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News Sep 24, 2012 - 9:29:25 AM

$7,500 operating grant awarded to GNHCLF

By Greater New Haven Community Loan Fund (GNHCLF)

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New Haven, CT - Bank of America’s Charitable Foundation recently announced an award of $7,500 in general operating support to the Greater New Haven Community Loan Fund (GNHCLF). The funds will help to support GNHCLF’s activities in community lending, and to support foreclosure mitigation services.

GNHCLF is a Community Development Financial Institution (CDFI) which works to create and sustain vibrant neighborhoods and communities through strategic lending and investment. Since 1988, 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.

“We are grateful to Bank of America Foundation for their partnership with us in addressing the tremendous need for affordable housing in our area. General operating funds provide us with the flexibility we need to advance our mission and are gratefully appreciated,” said Executive Director Carla Weil. “GNHCLF serves both as a revolving loan fund for affordable housing developers, nonprofit organizations and small/minority businesses and as the administrative home of the ROOF Project, a comprehensive foreclosure mitigation collaborative,” explained Weil. The GNHCLF is also working with Bank of America to assist where possible in their efforts to contribute some of their REO properties to nonprofits who can renovate them for reuse as affordable housing.

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