Finance Your Project

The Women’s Institute staff brings particular expertise in developing projects using a variety of financing methods and funding opportunities. We have successfully worked to expand the commitment of numerous public and private lenders and funders in Massachusetts and Connecticut to funding program space as part of residential projects.

With our strong track record in securing funds – including pre-development financing – from local, state, federal, and private sources, we create funding packages that bring development plans to a reality.  We have an unparalleled history of securing the ‘soft’ funds – funds with no direct repayment provision or minimal repayment terms – which are necessary to create economically viable housing that serves low- and moderate-income populations.  As a result, many of our projects, particularly in geographic regions with low rent, are structured with little or no conventional debt.  Our success with this funding allows us to create projects that are financially viable and successful. We are able to do this while simultaneously making sure that none of our project partners carry an undue portion of the financing burden.

We typically create financial projections that maximize leveraging of private and public funding through a variety of private, Federal and State sources. The Women’s Institute has an extensive track record working with the FHLB through private banks – most recently Liberty Bank and Webster Bank, for the Ferry Crossing affordable development in Old Saybrook, CT and the Victory Gardens affordable development in Newington, CT, respectively.

The Victory Garden’s project in Newington, CT, provides an excellent example of the myriad of funding sources that we bring together to complete a successful project:

  • Federal Low-Income Housing Tax Credits:  in an extremely competitive funding round Women’s Institute-CT secured a reservation in the amount of $1,842,068.  This reservation will generate an equity investment of approximately $16,000,000.
  • Webster Bank: construction loan of approximately $7,000,000 converting to a permanent loan of $3,300,000 at 4.25% for 30 years.  The permanent loan is subsidized by the Federal Home Loan Bank of Boston.
  • Pre-Development Loan provided by DECD in the amount of $250,000.
  • DECD: construction and permanent financing of $5,500,000 accruing at the applicable federal rate deferred for 30 years.

To complete the historic renovation of the Ingraham School in New Bedford, MA, the Women’s Institute assembled funding from almost a dozen sources including the following:

  • American Recovery and Reinvestment Act (ARRA) Funds of approximately $5,000,000
  • Department of Housing and Community Development funding of approximately $550,000
  • HOME Funds and Housing Stabilizations Funds totaling approximately $1,000,000
  • Affordable Housing Trust Fund of approximately $750,000
  • City of New Bedford HOME Funds of approximately $550,000
  • Federal and State Historic Tax credits of approximately $2,100,000
  • Private grants of approximately $400,000
  • Pre-development and construction financing through the Community and Economic Development Assistance Corporation and The Life Initiative of approximately $2,000,000