HCLF recognizes multiple bottom lines: we are responsible to our investors, but also to our community. We measure the value of what we do by portfolio performance and return on investment, but also by our community impact, including:
- Affordable housing units rehabbed or created
- Private and public sector capital invested in projects financed by HCLF
- Jobs created by HCLF-financed projects
- Homeowners supported
- Changes in public and private sector policies affecting the economic health of low-wealth residents in our target market
To serve the area's low-wealth residents, HCLF’s activities are focused on:
People: Many of Hartford's urban residents operate outside the financial mainstream. HCLF estimates that approximately 45% of city residents have credit scores below 620, and 50-60% of city residents are unbanked or underbanked. In collaboration with other community stakeholders, HCLF has worked 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.
Products: HCLF offers construction-rehab loans for the renovation of blighted residential and mixed-use properties. More recently, we developed a Tax Lien Foreclosure Prevention loan to help eligible Hartford homeowners avoid foreclosure from tax lien investors.
Policy: Existing policies and systems sometimes work against the economic empowerment of Connecticut's low-wealth residents, so HCLF is an advocate on relevant policy matters which have an impact on our neighbors. Since 2014, for example, we've worked for reform of the City of Hartford’s policies and practices involving the municipality's sale of real estate tax liens to outside investors. We've also been at the forefront of an initiative which would increase access to healthy, affordable foods for city residents.