand. “Yes, it does have the highest per capita income in United States. But many people don’t realize that our state was the only state identified in the most recent census with a rising poverty rate. Connecticut is among the top six jurisdictions nationally with extreme peaks and valleys in income.”
Hartford, CT – CT Trust for Historic Preservation Makes Investment in Capital for Change Capital for Change (C4C), a Hartford-based Community Development Financial Institution, has received a five-year, $200,000 capital investment from the Connecticut Trust for Historic Preservation. This funding will help finance the renovation of properties listed on the official national or Connecticut or local registers of historic places, or any building placed into service prior to 1936, by bridging historic tax credits awarded to projects for these properties.
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Capital for Change (C4C) is a Community Development Financial Institution (CDFI) with a 50-year history of providing more than $300 million in financing and technical assistance to preserve and create affordable housing for underserved populations, adopt energy efficiency and alternative energy measures to decrease costs and improve environmental impacts, and support small business development. C4C was created through merging three Connecticut-based CDFIs in 2016 that was designed to increase capacity to better meet the needs of low-income persons and communities in Connecticut by increasing affordable housing, creating jobs and improving the environment. Along with its growing financial support from banks, state and federal agencies and foundations, C4C seeks to expand on its successful, 30-year history of financial support from social impact investors.
C4C closed on a $200,000 line of credit to the Connecticut Institute for Refugees and Immigrants (CIRI) in September. Formerly the International Institute of Connecticut, CIRI has worked for more than 100 years to provide services to refugees and immigrants who arrive in Connecticut.