Next City recently highlighted the work of CDFIs, including BlueHub Loan Fund (BHLF), in addressing the housing crisis through innovative and community-centered approaches. Karen Kelleher, President of BHLF, discussed how projects like adaptive reuse and collaborative planning can make a tangible impact.
A recent example is BlueHub’s $2 million investment in a $56 million development by Beacon Communities in New Haven, which will add 76 new apartments, with over half designated as affordable. “We’re trying to be a part of the solution by helping create affordable housing that meets the needs of underserved communities,” says Kelleher.
Kelleher stressed the importance of collaboration, noting that “CDFIs bring together government, banks and corporations as allies and advocates, building relationships that can truly move the needle on affordable housing.” She also highlighted some of BlueHub’s unique initiatives, such as financing solar panels for affordable housing and piloting a vehicle-to-grid program to help low-income residents save on energy costs.
The interview also touched on regulatory developments, like inclusionary zoning and accessory dwelling unit legislation, which Kelleher sees as essential for expanding affordable housing. Recent Massachusetts policies, including multifamily zoning near transit and tax incentives for adaptive reuse projects, reflect promising steps toward making these projects more viable.
Read more on Next City to explore how BlueHub and other CDFIs are working to make affordable housing a reality for more communities.