CT nonprofit reports $376 million in housing investment over ten years

Capital for Change has injected $376 million into housing development projects across Connecticut since its inception. The Community Development Financial Institution also helped construct more than 25,000 housing units during that same period.

The organization was formed ten years ago through the merger of three separate entities. These included the Connecticut Housing Investment Fund, the Greater New Haven Community Loan Fund, and the Community Capital fund. The Connecticut Housing Investment Fund had the longest history, tracing back to work begun by George and Pat Ritter more than 60 years ago.

State Rep. Matt Ritter, the Speaker of the House, noted that his grandparents established the fund in response to discriminatory practices that blocked Black and Brown families from buying homes. He described a tactic used in the 1960s where white buyers would purchase homes in all-white neighborhoods and then transfer the deeds to African American families.

“To go into Bloomfield and to an all-white neighborhood to pose as the buyer of a house and buy it, and then sign the deed over to an African American family, that is you know something that is hard to fathom that had to happen in the 1960s, but it is true,” Ritter said.

Diane Smith, the chief executive officer, explained that the consolidation aimed to preserve the full range of services originally provided by the three groups. The organization continued its work in small business lending, economic development, neighborhood stabilization, and affordable housing.

“There wasn't a streamlining or a selection of, and we're going to just focus on this,” Smith said. “It was all of the work that was associated with serving low and moderate income communities in small business and economic development, community development, neighborhood stabilization, affordable housing.”

The nonprofit plans to focus on smaller affordable developments and homeownership opportunities in the future. Smith identified center cities and first-ring towns as key areas for this work, noting that many two and three-family homes and small apartment buildings in those areas require repair. Nonprofit and for-profit owners in those communities often seek funding to maintain these properties.