Champlain Housing Loan Fund Applies for CDFI funding

This week CHT’s lending arm, the Champlain Housing Loan Fund, submitted an application to the US Treasury for $600,000 from the Community Development Financial Institution Fund, or CDFI Fund. The Treasury provides funds to qualified institutions nationwide which provide financing to underserved populations.

CHT’s efforts to create a CDFI have been a few years in the making, first with a technical assistance grant from the Treasury to establish the structure and apply for certification and more recently by a $100,000 grant from the TD Charitable Foundation to move the Loan Fund forward and develop new products. CHT has operated a revolving loan fund for years providing assistance to low and moderate income homeowners; this expansion allows us to fill additional and emerging needs of this target population.

When funded, the initial expansion in lending products will be to offer affordable loans to mobile home owners to repair, refinance or replace their homes. Mobile home owners are typically lower-income households with less access to traditional lending sources. They were also disproportionately affected by Tropical Storm Irene, adding some urgency to our development of this lending product and seeking capital to carry it out. For more information on the Champlain Housing Loan Fund, call Loan Fund Manager Cheryl Read (MLO NMLS ID#194005) at 527-2361, extension 106.

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