Office of the Comptroller of the Currency - Ensuring a Safe and Sound Federal Banking System for All Americans Site Map | Text Size: S M L

BankNet

BankNet
More resources for national banks

HelpWithMyBank.gov

HelpWithMyBank.gov

Get answers to banking questions

Article Archives: Connecticut

Help for Cooperatively Owned Businesses

The Cooperative Fund of New England is a Community Development Financial Institution focused on providing financial and technical assistance to community-based, cooperatively owned businesses and nonprofits serving low-income communities throughout New England and parts of eastern New York state.

Founded in 1975 to support food cooperative development, the Cooperative Fund has recently expanded its focus to include other types of cooperatives involved in affordable housing development and job creation. Loans made by the Cooperative Fund can cover such needs as working capital, predevelopment costs, business expansion, and equipment and real estate purchases.

In 2010, the Cooperative Fund made loans that resulted in the creation or retention of 616 jobs and 545 units of affordable housing throughout its service area, Connecticut, Massachusetts, Maine, New Hampshire, New York, and Vermont. Recent loans originated by the Cooperative Fund have supported a variety of activities, including local retail food cooperatives, energy-efficiency service providers, youth services, affordable housing development, and rural and urban food production.

Loans provided to the Cooperative Fund are used exclusively as capital for its revolving loan program. Contributions and grants help the fund to provide technical and educational services that support its lending activities.

To learn more about the Cooperative Fund, including potential investment and lending opportunities, please contact Executive Director Rebecca Dunn at (800) 818-7833, or e-mail rdunn@coopfund.coop.
[Published in Community Developments Investments, February 2012]

Connecticut Announces New Affordable Housing Investment Opportunity
The Connecticut Housing Finance Authority (CHFA) announced a pilot program that will allow nonprofit organizations in Connecticut to acquire land and property for affordable housing. The Non-Profit Site Acquisition Program will provide capital to qualified nonprofit developers to finance the costs associated with taking an option and/or purchasing property to be used for affordable housing in Connecticut. With these funds, nonprofits can take advantage of opportunities, previously unavailable to them, and provide more affordable housing.

The Non-Profit Site Acquisition program leverages public and private funds and offers a new investment opportunity for financial institutions. The program will be funded through the sale of taxable bonds in which banks may invest. The rate on these bonds will be 1.5 percent, and the term of the bonds is five years. The fund will be administered by an intermediary organization, responsible for allocating the funds to the nonprofits that will acquire and develop properties. The selection of the intermediary organization is expected to occur by late summer, with the program ready for implementation in the fall of 2006.

For further information, contact Connecticut Housing Finance Authority at (860) 721-9501 or check out the organization's Web site at www.chfa.org.
[Published in News from the Districts, Community Developments Investments, Spring 2006]

Connecticut Loan Fund Receives Grant
The Greater New Haven Community Loan Fund (GNHCLF) -- a certified community development financial institution -- received a $175,000 financial assistance award from the Treasury's CDFI Fund. GNHCLF has been providing flexible, alternative financing in support of affordable housing and other community development projects in the New Haven area for fifteen years. The Financial Assistance award will be used as a credit enhancement for its loan programs, and will also support it efforts in providing homeownership counseling and financial literacy training for individuals and non-profit developers. The Fund lends to developers of affordable housing who incorporate sustained affordability into their projects, including community land trusts and limited equity cooperatives. The Fund is seeking investors, and offers flexible, negotiated rates of return on investments for periods ranging from one to 20 years.

For further information on the Fund's projects or to learn how to make an investment, contact the Greater New Haven Community Loan Fund at (203) 789-8690.
[Published in News from the Districts, Community Developments Investments, Summer 2004]