Capital For Change Receives $500,000 from Eversource
Hartford, – On Friday, Dec. 2, Capital for Change (C4C) was presented with a $500,000 check from Eversource to purchase the entire allocation of tax credits awarded to C4C earlier this year by the Connecticut Housing Finance Authority (CHFA) Housing Tax Credit Contribution Program (HTCC). The contribution will provide loan capital to support C4C’s affordable housing and energy efficiency lending programs.
The intent of CHFA’s HTCC Program is to make funding available for the development of affordable housing that benefits low and moderate income families in Connecticut.
C4C was formed earlier this year by the merger of three Connecticut based Community Development Financial Institutions (CDFI), creating the largest full service CDFI in Connecticut. C4C offers products and programs that increase energy efficiency, create affordable housing, finance mixed-use developments, nurture small businesses, and increase homeownership.
This award marks the fifth year in a row that C4C or one of its predecessor organizations have received HTCC tax credit allocations, followed by a contribution from Eversource, bringing the total of Eversource’s commitment in the past four years to just over $4 million. Past HTCC awards have been used to provide funding for a variety of housing developments, including the renovation of 46 homeownership and rental units for low and moderate income families in New Haven and Waterbury, a 17-unit supportive housing facility in Vernon for veterans on the brink of homelessness, a 24-unit project in Bridgeport with support services provided for veterans and persons in need, and a sober house in Guilford with on-site supportive services and housing units set aside for families.
“Eversource is honored to continue to support C4C’s efforts to provide safe, decent, affordable and efficient housing for the Connecticut residents who need it most,” remarked Tom Dorsey, Eversource’s Manager of Government Affairs, who presented the check on behalf of the company.
“C4C concentrates its residential lending activities within the sectors that have been overlooked by other lending institutions, with a special focus on multifamily energy efficiency upgrades,” said Brian Sullivan, C4C’s manager of Multifamily Energy Lending, who accepted the check on behalf of C4C.
“Eversource’s support for C4C has been invaluable,” said Cal Vinal, President and CEO of C4C. “In addition to providing HTCC funds to C4C, the leadership and commitment that Eversource has always shown to community and economic development has been a major engine of success for Connecticut non-profit organizations and the state housing industry as a whole.”
For more information on C4C’s multifamily energy-efficiency lending programs, please contact Brian Sullivan at: 860-233-5165, Ext. 2020 - bsullivan@capitalforchange.org
ABOUT C4C
A nonprofit Community Development Financial Institution (CDFI), Capital for Change, Inc. (C4C) is a private, nonprofit organization that is the result of a merger between three Connecticut based Community Development Financial Institutions (CDFIs): The Connecticut Housing Investment Fund, The Greater New Haven Community Loan Fund, and Community Capital Fund. With over fifty years of local expertise and knowledge, C4C is now the largest, full-service CDFI in Connecticut, serving people, nonprofits, businesses and public institutions in need. It offers a wide array of lending and program options, including small business lending, mixed-use lending, construction, and permanent lending for housing, energy efficiency lending and loan servicing. For more information about C4C, please contact: Carolyn I. Gonzalez at: 203-332-7977 – cgonzalez@capitalforchange.org or visit: www.capitalforchange.org
