Housing Development Fund’s 3rd Annual Benefit Breakfast

Featuring Keynote Speaker David M. Walker
Founder, President, and CEO of Comeback America Initiative
with introduction by Rebecca Surran of News 12 Connecticut

WEDNESDAY, APRIL 18TH
8:00AM – 9:30AM
Stamford Plaza Hotel
Registration begins at 7:30AM

TO PURCHASE TICKETS:

Click here to buy tickets online.
Tickets are $50 each. Select “Donation”, then select “3rd Annual HDF Breakfast” in the drop-down menu and specify the number of tickets you will be purchasing and/or journal ad specifications.

For information about corporate sponsorship or buying a journal ad,
please contact Julie Sootin at jsootin@hdf-ct.org or (203) 969-1830 ext. 12.

Dear Friends,

Housing Development Fund’s mission is to pave the way for Connecticut families to secure and keep quality affordable homes. Read on to learn how we’ve lived out that mission this past year.

CLICK HERE TO VIEW OUR 2011 ANNUAL REPORT ONLINE.

Sincerely,
Joan Carty
President and CEO

On November 28, 2011, the HDF staff took an opportunity to visit Litchfield County and meet some of our partners. As part of HDF’s Strategic Plan for Fiscal Years 2011-13, we have been working to build relationships that will allow us to expand our services to reach all of Litchfield County and Westchester County, NY. This year, the staff had a chance to meet some of our new partners by visiting the Foundation for Community Health in Sharon, CT where we met with members from HousingUs and Berkshire Taconic Community Foundation to discuss HDF’s efforts to provide internet-based homeownership counseling available to area residents by visiting the Foundation’s offices. The staff then had lunch at a local mainstay, the Fife’n Drum Restaurant before visiting and touring the Westchester Modular Homes factory. HDF recently closed a Multifamily Loan to finance a development that will include 12 townhome units, all of which will be built by Westchester Modular Homes, and the tour gave us a fascinating behind-the-scenes look at how they approach their work.

We look forward to the launch of our distance counseling in early 2012, and we hope to continue this trend of extending our services to other areas of Connecticut and beyond in the future.

PHOTO GALLERY:
(Click on the arrows to move through the gallery.)

October 18, 2011

STAMFORD, CT — In some of the most economically-challenged neighborhoods of Bridgeport, Connecticut, 36 homes have been guaranteed affordability for the next 30 years with financing from the Housing Development Fund (HDF), joining a first phase of 24 units for a total of 60 affordable rental apartments. This increase in the area’s affordable housing stock is expected to significantly reduce the homeless population in Bridgeport. Of the 13 properties that contain these 36 apartments, six had been foreclosed and boarded-up buildings, revitalized with funding from HDF to reintegrate them back into the community as affordable housing.

The foreclosure crisis left many homes abandoned throughout the state, but the City of Bridgeport was hit especially hard, with its rising unemployment and poverty rates (nearly one-in-four Bridgeport residents are currently in poverty*). HDF completed its Bridgeport Neighborhood Stabilization Program in July, which stabilized high-foreclosure areas and created both construction jobs and affordable housing in the epicenter of Connecticut’s foreclosure crisis. The recent conversion of additional foreclosed properties into affordable homes, made possible through HDF’s investment, is a further effort to stabilize at-risk neighborhoods and assimilate previously abandoned buildings.

In March of this year, in the first phase of this initiative, HDF guaranteed the affordability of the first 24 homes through financing a public-private partnership between the Bridgeport Housing Authority and private investors/developers. This month, HDF has expanded this funding to encompass the aforementioned foreclosed properties and 7 additional properties in Bridgeport, ensuring that the 36 apartments will be made affordable to low- and moderate-income families for 30 years. Each of the properties is under Section 8 contract, which also guarantees affordable rents to the tenants in all of the apartments for the next 15 years.

Financing from HDF facilitated the rehabilitation of these homes and their acquisition and included the covenant to rent the apartments at below-market rates. This development provides much-needed affordable housing supply in not only one of the most expensive housing markets in the nation, but also, more specifically, one of the most economically disadvantaged regions of Fairfield County. David Rich, Executive Director of supportive housing WORKS, a nonprofit dedicated to ending chronic homelessness in Fairfield County, believes that his homeless clients will benefit tremendously from the additional affordable homes created in these Bridgeport neighborhoods. “This financing [will] create enough permanent supportive housing to empty the family shelters in Bridgeport and Fairfield for at least one day”, said Rich.

HDF’s bank pool which funded this transaction is made up of the following members: First County Bank, Hudson City Savings Bank, Newtown Savings Bank, Patriot National Bank, People’s United Bank, Savings Bank of Danbury, TD Banknorth, Union Savings Bank, Webster Bank.

*Statistics from “American Jobs Act is good for Bridgeport”

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.

October 13, 2011

STAMFORD, CT — The Housing Development Fund (HDF) announced its plan to develop a Landlord Entrepreneurship and Affordability Program (LEAP) aimed at identifying a new class of “Landlord Entrepreneurs” who will play a significant role in revitalizing Connecticut’s urban cores. LEAP will create a sustainable and replicable model for landlords to purchase, rehabilitate, and manage 2-4 family properties through a combination of training and financing, thereby increasing the supply of quality affordable housing in the area and stabilizing local neighborhoods with high rates of foreclosure.

The development of this new program is made possible by a grant through the Innovations in Neighborhood Stabilization and Foreclosure Prevention Initiative of the Housing Partnership Network. The initiative, funded through a grant from the Citi Foundation, was created to help leading community-based organizations like HDF develop innovative solutions for neighborhood stabilization challenges in key metropolitan areas. Grant awards were made based on the potential for transformative community impact, ability to inform policy discussions around neighborhood stabilization, and the level to which they break new ground in developing solutions that can be replicated or scaled to have widespread impact in communities across the country.

Addressing the increasing disinvestment in the troubled housing supply of Connecticut’s cities, LEAP will encourage and support new owner-occupants who will have a vested interest in neighborhood stabilization. HDF will target individuals with income levels at or below 80% of the area median income (AMI), offering training and support in collaboration with NHS of New Haven. The rental units in the properties they purchase and rehabilitate must remain affordable to income-eligible families, responding to the region’s demand for more affordable housing.

Through the program, local residents will acquire small multi-family properties, secure subsidy and financing necessary for rehabilitation and energy conservation, and receive support and training on being a good landlord. Courses provided by our partner, NHS of New Haven, will include tenant selection, Fair Housing laws, record keeping, and the eviction process. Education in energy efficiency, conservation, and home repair (basic plumbing, carpentry, electrical, insulation, etc.) will result in lower operating costs for the homeowners.

With LEAP in place, HDF will make major inroads toward the development of more affordable rental opportunities for households including teachers, nurses, and firefighters to seize the opportunity to live in and contribute to the revitalization of Connecticut’s urban cores. Owning a multi-family property is similar to running a small business, and many of the buyers will become first-time landlords at the same time as they become first-time homeowners. LEAP will provide these individuals with the support and training they need to be successful for the long term, while making a greater impact on the supply of affordable, quality rental housing in southwestern Connecticut.

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 $44.7 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.

September 30, 2011

STAMFORD, CT — The Housing Development Fund (HDF) has been awarded a charter by the esteemed organization NeighborWorks® America, the nation’s premier leader in affordable housing and community development and a national network of more than 235 independent, community-based nonprofits. HDF joins NeighborWorks and its member organizations that serve over 4,500 communities nationwide, working hard to meet the housing needs of hundreds of thousands of lower-income people, improve their lives, and strengthen communities through the production of affordable housing.

HDF enters a community of only six other existing charter members in Connecticut. This achievement involved HDF meeting strict membership criteria and performance standards and undergoing careful review by NeighborWorks America. NeighborWorks organizations are also reviewed annually to ensure they are providing the most effective and highest-quality services in the housing industry.

As a chartered member, HDF receives organization benefits and access to funding opportunities, technical assistance, training, programmatic support, and other resources provided by federally funded NeighborWorks America.

Since 1991, NeighborWorks organizations have assisted nearly 1.2 million low- to moderate-income families with their housing needs. In the last five years, NeighborWorks has generated nearly $20 billion in reinvestment in these communities. NeighborWorks America is the nation’s preeminent trainer for housing and community development professionals, as well as a nationally recognized leader in the fight against foreclosures.

Like NeighborWorks, HDF helps families attain homeownership and affordable rentals through counseling, homebuyer education, financing, and investment in affordable housing. NeighborWorks and HDF share similar missions, and both work to create opportunities for families to improve their lives and strengthen their communities by providing access to homeownership, safe and affordable housing and rentals, and counseling to help people find and also keep their homes.

“HDF is really excited to be part of NeighborWorks,” said Joan Carty, President and CEO of HDF. “We have long admired their demonstrated commitment to hardworking families and to building strong communities. We are thrilled to be part of a great team.”

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 $44.7 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.

July 29, 2011

STAMFORD, CT — The Housing Development Fund (HDF) recently completed the sale of its final property as part of the federally funded Neighborhood Stabilization Program (NSP) – the last of eight NSP homes purchased and rehabilitated for sale to low- to moderate-income households who are mortgage-ready.

The Neighborhood Stabilization Program, created in 2008 as the foreclosure crisis gained national attention, helps cities combat the crisis by providing grants to buy and renovate abandoned homes and sell them to new mortgage-ready homebuyers. The idea is to prevent foreclosed homes from dragging down home prices in neighborhoods while also creating affordable housing from these properties. Of the 10 municipalities chosen in CT to participate in the $25 million program, Bridgeport, CT, received the largest allotment at $5.7 million. Based on the Housing Development Fund’s vast experience and ability to deliver results, the City of Bridgeport selected HDF Community Works, LLC. – a subsidiary of HDF – as its prime partner in 2009, aiming to bring about sustainable stabilization of Bridgeport neighborhoods. Together, they focused their purchase and rehabilitation activity on the neighborhoods determined to be at most risk in the city’s northwest end, with household incomes averaging around $42,000.

After completing site visits to more than 50 foreclosed properties, HDF acquired and made necessary improvements to eight Bank owned/REO properties in this region. Once work was completed, the houses were put back on the market at a price that reflected the improvements.

To qualify to buy an NSP home, prospective homebuyers were required to earn no more than 120 percent of the local median income (which would be about $104,000 for a family of four). To ensure his or her readiness, each buyer was also required to attend a homebuyer education class led by one of HDF’s HUD Certified housing counselors or by HDF’s partner, Bridgeport Neighborhood Trust (BNT). For the eight total NSP properties in Bridgeport, HDF identified/counseled over 30 households interested in purchasing these properties. Buyers also received access to HDF’s lending products like its SmartMove loan fund which provides down payment assistance through second mortgages at 3 percent interest over 20 years, an invaluable resource for low-income households in one of America’s most expensive housing markets. Additionally, the program provided financing to further close the affordability gap, if needed. In return, the homebuyers agreed to a deed restriction that limits resale of the property to income-eligible buyers for 15 years.

The Neighborhood Stabilization Program tries to “create a solution to the foreclosure problem that is also an antidote for why that particular house fell into foreclosure in the first place,” said Joan Carty, the president of the Housing Development Fund. Though principally conceived as a way to stabilize areas with high foreclosure rates, NSP has also created affordable housing and construction jobs in a time when unemployment was on the rise. Carty said that HDF put about 300 people to work in renovating the eight acquired properties.

The Housing Development Fund is proud to have participated in this important initiative in Bridgeport, which has been labeled as the epicenter of Connecticut’s foreclosure crisis. “Through a combination of public and private financing resources, HDF had a positive impact on the home values on and around each of the streets where we purchased and rehabbed property,” said Joanne Taylor, the COO of HDF, “Further, our counseling programs have well prepared the new buyers for successful homeownership.” NSP enabled HDF to reduce the threat of abandoned foreclosed properties in Bridgeport’s north end.

The Neighborhood Stabilization Program in Bridgeport and HDF’s involvement were featured in the New York Times, Reuters, Connecticut Post, and Connecticut News 12.

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 $44.7 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.