About Hartford Community Loan Fund
The Hartford Community Loan Fund (HCLF) is a community development financial institution (CDFI) with a mission to provide and promote just and affordable financial services that benefit residents of Hartford and beyond. HCLF’s primary financial tools used in mission activities are various loan products under its affordable housing Construction-Rehab Loan Program (CRLP). Since 2010, HCLF has provided more than $44 million to rehab over 240 small multifamily properties and 1,000 units of affordable housing, with approximately 75% of those in the city of Hartford. In 2019, HCLF expanded the geographic investment area to facilitate financing across Connecticut and we now aim to be a catalyst for an increase in the quality and quantity of safe and affordable housing units throughout the state.
HCLF traces its origins back to the visionary efforts of Chuck Matthei, a Connecticut resident and Community Development Financial Institution pioneer. In 1994, State Senator William DiBella, State Representative (now Senator) John Fonfara, and City Councilman (later State Representative) Art Feltman secured State bond funding to establish the South Hartford Initiative (SHI), a nonprofit loan fund dedicated to Hartford’s south end neighborhoods.
Since our founding, and with a current team of 10 and assets of $16 million, HCLF has evolved into a model of public and private collaboration, securing funding from local banks and diversifying its portfolio. Maintaining a commitment to multiple bottom lines, HCLF considers both financial returns and the community impact of our activities. Metrics of success include the rehabilitation or creation of affordable housing units, capital invested in HCLF-financed projects, jobs created, homeowners supported, and changes in policies affecting residents.
HCLF's main product offering is its Construction Loan Rehab Program which includes construction, bridge, and permanent loans for small investors. In addition to lending, HCLF helps homeowners avoid foreclosure, provides technical assistance to its borrowers and advocates for policy changes designed to support their clients and borrowers.
In 2022, HCLF began an informal collaboration with another Connecticut based CDFI, Capital for Change (C4C) in order to increase the impact of both organizations. The collaboration includes the following initiatives: 1) joint applications for funding, 2) co-creation of a statewide BIPOC Developer Training program and 3) co-funding of larger loans.
Our Values
- Proximity: Identify with and be close to the people we seek to serve. Proximity changes perspective, which will then better inform our work and optimize our impact.
- Creativity: Listening to the needs of our neighbors, we want to create just and affordable financial products and provide services appropriate for the residents of our communities. In pursuit of this objective, we seek to provide an environment that encourages risk-taking, innovation, and experimentation to fulfill our mission more effectively.
- Social Justice: All residents in our investment area should have the right and ability to access just and affordable financial services and products. The systems and the policies surrounding our communities often create unjust barriers to economic stability. We want to work with our neighbors toward the elimination of those systemic barriers which negatively impact us and those we serve.
- Collaboration: We are at our best when we work together, sharing information, ideas, and our lives. Our collaborative team includes not only the members of our staff, board, and committees, but also our investors, our customers, and our neighbors in the communities we serve.
- Mission-Driven Sustainability: While HCLF is a non-profit, we also believe the work we do contributes significant value to our community. Products are priced so they are fair and affordable. At the same time, it’s also important that we’re good stewards of the resources we’ve been given to achieve our mission.
For more information on Hartford Community Loan Fund, please visit our website.
The Opportunity
Hartford Community Loan Fund is seeking a visionary, community-minded leader that will build upon the organization’s history and expertise and drive the organization to its next level of impact by significantly increasing its lending activity to address affordable housing needs across Connecticut. This includes developing and executing on a strategic plan that focuses on growth, new initiatives, community partnerships and organizational infrastructure and securing the capital necessary to implement the plan. The CEO reports directly to the Board of Directors and is responsible for making recommendations to the board regarding products, policies, and resolutions necessary to achieve the organization’s strategic goals.
The CEO is responsible for the achievement of all operational and strategic goals, including capital development, fiscal management, lending and other programming, staff oversight, a diverse array of community relations and engagement, and administrative matters. The CEO will engage in effective working relationships with a diverse array of community partners, including banks, credit unions, other CDFIs, representatives of local, state, and federal governments, other nonprofit organizations, foundations, and other socially-minded investors and will work to Identify opportunities for strategic collaborations that will benefit HCLF and their borrowers.
Responsibilities include, but are not limited to, the following:
Management of the organization:
- Develop, motivate, and lead HCLF staff in the execution of organizational objectives.
- Develop, implement, and expand credit and non-credit programs, products, and services to meet HCLF’s mission.
- Build and sustain a diverse and inclusive staff and culture.
- Oversee and ensure HCLF’s financial soundness and sustainability.
- Identify and build strategic, mutually beneficial collaborations with other organizations working in the field.
- Identify and incorporate best practices from other innovative and successful CDFIs.
- Advise the Board on achievement of strategic objectives, significant trends in the CDFI industry and funding, and important developments in the communities HCLF serves.
- Professionalize systems and structures within the organization to enable successful growth and increased impact, with a particular focus on technological efficiencies.
Capitalization, Development, and Fundraising:
- Secure necessary capital for implementation and achievement of HCLF goals.
- Maintain certification as a CDFI with US Dept of Treasury/CDFI Fund.
- Lead efforts to raise grant/equity and debt capital as needed.
- Identify and cultivate relationships with key corporate, foundation, and other prospective investors with an interest in and commitment to community revitalization.
- In collaboration with the Board of Directors, identify and develop diverse leaders for membership on HCLF’s Board and committees, each able to add value to the organizational pursuit of HCLF’s mission objectives.
Public Policy and Advocacy:
- Continue to build HCLF’s public policy efforts into a staffed, financially sustainable effort within the organization.
- Develop and foster partnerships between HCLF and other community organizations and advocacy groups, both locally and nationally, to effectively engage in public policy issues connected to HCLF’s mission.
- Bring visibility and leadership to critical issues, policies, and strategic decisions that impact and/or support the work of both the CDFI and community development industries.
- Represent HCLF on relevant municipal, state, and/or federal task forces, boards, commissions, and other policy bodies, as appropriate.
- Leverage HCLF’s platform as a CDFI to effectively increase public and private sector investments in low- and moderate-income communities and populations across the state.
Candidate Profile
The ideal candidate will have the following professional and personal qualities, skills, or characteristics:
Strategic & Visionary Leader
An effective “big picture” strategist and leader, the CEO will build on HCLF’s successful history to evolve a vision for increased impact in the future. With an established network, the CEO will bring a broad knowledge of the community investment space and be committed to staying on the cutting edge of community-focused finance. A creative visionary, the CEO will bring a track record of developing new ideas, seizing opportunities, and building support for ambitious goals. The CEO will understand the importance of effective operational and financial administration and will instinctively anticipate emerging opportunities or challenges. A tactical leader, the successful candidate will have a strong business orientation, with an ability to use data, metrics, and evidence to inform decision making and achieve strategic objectives. The CEO will bring a strong knowledge of governance and experience working alongside a Board of Directors to meet aggressive goals.
Relationship Builder & Collaborator
An exceptional relationship builder, the CEO will relish representing HCLF externally with a diverse set of stakeholders and partners. The CEO will bring an authentic approach to leadership, with a genuine understanding of the communities and individuals HCLF serves, as well as a desire to continually learn and listen. A collaborator and team player, the CEO will be open, adaptable, and lead with humility. The CEO will possess the ability to implement partnerships in ways that are contextually appropriate and mutually beneficial. The CEO will be comfortable navigating and operating in a range of settings and contexts, from government to nonprofit, to business and community organizations. They will possess a history of building credibility and inspiring funders, investors, and partners; a skill pivotal in securing new revenue sources and ensuring HCLF’s ongoing success. Most importantly, the successful candidate will bring self-awareness, with the ability to build support for a common vision across diverse stakeholders both internally and externally.
Passion for Mission and Champion for Diversity, Equity, & Inclusion
The CEO will believe strongly in the ability of capital to transform underserved communities and the importance of addressing the multiple hurdles faced by borrowers. The ideal candidate will have a history of working collaboratively with communities and uplifting the voices of the historically marginalized. The CEO will embrace diversity, equity, and inclusion as organizational operating principals and embed this commitment in all aspects of the organization, including funder and community engagement, governance, external communications, and internal leadership.
Community Finance and Team Management
The CEO will have robust financial acumen and leadership experience in a CDFI or comparable entity. They will possess extensive lending experience in the community investment or financial services field and will have worked with a range of funders and investors, including those in the banking sector, foundations, and government agencies, among others. The CEO will bring experience guiding the growth and financial sustainability of a department or organization and will bring the ability to establish a strong business model that allows the organization to focus on core competencies while still staying open to opportunities as they arise. The ideal candidate will have demonstrated experience developing, nurturing, and empowering a talented, mission-driven staff and foster a culture that allows all team members to bring their authentic selves to work by valuing different backgrounds and lived experiences.
Compensation & Benefits
Salary is competitive and commensurate with experience. The estimated salary range for this role is $140,000 – $160,000 with a generous benefits package. The exact salary that will be offered to the CEO will be determined based on a consideration of the successful candidate’s skills and experience as aligned with Hartford Community Loan Fund’s compensation policies.
Contact
Koya Partners, the executive search firm that specializes in mission-driven search, has been exclusively retained for this engagement. Erin Reedy and Shannon O’Neill of Koya Partners have been exclusively retained for this search. To express interest in this role please submit your materials by filling out our Talent Profile or email Erin Reedy and Shannon O’Neill directly at ereedy@koyapartners.com and soneill@koyapartners.com. All inquiries and discussions will be considered strictly confidential.
The Hartford Community Loan Fund (HCLF) is an equal opportunity employer and strongly encourages applications from people of color, persons with disabilities, women, and LGBTQ+ applicants.