As high performing nonprofit entrepreneurs, Housing Partnership Network members face a critical barrier to their scale and production: a shortage of equity like capital or put another way enterprise-level financing. To meet members growing need for this flexible financing, HPN created the Housing Partnership Fund (HPF), a US Treasury certified Community Development Financial Institution (CDFI) in 2001. HPN has been an Aeris-rated organization since 2005, with a current rating of Four Stars AA Policy Plus. We operate most of our lending activity through the Housing Partnership Fund in addition to a second CDFI, Housing Partnership Network, Inc.

Housing Partnership Fund provides capital to HPN members for the development and operation of affordable housing and community development efforts for the benefit of low and moderate income families and individuals. The Fund raises capital from major private, public and philanthropic institutions to drive impact through its lending to members and equity investment into HPN collaborative social enterprises. 

Investment Strategy

As a financial intermediary and membership organization, our financial products are designed directly to meet our members’ capital needs. Loans are structured to advance the particular mission of each member, to improve their business performance and to help them complete high impact projects. Each lending product has emerged from a specific need identified through one of HPN’s peer exchange and supports members’ comprehensive approaches to community revitalization.

debt financing

Enterprise and project-level financing to grow our members’ real estate business lines and support the acquisition, development and preservation of single and multi-family affordable housing. Since 2001, we have made over 100 loans totaling $123 million across 40 members.

equity investments

Equity investments and loans to capitalize the start-up and operation of new real estate ventures and collaborative enterprises jointly owned by the members, HPN, and other nonprofit intermediaries. More than $10 million has been invested in the Charter School Financing Partnership, the Housing Partnership Equity Trust, the National Community Stabilization Trust, Framework, the Mortgage Resolution Fund, and HP Select

seed capital

Investments and loans directly to start or expand mission-driven real estate development organizations. An example of these transformative investments is $2 million in core capital we provided to launch the Gulf Coast Housing Partnership, an independent nonprofit created in the wake of Hurricane Katrina that has developed over 2,150 homes and 125,000 sf of community-focused commercial space to rebuild communities across the Gulf region.

Lending products designed for HPN members' needs

Enterprise Capital  Loan

This is a term loan product created to support members’ business line capital needs and is not tied to a specific real estate project, giving our members maximum flexibility and access to low-priced capital  to deepen their impact. It is designed to serve as start-up or expansion capital for new business initiatives, working capital for organizational liquidity or predevelopment or acquisition capital. This loan is unsecured, however it is reserved for our highest performing members with strong balance sheets and experience.  This capital is catalytic; the flexibility it offers our members allows them to be entrepreneurial and nimble in their approach to market opportunities without being delayed by the process of assembling capital.

Acquisition or Bridge Loan 

This product supports land and building acquisition as well as construction and rehabilitation costs on residential rental, commercial and mixed-use properties. Loans are secured by the underlying asset as a first mortgage or subordinate lien. Loans are to be paid back upon securing a construction loan or permanent financing.

Predevelopment Line of Credit 

This product provides funding for a full range of predevelopment costs and can also support site acquisition or holding costs. Both pre-development and site acquisition loans are usually repaid at construction closing. Pre-development loans are typically unsecured while site acquisition loans are secured with a lien on the underlying asset.

Using New Markets Tax Credits to Scale Homeownership

Using the model created by our consultant, Smith NMTC Associates, HPN is able to use its New Markets Tax Credit allocation to provide participating members with flexible, low-cost capital to support their homeownership efforts. This capital resource enables our members to build more single family homes, and offer more affordable mortgages, quality housing stock, and homeownership support services to low-income home buyers and residents of low income communities. Learn more.

HPN members interested in financing through Housing Partnership Fund, please contact Lending Director Ben Greenberg to learn more. 


Our CDFI activities have engaged 52 HPN members, many of these members participating in multiple programs. HPN and HPF have brought over $88.5MM in capital through their CDFI status to HPN social enterprises since 2013 and $3.2MM in grant revenue for HPN, $2.95MM of which has gone directly to increase net assets for lending.

The Fund takes a unique approach in its creation of products and provision of services, focusing primarily on the needs of Network members. Products are created with the goal of strengthening and building the capacity of our member organizations. Our competitive advantage is realized through the in-depth relationships we have with our members. While we underwrite the “real” risks of our borrowers and their projects, we are often able to take on more risk than a traditional lender due to these close relationships and the collaborative spirit of the membership as a whole. Members greatly value their role in the Network and participate through multiple forums including investment in our social enterprises, being members of the Network board or loan investment committee and through our peer exchange platform. Our willingness to value these relationships alongside flexible credit parameters allow us to provide critical capital that often catalyzes a project or initiative that might otherwise not be provided.  

Management Team

Board of Directors

Thomas A. Bledsoe

President and CEO, Housing Partnership Network

Jane Graf

President, Mercy Housing

Matt Franklin

President, MidPen Housing

Kathy Laborde, Chair

President, Gulf Coast Housing Partnership

Linda Mandolini

President, Eden Housing

Michael Mullin

President and CEO, Nevada H.A.N.D., Inc.

Gilbert M. Piette

Executive Director, Prospera Housing Community Services

Nancy Rase

President, Nancy Rase Consulting Services

Michael Solomon

Vice President, Charles Schwab & Co.

Clark Ziegler

Executive Director, Massachusetts Housing Partnership

Rebecca L. Regan, President

Virginia W. Mara, Clerk

HPN Member Partners


Community Housing Capital

NeighborWorks Capital

Partners for the Common Good