Greater New Haven Community Loan Fund
Since 1988, The Greater New Haven Community Loan Fund (GNHCLF) has fulfilled its mission to create and sustain vibrant neighborhoods, support affordable housing development and serve community development needs of greater New Haven. The Loan Fund makes loans for construction and rehabilitation of affordable housing, loans to nonprofit organizations for cash flow emergencies and , small scale capital expenditures, as well as forgivable loans to assist individual homeowners and first-time buyers throughout New Haven County for emergency repairs, code compliance, lead abatement and handicapped/elderly accessibility.[frame align=”left”][/frame]
In 18 years of lending, the Loan Fund has made more than $39 million in loans for projects that have produced more than 2,000 units of housing. Projects include homeless shelters, affordable rental housing, supportive housing, senior citizen housing, homeownership opportunities for low/moderate-income individuals and families, and mixed-use developments in New Haven and eight other towns in New Haven County.
In addition, the Loan Fund attracts and services an extensive pool of investors by providing a financially sound opportunity for individuals and organizations to make socially responsive investments. Investors include individuals, financial institutions, community and religious organizations. A modest investment by Bethesda Lutheran Church has been assisting the Loan Fund in its service to the community as a 0% loan. Bethesda retains control of the principal, but the invested dollars are at work creating affordable housing in our area.