The Connecticut Trust has made a five-year capital investment of $250,000 with Capital for Change (C4C), a Hartford-based Community Development Financial Institution. This funding will help finance the renovation of properties listed on the National, State or local Registers of Historic Places, or any building placed into service prior to 1936, by providing loans for affordable housing and community development activities.
The investment stems from the Trust’s Revolving Fund which was established to provide loans for underutilized or endangered properties in order to stabilize neighborhoods and promote vibrant communities. Under the new agreement, signed in January, C4C will take over direct loan functions for the Trust. However, the Connecticut Circuit Riders will remain active in the program by referring properties to Capital for Change, and Capital for Change will actively promote the partnership.
The first loan under this agreement was made to Plain Goods, in New Preston, for its restoration of Pavilion Hall (1897), which received a 2019 Connecticut Preservation Award. A second loan has been made to Quantum of Washington Street, LLC to bridge its $741,000 historic tax credit allocation. The developer is doing a complete historic renovation of the W. L. Hatch building in New Britain (1929; NR), which will be leased as office space.
Two Revolving Fund projects are outstanding: a loan of $150,000 to the Women’s Institute for stabilization of the Reid and Hughes building in Norwich, and a loan of $50,000 to the Middle Haddam Association for the renovation of the Middle Haddam School. When these loans are repaid, the Trust’s Revolving Fund legal entity will wind down.
For information on funding for historic properties through Capital for Change, call or write the Connecticut Circuit Riders, (203) 562-6312 or firstname.lastname@example.org.