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ANNUAL REPORT

Our First Year, 2016 – 2017
Change
Capital
for
FROM OUR
PRESIDENT C4C values its long-standing network of allies and
cares deeply about creating opportunity for all. We
Contrary to popular belief, Lorem Ipsum is not offer capital solutions for lasting, positive change to
simply random text. It has roots in a piece of cal low-income communities, including broadened social
Latin literature from 45 BC, making it over 2000 and economic participation, economic growth and
years old. Richard McClintock, a Latin professor environmental sustainability. As we continue to grow
at Hampden-Sydney College in Virginia, looked up and expand, new projects will be the kind that engage
one of the more obscure Latin words, consectetur, our skills and passion to serve the greater good.
from a Lorem Ipsum passage, and going through
the cites of the word in classical literature, ered
the undoubtable source. Lorem Ipsum comes
from sections 1.10.32 and 1.10.33 of “de Finibus
May 1, 2016 - March 31, 2017
Bonorum et Malorum” (The Extremes of Good
and Evil) by Cicero, written in 45 BC. This book is
treatise on the theory of ethics, very popular this. LENDING YEAR
AT A GLANCE
BOARD OF DIRECTORS
COMMUNITY CONSUMER
Dorothy Adams, Board Chair Brian Robinson, Board VP
Closed over 33 loans totaling: Closed over 800 loans totaling:
Unitarian Church of Westport Baker Tilly Virchow Krause, LLP

Jeffrey Robinson, Board Treasurer Anna Blanding, Board Secretary
$10,588,731 $6,368,933
TD Bank The Pilliner Group

Ginne-Rae Clay Carmen Colon Lending Impact: Loan Breakdown:
City of Bridgeport Alpha Community Services YMCA

Linda Cote Robin Golden 795 Affordable Home Units Created 200 SmartE Loans
Webster Bank Strategy Consultant and Maintained
50 Energize CT Heat Loans
Nicole Licata Grant Timothy Hodges 16 Affordable Home Units Sold
246 Energy Conservation Loans
Avangrid Foundation People’s United Bank 103 Jobs Created
561 Home Energy Solutions Loans
Diane Smith Calvin Vinal, President & CEO 821 Metric tons of CO2 Saved = taking
CT Housing Finance Authority Capital for Change 173 cars off the road per year 6 Mobile Home Loans
Long-term
Bridgeport Neighborhood Trust is a community
housing development organization that has
adopted a comprehensive place-based strategy, the

Solution
East End Community Building Initiative, focused on
revitalization of two commercial corridors in
Bridgeport’s East End. This neighborhood once

Investing.
struggled with some of the highest crime rates in the
city— but is making a comeback thanks to strategic
investments of this kind. C4C has provided nearly
$1M in financing to several projects related to this
comprehensive revitalization initiative which will
restore buildings to functional use, construct new
housing, reduce blight and provide much needed
affordable and energy efficient places to live for
low-income residents. Since 2010, C4C has
provided nearly $4M in financing to BNT
developments throughout Bridgeport. Their
mission is consistent with C4C’s lending mission - to
collaborate with key partners and finance impactful C4C is committed to environmentally conscious
change in low-moderate income communities. investment and development that results in
increased energy efficiency, reduced energy
consumption, and improves the lives of our
residents. Heritage Commons Rental Retirement
Community in Middletown provides a complete
array of support, recreation, housekeeping and
health services to elderly residents living on fixed
incomes. The 89 unit, four-story facility, constructed
in 1988, needed updating to current energy
efficiency and health and safety standards.
Because of the existing government financing and
the attached restrictions, traditional lenders could
not finance the improvements. This is just the type

Collaborate
of problem that C4C’s Low Income Multi-Family
Loan Program was designed to solve. C4C, in
partnership with the CT Green Bank, was able to

for Impact.
provide a loan for $960,000 to add the upgrades,
including: new lighting, heat pump replacement, a
new gas boiler and rooftop coating that will provide
energy savings of over $100,000 per year.
Our mission is to provide
flexible, creative and responsive
Financal Position
financial products and services
that support an inclusive and Total Revenue + Support Cash $15,718,049

sustainable economy. $7,374,503 Loan Portfolio
Loan Loss Reserves
$53,780,427
($3,779,033)

Affordable + Energy Efficient Housing Other Assets $4,790,618

C4C makes flexible loans to support affordable housing Total Assets $70,510,061
development and to make housing more energy efficient.
We assist developers creating affordable rental housing,
supportive housing, mutual housing, cooperatives, and
homeownership. C4C also works closely with property
Debt Capital $29,404,495
owners to make energy efficiency improvements to Other Liabilities $11,728,012
multifamily properties or condominium developments.
Net Assets $29,377,554
Total Expenses

Homeowners
$5,290,790 Total Liabilites
C4C has a variety of programs and services to help people
purchase homes, keep their homes, and to make housing
and Net Assets
$70,510,061
safe, efficient, and affordable. C4C’s energy efficiency loan
programs allow homeowners to make improvements and
retrofits to make their homes more efficient. Our mortgage
programs provide financing for targeted homebuyers and
assistance with home repairs. C4C’s counseling programs
prepare families for homeownership and assist
homeowners in danger of losing their homes.

We create high impact programs
Total Net Assets
and products that broaden access
Supporting Local Economy
$29,377,554
to affordable housing, energy
C4C expands economic opportunity by making loans to small
efficiency and job opportunities businesses and nonprofit organizations that contribute to the

for underserved communities and well-being of their communities. Our loan program provides
financing for working capital, fixed asset acquisition, and
the families that live there. financing of commercial real estate and leasehold improvements.

Statment of
These investments support job creation and much needed
services in CT’s communities.

Total Liabilities Activities
Servicing
C4C specializes in providing comprehensive loan servicing $41,132,507 Total Revenue and Support $7,374,503
to non-profit organizations and government agencies

Programs
that make affordable housing loans to low- and moderate- Total Expenses $5,290,790
income borrowers. Our clients include state, federal,
private mortgage, and CDFI lenders. Net Revenue $2,083,713
When you invest in Capital for Change, you strategically
invest in Connecticut’s people and communities. C4C blends a
mission-driven lending philosophy with the financial savvy of
a bank. We use our capital to create economic opportunity and
strengthen low-wealth communities. Our investors include
dozens of socially-concerned individuals, banks and faith-based
organizations, foundations and government, all of whom help
us bring change and opportunity to communities across CT.