Community Investment Program (CIP)

The Community Investment Program (CIP) provides financing for targeted housing activities. 

CIP funding is a non-competitive source of low-priced, long-, medium-, and short-term funds that is available in the form of loans (known as advances) to HLB member community lenders. As part of the suite of Community Lending Programs, CIP Advances are priced below regular HLB advance rates. Long-term funding is available with a CIP Advance, so members can match-fund the duration and structure of the end loan better, locking in a spread for the life of the loan to mitigate interest rate risk. 

CIP funds may be used to finance the purchase, construction, rehabilitation, refinancing, and/or pre-development of housing for:

  1. Individual owner-occupied housing units, each of which is purchased or owned by a family with an income at or below 115% of the area median income;
  2. Projects involving multiple units of owner-occupied housing in which at least 51% of the units are owned or intended to be purchased by families with incomes at or below 115% of the area median income;
  3. Rental housing where at least 51% of the units in the project are occupied by, or the rent is affordable to, families with incomes at or below 115% of the area median income;
  4. Manufactured housing parks where at least 51% of the units are occupied by, or the rents are affordable to, families with incomes at or below 115% of the area median or located in a neighborhood with a median income at or below 115% of the area median income.

Fresh-Start Home Finance funds may be used to provide affordable mortgage refinancing to households with incomes at or below 115% of area median income who are facing unaffordable or soon-to-be unaffordable mortgage payments…more

CIP is a flexible program that members use to finance a wide range of targeted housing projects, including:

  • Single-family housing
  • Special-needs housing
  • Multi-family housing

 

CIP Success Stories

Transitional Housing Facility in NJ Refinanced
Member: Metuchen Savings Bank
Sponsor: New Community Corp. Harmony House

Construction of Senior Housing Complex in Dover, NJ
Member: The Provident Bank
Project Name: Spruce Senior Housing

› Other Success Stories