Gov. Malloy Announces $1 Million Grant for Landlord Entrepreneur and Affordability Program (LEAP)

May 22, 2013

HARTFORD, CT — Governor Dannel P. Malloy today joined Department of Housing Commissioner Evonne Klein, Mayor John DeStefano Jr., and state and local officials, to announce $13.8 million in grants to fund 11 affordable housing and neighborhood revitalization programs throughout the state. This included a $1 million grant to fund HDF’s Landlord Entrepreneur and Affordability Program (LEAP). LEAP combines funds from multiple sources and will provide below market assistance to people who will purchase and rehabilitate owner-occupied small multi-family properties throughout Greater Bridgeport. This grant will also leverage funding specifically targeted for energy-efficiency improvements for these properties.

The full press release from the Governor’s Office is available here.

Looking for home renovations that put money in your pocket?

Energy upgrades are the most effective way to control costs and make your home more comfortable. People today spend more time indoors than ever before, so our home environment has a great impact on our daily health and comfort. The average CT homeowner saves over $1,000 a year making easy improvements like sealing air leaks and adding insulation to their home.

Experts from the Housing Development Fund (HDF) and the Neighbor to Neighbor Energy Challenge will help you figure out where to begin.  HDF is hosting free workshops to help homeowners make energy improvements affordable. The Cozy Home Energy Workshops will discuss home energy use, explain different types of energy improvements and provide details about tax credits, rebates and financing that help residents renovate their home without breaking the bank.

Free childcare will be provided on-site. Spots are limited, so do register at the links provided below.

If you have questions, please feel free to contact us at cozy@hdf-ct.org

Danbury

Thursday, May 23, 2013
5:30PM – 6:45PM
Danbury Public Library
Farioly Program Room
170 Main Street, Danbury, CT 06810

RSVP: http://bit.ly/HDF_Danbury

Norwalk

Thursday, May 30, 2013
6:30PM – 7:45PM
Norwalk Police Department
Community Room
1 Monroe St, Norwalk, CT 06854

RSVP: http://bit.ly/HDF_StamfordNorwalk

Stamford

Tuesday, May 28, 2013
6:30PM – 7:45PM
100 Prospect, North Tower
Resident’s Lounge (Top Floor)
100 Prospect Street, Stamford, CT 06901

RSVP: http://bit.ly/HDF_StamfordNorwalk

Bridgeport

Tuesday, June 4, 2013
6:00PM – 7:15PM
Bridgeport City Hall Annex, Rooms A and B
999 Broad St, Bridgeport, CT 06604

RSVP: http://bit.ly/HDF_Bridgeport

New Haven

Wednesday, May 22, 2013
6:30PM – 7:45PM
Neighborhood Housing Services of New Haven
333 Sherman Avenue, New Haven, CT 06511

RSVP: http://bit.ly/HDF_New_Haven

Waterbury/ Wolcott

Thursday, May 16, 2013
6:30PM – 7:45PM
Wolcott Public Library
469 Boundline Rd, Wolcott 06716

Thursday, June 6, 2013
6:30PM – 7:45PM
New Opportunities, Auditorium
232 N Elm St, Waterbury, CT 06702

RSVP: http://bit.ly/HDF_Waterbury

Again, if you have questions, please feel free to contact us at cozy@hdf-ct.org

HDF is a certified Community Development Financial Institution (CDFI) and HUD-Approved Counseling and Lending Agency established 1989 as a nonprofit organization to finance the development of affordable housing. Since its inception, HDF has been creating affordable housing solutions for low- to moderate-income households in the high cost markets of southwestern Connecticut.

The Neighbor to Neighbor Energy Challenge is a community energy savings program made possible by a $4.17 million grant from the U.S. Department of Energy, funded as part of the BetterBuildings initiative, whose mission is to create a self-sustaining building energy upgrade market.

This year’s breakfast was truly one for the record books! Over 230 of our friends, partners, and supporters attended HDF’s 4rd Annual Benefit Breakfast on April 3 at the Stamford Plaza Hotel. Speakers included Daniel Gross, our Keynote and Editor of Global Finance for Newsweek/Daily Beast, Mayor Michael Pavia of the city of Stamford, an HDF Client, and Breakfast Chairman Clayton Fowler.

The speakers and the wonderful gathering of so many partners, supporters and advocates for affordable housing solutions left all of us at HDF inspired and deeply appreciative.

Please view photos from the event below, or at our facebook page!

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(Press Release: STAMFORD)The Housing Development Fund (HDF) announced that Webster Bank has become the newest member of its SmartMove Homeownership Fund. With Webster Bank’s $1 million commitment to HDF’s SmartMove Loan Fund, the fund now totals $54.2 million.]]>

Webster Bank Makes $1 Million Commitment to Housing Development Fund’s Affordable Housing Loan Pool

February 25, 2013

STAMFORD, CT — The Housing Development Fund (HDF) announced that Webster Bank has become the newest member of its SmartMove Homeownership Fund. With Webster Bank’s $1 million commitment to HDF’s SmartMove Loan Fund, the fund now totals $54.2 million.

The SmartMove Homeownership Fund enables qualified first-time homebuyers to purchase homes in Connecticut by providing down payment assistance. SmartMove loans are low-interest 20-year second mortgages of up to 20% of the purchase price that increase the affordability of homeownership by allowing qualified buyers to avoid paying for mortgage insurance. Borrowers who have completed a counseling process and been deemed ready to buy can put down as little as 1% of the purchase price towards the purchase of their home. Since 2005, the SmartMove program has assisted over 1,200 individuals and families to buy their first home in 56 towns and cities in Fairfield, Litchfield and New Haven Counties. With the support of great partners like Webster Bank, HDF anticipates helping over 150 new households to purchase their first home this year.

“HDF has long admired Webster Bank’s commitment to providing safe and sound mortgages to Connecticut’s hardworking families. We are excited to have them as a partner in the SmartMove Homeownership Fund. Their commitment to HDF will help us assist hundreds more Connecticut families achieve their dream of homeownership.”
– Joan Carty, HDF President & CEO

Webster Bank is already a part of the Housing Development Fund’s MultiFamily Loan Fund, with a $2 million current commitment. The Multifamily Loan Fund lends to individuals and small-to-medium-sized developers who are in the early stages of building portfolios of rental properties, including affordable units. Webster Senior Vice President Robin Gallagher serves as Chair of HDF’s Board of Directors and as Chair of HDF’s Multi-Family Loan Committee.

“For more than three generations, Webster Bank has been committed to helping individuals, families and businesses achieve their financial goals. In fact, our bank was founded to help neighbors achieve the American Dream of owning a home. Assisting people in making that dream a reality is priceless, especially when you see the expression on their faces when they turn the key and know they are home.”
– Robin Gallagher, Webster SVP and HDF Board Chair

“Webster is pleased to be a part of this important venture. We are confident that this will create opportunities to increase residential mortgage lending in low to moderate income neighborhoods in Connecticut to help create stronger and more vibrant communities.”
-Simon Tahan, Webster SVP, Consumer Finance

Webster joins a host of other banking partners in the HDF SmartMove Homeownership Fund, including: Citibank; Connecticut Community Bank,; Fairfield County Bank; First County Bank; Hudson City Savings Bank; Naugatuck Savings Bank; Newtown Savings Bank; Patriot National Bank; People’s United Bank; Savings Bank of Danbury; Stamford Mortgage Company; Union Savings Bank; and the Wilton Bank.

About the Housing Development Fund– The Housing Development Fund (HDF) is a certified Community Development Financial Institution (CDFI) and HUD-Approved Counseling Agency established 1989 as a nonprofit organization to finance the development of affordable housing. Since its inception, HDF has been creating affordable housing solutions for low- to moderate-income households in the high cost markets of southwestern Connecticut. In that time, it has grown to a loan fund with over $90 million under management encompassing lending programs for pre-development, acquisition, rehabilitation, new construction, and permanent financing. Projects have included affordable family housing, senior housing, special needs housing and supportive housing. In addition to its financing resources and functions, HDF provides homebuyer education and one-on-one counseling to help families qualify for special mortgage financing programs. HDF also provides foreclosure prevention services through monthly clinics and individual counseling. For more information, contact jchamberlain@hdf-ct.org, or visit www.hdf-ct.org

About Webster- Webster Financial Corporation (NYSE: WBS) is the holding company for Webster Bank, N.A. With $20 billion in assets, Webster provides business and consumer banking, mortgages, financial planning, trust and investment services through 168 banking offices; 294 ATMs; telephone banking; mobile banking; and the Internet. Webster Bank owns the asset based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank. Member FDIC and equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com or follow us on LinkedIn and Twitter.

On February 14th, HDF was proud to showcase our expanded offices at 8 West Street, Danbury, CT. The expansion includes a new and state of the art classroom for our First Time Homebuyer and Foreclosure Intervention classes, and offices for HDF’s Danbury-based staff members.

We were pleased to welcome an array of friends and partners from the Danbury Community for a Valentine’s Day Open house. Please view photos from the event below, or at our facebook page!

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In an outstanding milestone to mark the New Year, in January of 2013, the Housing Development Fund (HDF) will assist their 200th household buying a home through the Live Where You Work Program, an initiative funded with support from the Connecticut Light and Power Company (CL&P) and the Connecticut Housing Finance Authority (CHFA). Live Where You Work provides down payment and closing cost assistance loans to low and moderate income families who are purchasing a property in the town where they work.

Right before the holidays this December, Tom Dorsey from CL&P delivered a check for $125,000 to HDF which brings the Connecticut utility company’s support to a total of $3.125 million to date. CL&P has supported the program for the last 7 years as part of CHFA’s Housing Tax Credit Contribution program. This initiative includes a special focus workforce housing, which specifically funds efforts to help Connecticut workers live close to their place of employment. CL&P’s contribution to HDF this December was one of many, with the company contributing over $9 million to support agencies throughout Connecticut.

The Live Where You Work program helps households to buy where their jobs are located and thereby offers the hardworking families who use the program shorter commute times, lower commute-related expenses (and emissions) and more time for valuable family and community activities. More than 1 in 4 Connecticut renters pay over 50% of their monthly income towards housing expenses and with home prices high throughout the three counties HDF serves (Fairfield, New Haven and Litchfield Counties), HDF provides free counseling services and creative financing solutions that help hardworking families achieve sustainable, affordable housing.

The Live Where You Work program has been a remarkable success, with the $2.2 million already loaned through the program leveraging $30.4 in first mortgage lending to these homeowners – lending activity that also benefits many of Connecticut’s banks. The program also is one component in HDF’s suite of lending and counseling support offered to First-Time Homebuyers, and homebuyers who borrowed through Live Where You Work have been able to take advantage of an additional $9.9 million in other subsidies to help them achieve affordable homeownership in Connecticut’s high cost housing market. Live Where You Work has benefitted a diverse cross section of Connecticut residents, including many workers in education, healthcare, state employees and banking. Many of HDF’s clients work in roles that truly form the backbone of strong communities: teachers, firefighters, nurses. HDF is proud to continue offering Live Where You Work, and immensely grateful for the long-term and consistent support of CL&P in this effort.

November 5, 2012

We are glad to announce the completion of the Megacommunities Stakeholder Report that brings together recommendations from a wide range of stakeholders centered on residential energy efficiency in Connecticut.

Our drive towards cross-sector engagement and strategic innovation in the field of residential energy efficiency – an area which is integral to ensuring affordable and sustainable homes for today and tomorrow – has enjoyed remarkable support from a host of partners. This report and the successful simulation represent the fruits of the grant which we received from NeighborWorks America last year for the Megacommunities simulation with Booz Allen Hamilton in March 2012 (and the subsequent Simulation Final Report).

Since the Megacommunities Simulation, there has been a flurry of activity centered on energy efficiency led by HDF and other stakeholders. HDF organized a workshop on July 24, 2012 in New Britain, at the CT Public Utilities Regulatory Authority’s headquarters. This was a day of idea generation and best practice sharing on residential energy efficiency programs. Between August and October 2012, HDF, with the EEB, DEEP and others convened a series of stakeholder working groups to bring input to the state’s planning process around residential energy efficiency programs. This process produced a set of recommendations in the Megacommunities Stakeholder Report. HDF has submitted this report to the state’s Energy Efficiency Board, Department of Energy and Environmental Protection as well as the energy efficiency program administrators (the utilities companies) for inclusion in planning for CT’s energy future.

For Connecticut to achieve the ambitious goals of PA 11-80, the Comprehensive Energy Strategy and the Integrated Resource Plan, the stakeholder groups find that the state will need to dramatically increase customer demand, attract and deploy significant sources of public and private capital, and grow a well-trained workforce to deliver quality services to homeowners. This undertaking will require the state to go well beyond the current approaches to residential efficiency.

Given the successful outcome of the Strategic Simulation in March, we believe that cross-sector engagement and collaborative innovation is vital to bringing energy efficiency to scale. A stakeholder-driven process can work in tandem with existing legislative and administrative efforts to drive additional momentum in program and outreach strategies. The following summary describes a set of high-level priorities identified by a group of over sixty (60) stakeholders from the public, private and civic sectors. Additional recommendations beyond those that have been prioritized here can be found in the main report which is attached.

Reaching the Goals

Further analysis is required to envision key steps to achieving the policy goals over the next few decades:

1. Model the ramp-up of consumer demand, capital requirements and workforce capacity to reach the state’s weatherization goals through an iterative and stakeholder-driven process.
2. Engage a stakeholder group to work with the EEB to evaluate the best ways to allocate customer acquisition costs between public dollars and private dollars.

Focus on Contractors

Contractors serve as the frontline marketing channel for both energy efficiency programs and financing options. As the CES supports the transition towards a market-based model to deliver energy efficiency, program administrators must work together with contractors to drive demand for a product that currently attracts low customer interest:

1. Implement a robust contractor- and consumer-friendly HPwES program that greatly increases the number of participating contractors, especially those who are already doing work across the state. We must expand beyond the current HES vendors and tap into the broader marketplace of contractors. To drive consumer demand through HPwES, the customer and contractor cost disparities between HES and HPwES must be addressed, aligning the allocation of ratepayer incentive dollars with contractor and customer incentives to encourage deeper energy savings.
2. Restructure HES to align contractor and customer incentives to the state weatherization goal to go deeper with energy savings.
3. Invest in marketing materials that are co-branded with EnergizeCT that contractors can tailor for their own use, and educate consumers about professional standards of the home performance industry.
4. Invest in building contractor capacity for sales, marketing, back office administration, and expansion. Partner with DECD’s Small Business Express Program, Workforce Development Boards and other existing programs to provide training, assistance, loans, etc. to contractors.

Focus on Customers

Customers are attracted to programs that meet their needs. We recommend implementing customer-friendly marketing strategies that provide targeted information about programs that can be clearly understood and relevant to different customer segments. Trusted messengers, and existing complementary program channels should all be leveraged. One key opportunity for customer education is during time of sale or new lease signing. Legislation supporting energy usage disclosure and building labeling can also be put in place to ameliorate the split incentive challenge between renters and landlords.

1. Perform a customer segmentation study on the demographic/psychographic profile of who has done HES, who got recommendations, who moved forward, etc. to better understand HES vs. HPwES customer segments.
2. Engage a specialty marketing firm to develop consumer-friendly marketing materials, including “packages” of improvements. Ensure the latest marketing best practices are used including multi-touch/multi-platform/multi-channel approaches, use of trusted sources, testimonials, etc.
3. Implement a stakeholder process to define a customer engagement platform and its requirements and potential implementation paths. Include energy efficiency program administrators, DEEP, contractors, and other 3^rd parties.
4. Outsource community-based outreach to nonprofits and community partners better positioned to serve target market segments
5. Coordinate program intake and delivery with social services and health and safety programs.
6. Empower building owners to market their energy efficiency via a home energy rating labeling system.

Focus on Capital

We support the use of limited ratepayer funds to leverage private capital for energy efficiency funding. Our survey of seven programs in states such as California (Western Riverside County), Connecticut, Maine, Michigan, New York and Oregon show promising program results in terms of energy savings and private capital investment as a result of financing.

1. Provide significantly enhanced support to contractors so that they can better promote financing options to consumers, especially since financing is most successful when integrated with program intake and delivery.  Encourage participation in the financing program from a greatly expanded set of contractors.
2. Implement a pilot program with local credit unions, community development financial institutions and community banks and provide limited credit enhancement.
3. Collect and analyze performance data on existing and future loan programs, including underwriting characteristics, loan performance data, and actual energy savings performance data.
4. Pursue a sustainable interest rate (i.e. between 4 to 6 percent) that is competitive with the market and that minimizes use of ratepayer and/or public sector capital, reserving the use of lower interest rates for low-income households or as special offers to catalyze a market.
5. Consider implementing an on-bill repayment program or improve existing on-bill offerings for specific customer segments to attract private capital investment at reasonable interest rates to customers. Shut-off authority and staying with the meter provisions should be explored for various customer segments, with consumer protection measures for low-income populations. Such provisions should be incorporated if it can be shown that it is necessary to secure low-cost capital and that the benefits outweigh the potential risks to low-income customers.

We look forward to working with the various stakeholders in the coming months to host another two working groups focusing on supporting the development and growth of a home performance industry and workforce for Connecticut, as well as national best practices in energy efficiency program administration.

Click Megacommunities Stakeholder Report to view the complete report.

HDF celebrated our charter as a member of NeighborWorks America at the Office of Governor Dannel P. Malloy in Hartford yesterday, with remarks from the Governor, HDF President and CEO Joan Carty, NeighborWorks America Northeast Regional Director Deborah Boatright, HDF Board Chair Robin Gallagher of Webster Bank and a gathering of partners, HDF staff and board members.

Established in 1989 to promote affordable, sustainable homeownership opportunities for Connecticut’s hardworking families, HDF is proud to become a part of NeighborWorks’ national network – 235 independent, community-based nonprofit organizations serving more than 4,500 communities nationwide.

All of the participants in Monday’s ceremony shared a clear strong vision of the benefits communities gain by increasing access to high-quality affordable housing.

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On September 20th, HDF and three local community banks – Newtown Savings Bank, the Savings Bank of Danbury, and Union Savings Bank of Danbury – celebrated the construction of 12 new affordable housing units at 41 Grand Street in Danbury, CT.

Eighteen banks, including the three local mutual savings banks, participate in HDF’s Multifamily Loan Fund Program, through which the project was financed. The 41 Grand Street project, which is Energy Star V3 certified, was developed by ACF Properties and Westchester Modular Homes. The development includes several ADA-accessible units, as well as four units deed-restricted as affordable.

HDF staff and board members, including Kathleen Romagnano and Brian Skarda, along with other representatives of the sponsoring banks and local and state government, were thrilled to see the end result of many months of planning.

The Presidents of the three sponsoring banks — Hal Wibling of the Savings Bank of Danbury, Francis Dattalo of Union Savings Bank, and John Trentacosta of Newtown Savings Bank — as well as Jack & John Farley of ACF Properties, and builder Paul Scalzo of Westchester Modular Homes, offered remarks after an introduction by Joan Carty, President and CEO of the Housing Development Fund and greetings by the Mayor Mark Boughton of Danbury. Other elected officials present included State Senator Michael A. McLachlan and State Representative Robert Godfrey, as well as a representative from the office of Congressman Chris Murphy.

Read more online at the Danbury News Times and the Danbury Patch, and view more photos at our Facebook page.

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In June, HDF staff spent a day volunteering at the Clinton Avenue Community Garden in HDF Featured on Neighborworks America BlogBridgeport as part of our first Neighborworks Week. HDF became a chartered member of the NeighborWorks Network in September 2011. Together with Bridgeport Urban Gardens, and with the support of Lowe’s Charitable and Educational Foundation, the whole staff enjoyed a beautiful day outside, giving back to one of the communities we serve.

In August, this event was featured on the Neighborworks America blog as part of their community garden series in an article by Bob Halstead, founder of Bridgeport Urban Gardens.

Bob writes: “The one-day effort resulted in a wide-reaching refurbishment of this beloved community space, including mulching of pathways, construction of a supply shed, tilling and planting of garden beds and the involvement of members of a special-needs class from the high school that sits across the street from the garden site.”

Read the entire article online at the Neighborworks blog, and view more photos on our Facebook page.

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Community Garden Grows Bigger with Help from the Housing Development Fund

June 7, 2012

BRIDGEPORT, CT — Strengthening area communities by supporting access to affordable housing is the focus of the Housing Development Fund, Inc. (HDF). Their work focuses on providing funding to developers, counseling to potential first-time homebuyer and support to area residents seeking help avoiding foreclosure out of offices in Bridgeport, Stamford and Danbury. This Friday, however, HDF staff members will dust off their gardening gloves and assemble at Bridgeport’s Clinton Avenue Community Garden to pitch in and increase the capacity of this vibrant community garden.

The event is part of a nationwide celebration, NeighborWorks Week, celebrating the preeminent leader in affordable housing and community development, and showcasing the work of the NeighborWorks network, a group of more than 235 high-performing nonprofit companies including HDF. HDF received its charter as a member of the NeighborWorks Network in 2011, and is excited to participate in NeighborWorks Week for the first time this year. From June 2 through June 9, from Orlando, FL to Anchorage, AK and more than 160 points in between, individuals and families are working and learning side by side to enhance their lives during NeighborWorks Week.

HDF’s work at the Clinton Avenue Community Garden will be completed in partnership with Bridgeport Urban Gardens and has received the generous support of Lowe’s Charitable and Educational Foundation (LCEF). A Lowe’s/Keep America Beautiful Community Improvement Grant of $5,000 will support materials, plants and other supplies for the garden work and this award is one of 120 merit-based grants awarded nationally to support grassroots community improvement projects ranging from community gardens and tree plantings to litter and debris cleanups, recycling programs, park and playground restorations and beautification efforts.

Bridgeport Urban Gardens has a strong partnership with Isaiah Halfway House that is contiguous to the Clinton Avenue Community Garden, and have worked with residents in the past as they have partnered with service groups from the area. The community garden project will encourage people of diverse ethnic and racial backgrounds to participate in a community activity that will create a better street-life, and more neighborhood vigilance that deters crime. Families growing their own food create a better diet, which results in better health. Participation in a community garden will also educate the younger generations about their agriculture and cultural heritage and how to garden and cook, while providing an outdoor vigorous, aerobic activity that creates a connection to nature and a community center for neighbors to congregate, create goodwill and fellowship with each other. Gardening provides an opportunity to get outside, away from the television and the computer and also provides economic benefits through savings on the family food bill. Partnerships are a key to maximizing community garden potential and community gardens lend themselves nicely to volunteer involvement.

Transforming a vacant lot into a beautiful green space enhances the ecosystem and gives a sense of empowerment to the neighborhood residents, and this garden aspires to be a community center. HDF hopes that this volunteer opportunity will lead to others, as an organization that prides itself on working hard in our offices to increase access to affordable housing takes our team outside to give back and to enjoy a day outside in one of the communities we serve.

About the Housing Development Fund– HDF is a certified Community Development Financial Institution (CDFI) and HUD-Approved Counseling and Lending Agency established 1989 as a nonprofit organization to finance the development of affordable housing. Since its inception, HDF has been creating affordable housing solutions for low- to moderate-income households in the high cost markets of southwestern Connecticut. In that time, it has grown to a loan fund with $45.7 million in assets that encompasses lending programs for pre-development, acquisition, rehabilitation, new construction, and permanent financing. Other projects have included affordable family housing, senior housing, special needs housing and supportive housing. In addition to its financing resources and functions, HDF provides homebuyers’ education and one-on-one counseling to help families qualify for special mortgage financing programs. HDF also provides foreclosure prevention services through monthly clinics and individual counseling.

For more information, contact John Chamberlain.

Click to download PDF of this press release.

Over 170 of our friends, partners, and supporters attended HDF’s 3rd Annual Benefit Breakfast on April 18 at the Stamford Plaza Hotel. Speakers at the event included Mayor Michael Pavia of the City of Stamford who proclaimed the date “Housing Development Fund Day”, Hon. David M. Walker of Comeback America Initiative who gave the keynote address on the financial challenges of our nation, and Rebecca Surran of News 12 Connecticut.

The Benefit also featured one of HDF’s clients, a single mother and cancer survivor who saved her home from foreclosure with the help of HDF, sharing her story as well as a video about our programs. The video can be viewed here: http://www.youtube.com/watch?v=2bwTdh064bY

Our dynamic speakers and a host of community members actively engaged in promoting affordable homeownership left all of us at HDF truly inspired and appreciative of the support for our work.

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Webster Banker Named Board Chair of Housing Development Fund

 
WATERBURY, Conn., March 22, 2012 – Webster Bank is pleased to congratulate Robin Gallagher, senior vice president commercial real estate lending, on being elected Board Chair of the Housing Development Fund (HDF). Robin, who has been a Webster Banker since 2005, has been affiliated with HDF for 14 years, serving on the board for the last 10.

HDF has offices in Stamford, Bridgeport, and Danbury, Connecticut as well as Westchester County, NY. It was established in 1989 as a nonprofit organization to finance the development of affordable housing. Since then, it has grown to a loan fund with more than $89 million for the pre-development, acquisition, rehabilitation and construction of affordable housing. It also provides down payment and closing cost assistance to low and moderate income families. Almost 1,000 homes have been built with HDF financing— including facilities for seniors, special needs, and supportive housing. HDF has helped more than 1,400 individuals and families achieve the American Dream of purchasing a home and its Foreclosure Intervention Counseling Program has helped more than 900 troubled homeowners stay in their homes.

“Webster bankers give of themselves in the communities they serve across our footprint from Westchester County, N.Y. to Boston, Mass., and Robin’s commitment to the Housing Development Fund is an excellent example of this,” said William E. Wrang III, senior vice president and director commercial real estate. “Robin’s leadership, energy, and dedication exemplify Webster’s commitment to community which is a tradition since the bank was founded in 1935.”

“We are fortunate enough to have in Robin a person who is as dedicated to our mission as we are and is deeply familiar with us. She has already performed key roles with our organization including chairing the multi-family loan committee and chairing the development committee. So, we are feeling very excited to have her in the top leadership position,” Joan Carty, President and CEO of HDF.

For more information on the Housing Development Fund: www.hdf-ct.org.

About Webster

Webster Financial Corporation is the holding company for Webster Bank, National Association. With $19 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 168 banking offices, 473 ATMs, telephone banking, mobile banking, and the Internet. Webster Bank owns the asset based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank. Member FDIC and equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.

Media Contact:
Sarah Barr, 203-578-2287
sbarr@websterbank.com

This press release was issued by Webster Financial Corporation and was initially posted at http://phx.corporate-ir.net/phoenix.zhtml?c=73114&p=irol-newsArticle&ID=1675962&highlight=.