Guidelines for Funding
Applications for funding of projects are accepted and reviewed regularly by a committee of HMNE’s board of directors to determine whether a project meets criteria for funding. The committee bases their decisions upon, for example, income levels served, specific use of funds by the borrower, alternate funding available, ability to repay the loan and the potential impact of the project on the community. Other considerations might include the number of units of housing being sought by the funding, the proposed quality of construction and the availability of any services to the residents.
Funding is restricted to that portion of the project dedicated to serving future individuals and families earning below 80% of the area median income. Projects targeting the low and very low income: 20% of the units set aside for income below 50% of the area median income (AMI ); or 40% of the units set aside for incomes below 60% of AMI may receive priority consideration along with projects targeting revitalization of neighborhoods and communities.
In some cases, grants may be extended to those projects that offer a unique or innovative approach to adding to the stock of quality affordable housing; and/or, can demonstrate financial need.
Examples of funding requests:
- Predevelopment work including legal; title; architectural and engineering drawings; environmental study; and other site assessment work.
- Site control and acquisition.
- Bridge loans and mezzanine loans to be paid upon obtaining permanent financing.
- Loan time periods of between 6 to 30 months.
- A loan principal amount is variable depending upon the project scope and may range between $50k and $1.5 MM.
- All loans are based upon acceptable due diligence and if costs are incurred, they are paid for by the borrower.
Sheldon Oaks Central, Hartford, CT
Habitat for Humanity of Cape Cod, Barnstable, MA
North Shore Community Development Coalition, Salem, MA
Keene East Side Senior Project, Keene, NH
Omni Development Corporation, Providence, RI
Pawtucket Central Falls Development Corporation, Pawtucket, RI
Abby Kelley Foster House, Inc., Worchester, MA
New Milford Affordable Housing, Inc., New Milford, CT
Harborlight Community Partners, Inc., Beverly, MA
Berlin Affordable Housing, Inc., Berlin, CT
McCall Foundation, Winsted, CT
Sharon Housing Authority, Sharon, CT
Cathedral Square Corp., Shelburne, VT
Gile Hill, Hanover, NH
Red Capital, Boston , MA
Carabetta Management Corp., Meriden, CT
Women's Institute Realty of Connecticut, Inc., Hartford, CT
HMNE serves primarily the New England States of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island and Connecticut. Applications for projects in other geographic region within the continental United States will be considered on a case by case basis.
Blackstone Valley Gateways II (BVG II) , Central Falls, RI
North End Gateway, Hartford, CT
Rabbit Run, Eastham, MA
Bayley Street, Pawtucket, RI (Before-After)
The Mill at Killingly, CT