Affordable Housing Loans | Capital for Change

Affordable Housing

Capital To Empower Landlords & Non-Profits

Capital for Change (C4C) provides responsive ﬁnancial products and capital solutions to help create and sustain lasting, positive change in Connecticut’s low- and moderate-income communities.

Our Affordable Housing Programs

||| Our Affordable Housing Development Programs

We assist developers in creating affordable rental housing, supportive housing, mutual housing, cooperatives, and homeownership. Loans may be for acquisition, bridge and pre-development funding, construction/rehabilitation financing, or permanent terms.

To learn about this program:

Click here to contact Carla Weil, Director of Commercial Lending & Impact, or call 860.233.5165 ext. 1180

LIME Loans

Affordable Housing For Our Communities

Middletown

||| Heritage Commons

Capital for Change is committed to environmentally conscious investment and development that results in increased energy efficiency and reduced energy consumption while improving the lives of our residents. Heritage Commons Rental Retirement Community in Middletown provides a complete array of support, recreation, housekeeping and health services to elderly residents living on fixed incomes. The 89-unit, four-story facility, constructed in 1988, needed updating to current energy efficiency and health and safety standards. Because of the existing government financing and the attached restrictions, however, traditional lenders could not finance the improvements. This is just the type of problem that Capital for Change’s Low Income Multi-Family Loan Program (LIME) was designed to solve. Capital for Change, in partnership with the Connecticut Green Bank, was able to provide a loan for $960,000 to add the upgrades. These include new lighting, heat pump replacement, a new gas boiler and rooftop coating that will provide energy savings of more than $100,000 per year.

Bridgeport

||| Neighborhood Trust

Bridgeport Neighborhood Trust (BNT) is a community housing development organization that has adopted a comprehensive place-based strategy, the East End Community Building Initiative, focused on the revitalization of two commercial corridors in Bridgeport’s East End. This neighborhood once struggled with some of the highest crime rates in the city, but is making a comeback thanks to strategic investments of this kind. C4C has provided nearly $1 million in financing to several projects related to this comprehensive revitalization initiative which will restore buildings to functional use, construct new housing, reduce blight and provide much-needed affordable and energy-efficient places to live for low-income residents. Since 2010, C4C has provided nearly $4 million in financing to BNT developments throughout Bridgeport. Their mission is consistent with C4C’s lending mission - to collaborate with key partners and finance impactful change in low- to moderate-income communities.

Hamden

||| NET Zero House

This exciting project addresses a number of Capital for Change’s organizational goals, including reuse of formerly contaminated land, carbon reduction and affordable housing development.

Capital for Change is the proud lender behind the construction of a new energy-efficient home recently purchased by the Traynham family of five (mom, dad and three kids) formerly from New Haven. Their new home was financed with construction funds from C4C and subsidy from the Connecticut Housing Finance Authority’s State Housing Tax Credit program. The tax credits were purchased by Eversource Energy, the leading electric provider in the State of Connecticut. The new home is located on land that was remediated and reclaimed through the Newhall Residential Remediation Program. Between 2010 and 2012 the Program cleaned the sites of more than 240 mostly residential properties built on landfill dumped between 1900 and 1950 by Winchester Repeating Arms Factory.

The new, 1,800-square-foot three-bedroom home qualifies as a “Zero Energy Residence.” A zero-energy home is a building with zero net energy consumption, meaning the total amount of energy used by the building on an annual basis is roughly equal to the amount of renewable energy created on the site. These buildings consequently contribute less overall greenhouse gas to the atmosphere than similar buildings that are not zero-energy homes. The home includes many significant energy-conservation features, including advanced-framing exterior walls, shallow frost-protected foundations, Energy Star V3-certified with LED lighting and Energy Star appliances, U-Value U= .17/triple glazed windows, a split-air source heat-pump system, significant insulation and many green and recycled products. The new owners will add solar panels to take advantage of tax credits for the investment of a photovoltaic system. With the addition of the solar panels, the home will be close to cost-free energy. This helps make homeownership affordable to this family earning 50% of the Area Median Income. The Traynhams hope to generate additional income through the investment in solar panels which will allow them to periodically sell energy back to the power company.