What Hartford Community Loan Fund does

Hartford Community Loan Fund (HCLF) is a not-for-profit Community Development Financial Institution (CDFI) founded in 1994 and certified by the U.S. Treasury Department in 2002. The organization provides just and affordable financial services to low-wealth residents of Hartford and, since 2019, all of Connecticut. Its portfolio centers on the Construction-Rehab Loan Program — interest-only construction, mini-perm, and bridge loans for single-family, multifamily, and mixed-use property rehabilitation — complemented by Tax Lien Foreclosure Prevention refinancing, Small Business Loans, Home Improvement Loans, Community Development Financing for nonprofits, and Handicap Accessibility Grants. HCLF does not rely on traditional credit scores, instead applying manual underwriting grounded in deep local market knowledge to serve borrowers excluded from mainstream finance (an estimated 45% of Hartford residents have sub-620 credit and 50-60% are unbanked or underbanked).

HCLF generates revenue through a combination of net interest income on its $24M asset base, transactional fees including a $250 application fee and 2-3% commitment fee at closing, and capital sourced from socially-minded investors (notably Wells Fargo and Bank of America for CRA credit), alongside grants and donations from individuals, foundations, businesses, and government sources including the federal CDFI Fund. Since inception, HCLF has facilitated $62.5M in total loan commitments across 474 loans, created or rehabbed 1,267 affordable units, and retained or created 1,449.79 jobs, with no investor ever experiencing a loss. Distribution is direct-to-borrower via in-house loan officers, augmented by referral partnerships with the City of Hartford, Hartford Land Bank, CHFA, the Opportunity Finance Network, and a network of community financial empowerment centers.

The organization operates from a single headquarters at 215 Garden Street, Hartford, CT, with a staff of approximately 10 employees including lending, loan servicing, accounting, and compliance functions. Following a 2024 leadership transition that brought in CEO Michael B. Haynes from the Center for New York City Neighborhoods, HCLF is positioned to scale its construction-rehab lending pipeline statewide while expanding policy-driven initiatives such as the Healthy Hartford Hub healthy-foods financing program.

Name

Hartford Community Loan Fund

Legal name

Hartford Community Loan Fund

Website

https://hartfordloans.org

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

1–10 employees

Short description

Hartford Community Loan Fund is a not-for-profit CDFI providing construction-rehab loans, tax lien foreclosure prevention financing, and small business loans to low-wealth residents, property investors, and community organizations across Connecticut, with $62.5M in cumulative loan commitments since 1994.

Ownership category

akta.pro rank

Product category

Community Development Lending

NAICS

Real Estate Credit (522292)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Community Development & Affordable Housing Funds (FSANAJAK)

akta.pro secondary industries

Construction & Development (C&D) Lending — Commercial/Multifamily (FSALADAH), SBA/Government-Backed & Development Finance Loans (FSAKAGAI)

Keywords

• Community development lending
• Construction rehab financing
• Affordable housing loans
• Small business lending
• Tax lien prevention

Headquarters

HQ city

Hartford

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Loan Interest and Fees: HCLF generates revenue through interest on construction-rehab loans, tax lien foreclosure prevention loans, and other financing products. The organization charges an application fee of $250, commitment fees of 2-3% at closing, and commissions appraisals. Interest rates are competitive and reasonable for a not-for-profit lender committed to providing just and affordable financial services.
2. Capital Investments from Banks and Financial Institutions: HCLF lends its own equity and debt capital obtained from socially-minded investors including banks and other financial institutions. Work is also supported by grants and donations from individuals, foundations, businesses, and government.
3. Donations and Grants: As a 501(c)(3) nonprofit, HCLF accepts tax-deductible donations from individuals, foundations, and businesses to support policy initiatives, free technical assistance for Hartford residents, and development of innovative financial products.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Hartford Community Loan Fund is a nonprofit Community Development Financial Institution that provides construction-rehabilitation financing for residential and mixed-use properties, tax lien foreclosure prevention refinancing, small business loans, home improvement loans, and community development financing for nonprofits. Loans are targeted at low-wealth residents, small property investors, and developers in Hartford and across Connecticut who are underserved by traditional banks. HCLF pairs its lending with free technical assistance throughout the construction, occupancy, lease-up, and refinance process.

Product overview

Hartford Community Loan Fund (HCLF) operates as a not-for-profit Community Development Financial Institution (CDFI) offering a portfolio of financial products centered on community development lending. The core offerings include the Construction Rehab Loan Program for property purchase and renovation across Connecticut, Tax Lien Foreclosure Prevention refinancing for Hartford homeowners, Small Business Loans, Home Improvement Loans, and Community Development Financing for organizations. The organization also administers Handicap Accessibility Grants and has launched the Healthy Hartford Hub policy initiative for healthy food access. HCLF previously offered Small Dollar Loans which are no longer available.

Differentiator

Problem solved

Functional benefit

Products and services

• Construction Rehab Loan Program Primary lending product financing the purchase and rehabilitation of single-family, multifamily, and mixed-use properties throughout Connecticut. Includes interest-only construction loans up to 24 months, mini-perm loans (up to two-year interest-only construction followed by up to ten-year amortizing loan with balloon payment), construction + permanent financing (subject to availability), and bridge loans for tax credit financing. Up to 90% of lesser of project development budget or post-rehab appraised value for qualified applicants.
• Tax Lien Foreclosure Prevention

Quantifiable outcome

• 94% of FY 2024 borrowers are non-white, demonstrating reach into underserved communities
• +4 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core, major and minor.

• City of HartfordcoreStrategic or Co-development Partner · 1 January 2017HCLF partnered with the City of Hartford's Dept. of Development Services to commission a retail food market study and serves as project coordinator for the Healthy Hartford Hub. The City provides support through the Office of the Mayor Luke Bronin.
• Invest Health - Hartford CollaborativemajorStrategic or Co-development Partner · 1 March 2016HCLF participates in Invest Health - Hartford, a collaborative initiative of Robert Wood Johnson Foundation and Reinvestment Fund. Partners include University of Connecticut, Hartford Food System, Trinity Health/St. Francis Hospital, City of Hartford's Dept. of Health and Human Services, Community Solutions, and city residents. The initiative developed strategies to improve health outcomes in the North Hartford Promise Zone.
• Connecticut Housing Finance Authority (CHFA)coreStrategic or Co-development PartnerCHFA works with HCLF borrowers on first mortgages. HCLF collaborated with CHFA to help homeowners facing tax lien foreclosure, with CHFA working on the first mortgage while HCLF addressed the tax lien obligation. CHFA has expanded rental housing assistance programs for landlords affected by COVID-19.
• Hartford Land BankcoreStrategic or Co-development PartnerHCLF partners with Hartford Land Bank to convert formerly blighted properties into affordable homes. HCLF provides low-cost financing to buyers of Land Bank properties for developers who are buying, rehabbing, and selling Land Bank properties to homeowners. The Land Bank acquires city-owned properties, secures and maintains them, and sells to qualified developers.
• Opportunity Finance NetworkmajorStrategic or Co-development PartnerHCLF is a member of the Opportunity Finance Network, a national network of community development financial institutions. HCLF seeks to 'align capital with justice' as a member of this network.
• Connecticut Housing Investment Fund (CHIF)minorStrategic or Co-development PartnerCHIF serviced mortgages in connection with HCLF's tax lien foreclosure prevention work, helping homeowners like Rosalind Cobb avoid losing their homes.
• City of Hartford Housing DivisioncoreStrategic or Co-development PartnerHCLF partners with the City of Hartford's Housing division to finance rehabilitation projects. Combined HCLF loans with city financing and historic tax credits (bought by Eversource as community investment) to fund property renovations.
• Various Hartford Nonprofits and Financial Empowerment CentersminorStrategic or Co-development PartnerHCLF collaborates with local nonprofits to create a network of financial empowerment centers through which Hartford residents can receive financial coaching, employment assistance, and help accessing public benefits.

Scale indicators22 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Reinvestment Fund: Large national CDFI providing capital for affordable housing, community development, and healthy food access. Comparable mission with similar Healthy Hartford Hub partner; operates at significantly larger scale across multiple states.
• Low Income Investment Fund (LIIF): National CDFI focused on financing affordable housing, early care and education, and community development. Comparable CDFI model with similar focus on underserved communities and capital deployment to low-wealth residents.
• Local Initiatives Support Corporation (LISC): Major national CDFI supporting community development lending and investment across urban and rural areas. Comparable in mission and structure, operating at significantly larger scale with broader product portfolio.

Direct peers

• Community Economic Development Fund (CEDF): Connecticut-based nonprofit small business lender providing capital and technical assistance to underserved entrepreneurs. Comparable as a CT-focused CDFI with overlapping small business lending focus.
• Connecticut Housing Investment Fund (CHIF): Connecticut-based nonprofit CDFI providing affordable housing and community development lending. Directly comparable as a peer CDFI in the same state that has partnered with HCLF on tax lien foreclosure prevention work.
• Capital for Change: Connecticut-based CDFI providing affordable housing and community development lending. Direct CDFI peer in the same state, with overlapping construction-rehab and affordable housing product offerings.
• Center for New York City Neighborhoods: NYC-based nonprofit providing foreclosure prevention and affordable housing lending. Directly comparable mission and product set; notably the prior employer of HCLF's new CEO, Michael B. Haynes.

Regional players

• Champlain Housing Trust: Regional community land trust and affordable housing organization in the Northeast. Comparable mission of affordable housing development and preservation in a regional New England context.
• Boston Impact Initiative (formerly Boston Community Capital): Northeast regional CDFI providing community development capital in low-income communities. Comparable CDFI model with similar focus on community-led lending in urban markets in the broader Northeast region.
• Neighborhood Housing Services of New Haven: Connecticut-based nonprofit housing organization providing lending and housing counseling. Comparable in Connecticut regional housing development focus; also the prior employer of HCLF's new CEO.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/hartfordloans
• Facebookfacebook.com/hartfordloans
• LinkedInlinkedin.com/company/hartford-community-loan-fund

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hartford Community Loan Fund