Carty Appointed to FHLB Directors Board

March 7, 2008; As originally appeared in the Commercial Record

Joan Carty, president and chief executive officer of the Housing Development Fund, has been appointed to the board of directors of the Federal Home Loan Bank of Boston as a public interest director.

Previously, Carty served on the bank’s advisory board. Her term began on Jan. 1, 2007, and will run through Dec. 31, 2010. Carty was appointed to the position by the Federal Housing Finance Board, along with John Eller of the New Hampshire Housing Finance Authority.

Since 1994, Carty has held her current position with the Stamford -based HDF, which is a nonprofit bank providing funding for affordable housing and an array of homebuyer education and assistance programs. Under her leadership, HDF has advocated for the creation of more affordable housing. Working with the private sector, nonprofits and government agencies, HDF’s private funding pools have grown from $8.5 million to more than $65 million. That includes its SmartMove second mortgage loan pool, which has expanded to $26.5 million, and its multifamily loan fund, which has reached $28 million.

“Housing Development Fund has worked closely with the Federal Home Loan Bank of Boston on a number of affordable housing initiatives, including symposia for housing officials in a number of regions in Connecticut,” said Carty. “I’m honored to be appointed to the board of an organization that makes such an impact on affordable housing and community development throughout New England.”

The Federal Home Loan Bank of Boston supports the residential-mortgage and community-development lending activities of its members, which include more than 450 financial institutions across New England. The bank uses private-sector capital to provide members and other qualified customers with access to low-cost wholesale funds, liquidity, an outlet for the sale of loans, special lending programs, technical assistance and other products and services.

Carty and HDF have received multiple awards, including the 2003 Wachovia CDFI Excellence Award for Financial Performance and the 2005 Connecticut Mortgage Bankers Affordable Housing Award. HDF was a finalist in the multimillion-dollar 2007 Wachovia NEXT Award for Opportunity Finance.

In addition to the Federal Home Loan Bank of Boston, Carty serves on numerous boards of directors, committees and task forces, including the Stamford Partnership; the Connecticut Trust for Historic Preservation; the State of Connecticut Housing Trust Fund; United Way of Northern Fairfield County Housing Opportunity Team; Stamford Affordable Housing Action Collaborative; and Home Connecticut.

HDF was founded in 1989. It has expanded to serve all of southwestern Connecticut from its Stamford headquarters, and opened a Danbury office in 2004. HDF’s homebuyer assistance programs include its First Time Homebuyers Program, the SmartMove second mortgage program, Connecticut Housing Finance Authority-approved Homebuyer Education Classes Program and Below Market Rate Program.