Webster Bank grant to Capital for Change supports community development
WALLINGFORD – Webster Bank has awarded a $15,000 community development grant to Capital for Change Inc., to be used in support of its affordable housing lending programs.
Capital for Change was one of 43 nonprofit organizations across the bank’s regional footprint to receive Community Reinvestment Act (CRA) grants, which help fund programs for low- and moderate-income residents, develop affordable housing and support small business development.
“At Capital for Change, we're deeply grateful for the trust that this award represents,” said Calvin B. Vinal, president and CEO of the Wallingford-based organization, which is Connecticut's largest full-service community development financial institution.
“I know that Webster Bank and Capital for Change have a mutual mission – to help individuals and communities who are most in need of assistance,” Vinal said. “This is an example of how financial organizations with such goals can work together.”
“Through our annual CRA grant program, Webster is committed to creating and expanding relationships with organizations that work to provide greater equity in the communities we serve,” said Peter Mosbacher, the bank's senior vice president, community development officer.
“We are pleased to support Capital for Change in its mission to provide affordable housing to underserved communities throughout the state,” Mosbacher said.
Webster Bank supports community development finance institutions and investors that finance affordable housing and small businesses; community development corporations that develop or promote affordable housing and small business development programs; community and economic planning organizations; and organizations that provide credit-access training to low- and moderate-income individuals and communities.
“We at Capital for Change believe that helping to meet our neighbors' financial needs is vital for the health of the communities we serve,” Vinal said. “This grant will assist us in doing just that.”
Over the past four years, Capital for Change loans have permitted more than 1,000 housing units to be created or maintained, and sustained more than 10,000 units of affordable home ownership, while helping to create more than 750 jobs and providing homebuyer training and foreclosure counseling to 1,000 families.
Additional information is available online at CapitalForChange.org and the organization's Facebook page, “Capital for Change, Inc.”
Capital for Change's mission is to provide flexible, creative and responsive financial products and services to benefit low- and moderate-income persons, and minority and otherwise underserved individuals, businesses and communities. Its programs and products broaden access to affordable housing, energy efficiency and job opportunities.
Capital for Change Inc. was created in 2016 through the mergers of the Community Capital Fund, Connecticut Housing Investment Fund and the Greater New Haven Community Loan Fund, shaping an organization with a statewide history of service stretching back to 1968. Serving Connecticut for more than 50 years, C4C has invested more than $425 million in mission-driven capital statewide.