Residential Lending . . . encouraging homeownership & reinvestment in our neighborhoods.

The Community Loan Fund, along with the Affordable Housing Partnership and SEFCU, has a residential mortgage financing program, with expanded underwriting guidelines, available in Albany, Rensselaer, Schenectady and Saratoga counties. Priority is given to low-income borrowers and homes within targeted census tracts. The urban neighborhoods of Albany, Schenectady and Troy receive particular focus.

For home purchases, a thirty-year fixed-rate mortgage is available to households earning below 80% of the area median income; in low-income census tracts, household income may be up to 120%. Loans are made to buyers who may have difficulty qualifying for conventional financing due to affordability, subordinate grants, and/or the need for repairs. SEFCU matches Community Loan Fund resources for this initiative.

For home repairs, the Community Loan Fund builds on the efforts of the HomeSave program, led by the Affordable Housing Partnership. The demand for affordable home repair financing in our aging neighborhoods is very strong and, unfortunately, homeowners can fall prey to bad loan products. In response, the Community Loan Fund proactively partners with local housing counseling agencies to coordinate a wide array of services – from housing counseling to grant referrals to fair, affordable loans.

The Community Loan Fund has a strong working relationship with many local affordable housing organizations. These partners offer a variety of housing services and help guide the Community Loan Fund’s lending activities:

For more information, please contact 436-8586 x804 or