BRIDGEPORT, Conn. – In recognition of the commitment of People’s United Bank to affordable housing, the Federal Home Loan Bank of Boston has awarded a $2,500 grant to the Bank’s nonprofit of choice, Connecticut Housing Investment Fund Inc.
Since its incorporation in 1968, CHIF has promoted housing affordability across Connecticut by providing financing and technical assistance for housing development to consumers, nonprofit organizations and commercial enterprises.
CHIF has also been a leader in the single- and multi-family, residential, energy-efficiency finance market since 1979, and now offers a full suite of energy loan products that allow property owners to reduce energy expenses and pass savings along to tenants, while reducing carbon emissions.
Over the company’s first 47 years, CHIF has provided over $180 million in financing for the creation, renovation or purchase of over 35,000 units of housing in Connecticut.
FHLB Boston’s Affordable Housing Program, now in its 25th year, is funded each year with ten percent of its net profit. FHLB Boston has awarded $248 million in subsidies and $211 million in low-interest advances to fund more than 980 housing initiatives and nearly 27,000 housing units.
“People's United Bank and CHIF have a long-standing and effective relationship that has helped expand access to credit in communities throughout the state of Connecticut,” said Arthur Casavant, vice president and CRA officer of People’s United Bank. “We are pleased to match the grant of the Federal Home Loan Bank of Boston, as our three organizations frequently work together to make a positive difference. Communities thrive when they are able to expand their economic well-being.”
Click here to sign up for Daily Voice's free daily emails and news alerts.