Portfolio Partner Profile
Capital for Change
Capital for Change (C4C) is the largest full-service Community Development Financial Institution (CDFI) in Connecticut. With support from community-minded investors and partners, C4C serves individuals, non-profits, small businesses, and public institutions across the state. Their high impact programs and products broaden access to affordable housing, energy efficiency and job opportunities for underserved communities. C4C’s mission is to provide flexible, creative and responsive financial products and services that support an inclusive and sustainable economy.
C4C’s work falls into four main product lines: 1. Loans to support affordable housing development and make housing more energy efficient 2. Programming that supports homeowners 3. Loans to small businesses and community building nonprofit organizations 4. Cost-effective, comprehensive loan servicing and loan administration. Calvert Impact Capital’s loan to C4C supports their commercial lending activity, primarily funding construction loans for affordable housing development.
C4C offers capital solutions that seek to create and sustain lasting, positive change to low-income communities, including broadened social and economic participation, economic growth and environmental sustainability. Since its’ inception through a 2016 merger of three CDFI’s, C4C has provided 125 loans totaling more than $58 million. These loans have helped create or maintain 2,550 housing units. Historically C4C has served Connecticut for more than fifty years and invested more than $425 million in mission-driven capital across our state.
Featured Impact Story
Financing housing and reducing emissions
Capital for Change (C4C’s) lending and investment is helping to revive a historic Bridgeport neighborhood. C4C has financed three separate loans impacting Great Oaks Charter School. Great Oaks is a college-focused secondary school providing tutoring to ensure the academic success of 425 students in grades 6 to 11. The school is located in Bridgeport’s historic West End, once the site of many abandoned factories.
In addition, developers purchased the property in 2015 with a predevelopment loan provided by Community Capital, one of three CDFI’s that merged in 2016 to form Capital for Change. A three-building complex was built here through a team of three community-focused lenders; CT Housing Finance Authority (Cherry St. Loft apartments), BlueHub Capital (Great Oaks Charter School) and C4C, who financed 17 units of tutor housing for the school’s AmeriCorps program. Lastly, C4C financed the $3.5M purchase and installation of a 440-kilowat fuel cell that was closed in 2019 and placed into operation in September 2020 that promises to spare Great Oaks Charter School, the tutor housing, and Cherry St. Lofts significant energy costs for the foreseeable future. The estimated annual savings in pounds of C02 Emitted is 5,690,120.
Photo by Firebelly Productions
Elm City Montessori
C4C is helping to strengthen the New Haven public school system through a $775,000 loan that resulted in the purchase of a new school building for 240 students attending the Elm City Montessori School. C4C’s financing was made possible with a loan guarantee by the Community Foundation for Greater New Haven and an investment in C4C by Liberty Bank to benefit nonprofit organizations.
The financing is part of a $5.2 million funding collaboration in conjunction with New Haven Bank, KeyBank and the Community Economic Development Fund.
Located on Blake Street, the Elm City Montessori School is the city’s first public (kindergarten through grade 7) Montessori school. It is one of the most diverse schools in New Haven: 44% African American, 28% Latinx, 24% White and 4% Multi-Racial. The Montessori approach to education is focused on holistic, self-paced and experiential learning. The facility now is home to one of New Haven’s exemplary educational options designed to ensure that New Haven students complete high school equipped with 21st century skills that allow them to lead successful lives.
Healthcare access for New Haven’s low-income community
In 2014 Capital for Change (then as Greater New Haven Community Loan Fund) began working with a newly local CDFI Bank, START Bank, to formulate a strategy to assist the Health Center, which was in the midst of a leadership transition. C4C provided $350,000 to help improve their financial position and access to free consulting through a CDFI Fund Capacity Building Initiative from Capital Link, the pre-eminent FQHC consultant in the country, who performed an in-depth analysis of Fairhaven’s programmatic and financial performance. Eventually, Fairhaven Community Health Care was able to increase its medical and behavioral health services to include dental services. Later, in 2018 Capital for Change worked with the community health center to refinance its original 2014 loan using its flexible small business lending product. Earlier this year, FHCC obtained a loan to finance the purchase of an adjoining building that is to be part of a planned new 21st century clinical site. The Community Foundation for Greater New Haven partnered with Capital for Change in completing this project by providing a 50% loan guarantee. The facility is a beacon of health care access to New Haven’s low-income community and it serves more than 15,000 individual clients on an annual basis with high-quality health care services
Photo by Heather Prescott Photography
Revitalizing New Haven's inner-city
Capital for Change has been working with Darrell Brooks and New Haven’s Beulah Land Development Corporation for more than 20 years to revitalize the inner-city neighborhood where he grew up. C4C has enjoyed a long and successful relationship with this faith-based community developer and has financed multiple homeownership projects and two rental developments in the Dixwell neighborhood of Beulah Heights First Pentecostal Church where Darrell’s father, Bishop Theodore Brooks and his mother, First Lady Janice Brooks, serve their community.
Photo by Heather Prescott Photography