Affordable housing? That’s why Community Loan Fund was founded. The organization was founded in 1985 to pool capital from socially concerned citizens and invest it back into the community.
Today, we continue to support affordable housing projects across the region through loans to non-profits and local developers. In 2015, Habitat for Humanity of the Capital District, with $600,000 in financing from the Community Loan Fund of the Capital Region, completed the construction of 13 affordable, energy-efficient homes in Albany’s Sheridan Hollow neighborhood. This project was just the latest phase of residential development for this neighborhood, with included the construction of 30 Habitat homes including both new construction and rehab.
This project leveraged momentum created by the residential development in nearby downtown. The construction of luxury apartments and condos at 17 Chapel and The Monroe was important to Albany’s future, but Habitat also wanted to ensure that there were still homes in the area being built for hard-working lower-income families. “We wanted to make sure that people working in our service sectors have a place to live that’s safe, convenient, and diverse. With support from the Community Loan Fund of the Capital Region, we were able to change the conversation around community development in Sheridan Hollow,” says Christine Schudde, Executive Director for Habitat for Humanity.
This project was also one of the most recent steps taken to transform Sheridan Hollow neighborhood into a successful mixed income community. With assistance from the Community Loan Fund, Habitat for Humanity was able to convert a once-blighted area into a family-friendly neighborhood that meets the community’s growing need for affordable housing. Amenities include a nearby community garden, playground and splash pad, and close proximity to downtown employers.