New Haven, CT - People’s United Community Foundation (PUCF) announced a $7,500 grant to the Greater New Haven Community Loan Fund (GNHCLF). The funds will support the organization’s core functions; primarily affordable housing lending, foreclosure outreach and free counseling.
GNHCLF serves a target population of those living at or below 80% of median income, and 100% of people served are low to moderate income. GNHCLF is a Community Development Financial Institution (CDFI) working to create and sustain vibrant neighborhoods and communities through its lending and investment. In 24 years of lending, GNHCLF has made more than $51 million in loans for projects that have produced more than 2,300 units of housing for low/moderate income households.
People’s United Community Foundation’s support will assist GNHCLF in its underwriting and lending activity, and will provide free counseling services to homeowners facing foreclosure. The GNHCLF’s Strategic Plan, which was completed in December of 2011, sets out ambitious lending targets necessary to support profitable operation. People’s United Community Foundation’s funds will aid in the staff’s redeployment toward the target goals by doing more outreach in a wider geographic area, developing new lending products, and cultivating new potential borrowers.
“We are thrilled to know People’s United Community Foundation has recognized and supports our efforts at the Loan Fund. With the assistance of the PUCF’s funds, we will be able to expand our lending in the three sectors in which we work – affordable housing, nonprofit support, and small contractor cash flow,” said GNHCLF Executive Director Carla Weil.
About People’s United Community Foundation: Headquartered in Bridgeport, Connecticut, PUCF’s mission is “to invest in programs and services that enhance the quality of life for residents, promote the economic development and well-being of neighborhoods and support the educational and developmental needs of children and youth, with special emphasis given to program and services in low-income areas.” Established in 2007, PUCF provides grants to nonprofit organizations served by People’s United Bank.
About Community Development Financial Institutions: Community development financial institutions (CDFI’s) provide financing in underserved markets where community business owners may not qualify for credit from traditional lending institutions. Community businesses include affordable housing developers, nonprofit organizations, small contractors, and commercial real estate developers. Small contractors, nonprofit organizations and developers of affordable housing who would like to apply for a loan or anyone interested in making a socially responsible investment in The Greater New Haven Community Loan Fund can find out more online at www.gnhclf.org, or contact Darcy Arcand at GNHCLF at 203-789-8690.
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