Securing funding is a common hurdle for organizations focusing on community revitalization projects. The Bank's Project Listing Service™ (PLS) is one means for these groups to gain access to a large pool of potential lenders: Bank members.

New England-based nonprofits — as well as for-profit developers, businesses, and commercial-property owners - can list details for planned initiatives on this private site designed for Bank members. Members are able to review the listings to locate plans that they would like to pursue in their communities, and can even set up e-mail alerts to notify them of new projects that meet their criteria.

The Connecticut Urban Legal Initiative, Inc., (CULI) posted the Mayberry Village renovation initiative on the PLS. Located in East Hartford, Connecticut, Mayberry Village consists of 240 separately owned one- to six-unit residential structures that were established in the late 1940s for returning World War II veterans. Since then, Mayberry Village has undergone considerable physical deterioration.

Working with other development partners, CULI aims to breathe new life into these homes by securing funding for this revitalization effort. Bill Breetz, faculty member at the University of Connecticut School of Law, and president and executive director of CULI, says their long-term goal is to significantly increase homeownership.

The PLS is open to a wide range of investments, including market-rate housing and business development. Developers have been impressed by their ability to connect directly with interested lenders through the PLS. A sampling of the listings shows that 90 percent receive a response from a member. Listings generally receive five to 10 hits, which usually generate one to two calls.

Thus far, Mr. Breetz has received one call from a member bank and has met with a representative from that lender. "Listing this type of project on the PLS was an easy decision to make," says Mr. Breetz. "There is no downside. In fact, there's a real potential upside."

Mr. Breetz is no stranger to the Bank. He is currently working with a member bank on Scovill Homes in Waterbury, Connecticut, which recently qualified for funds through the Bank's Affordable Housing Program (AHP).

"The Boston Bank's AHP is the gold standard in the funding process," says Mr. Breetz. "Qualifying for AHP funds lends credibility, so it's a huge step up in the project's ability to raise more funding."

To find out more about the Bank's Project Listing Service, please visit www.fhlbboston.com/pls.

Recent PLS Listings

The PLS is a resource for members seeking investment opportunities. Recent listings include:

• A first mortgage on an existing property, with the proceeds set to finance a national chain-store franchise.

• A permanent loan on an existing self-storage facility in southern New Hampshire.

• A request for construction financing to support neighborhood revitalization.

• Long-term financing for several rental apartments.
  

• Construction financing for several rental apartments and a condominium.