Praxis helps fund affordable housing development in Connecticut
Capital for Change facilitates community development for underserved communities
Capital for Changes’ (C4C) 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.
Founded in 2016 through the merger of three Community Development Financial Institutions (CDFI), Capital for Change is the largest full-service CDFI in Connecticut serving individuals, nonprofits, small businesses, and public institutions across the state. Since its’ inception, 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 the state.
C4C’s work falls into four main product lines:
- Loans to support affordable housing development and make housing more energy efficient.
- Programming that supports homeowners.
- Loans to small businesses and community building nonprofit organizations.
- Cost-effective, comprehensive loan servicing and loan administration.
Capital for Change has been working with Darrell Brooks and the New Haven’s Beulah Land Development Corporation (BLDC) for more than 20 years to revitalize the inner-city neighborhood where he grew up. BLDC’s mission is to eliminate blight and empower residents in New Haven’s urban neighborhoods by renovating New Haven properties and selling them at affordable prices to low-and-moderate income residents.
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.
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.
The Praxis commitment
Praxis Mutual Funds® supports organizations such as Capital for Change through investments in Calvert Impact Capital, an impact-investing institution that helps people around the world through community development financing. It’s part of the Praxis commitment to place approximately 1% of each of its funds to benefit neighborhoods and individuals through community development investments.
Learn more about the Praxis family of funds.