Hour People: Joan Carty
May 20, 2009; As originally appeared in The Hour
The greatness of a community is a direct reflection of the character of its people. People who see beyond their own lives and give of their time, resources and hearts to make their neighborhoods and towns better places for everyone. Joan Carty is one of those people.
Joan Carty has served as President & CEO of Housing Development Fund (HDF), a unique nonprofit bank providing funding for affordable housing and an array of homebuyer education and assistance programs, since 1994. Under her leadership, HDF has expanded to serve all of southwestern Connecticut from its Stamford headquarters, a Danbury office opened in 2004, and its new office in Bridgeport. With her dedication to creating more affordable housing units while also closing the affordability gap for homebuyers, HDF has become a leading advocate for affordable housing and a comprehensive source of workable housing solutions in Connecticut. Through extensive homeownership education and financial assistance, HDF has helped nearly 900 households to obtain and secure affordable homeownership in area communities. The organization has also financed the creation or rehabilitation of more than 600 affordable for sale and/or rental units in the region. Through Carty's work, HDF has created opportunities to low- and moderate-income households including the region's teachers, firefighters, social workers, nurses - and more.
Working with the private sector, nonprofits and government agencies for these affordable housing initiatives, HDF has the largest public/private pool of mortgage financing for affordable housing in Connecticut - both homeownership and multi-family development --$65 million. Because HDF's financing is tied to fixed-rate traditional 30-year financing, and not subprime loans, its rate of foreclosure is less than 1/2 of a percent.
As a nationally-recognized expert on affordable housing issues, Carty is a member of the board of directors of the Federal Home Loan Bank of Boston. She is also a National Urban Community Advisor to the Urban Land Institute, and a member of the Opportunity Finance Network Policy Committee and serves on numerous boards of directors, committees and task forces.
Joan Carty is a current participant in the Achieving Excellence Program at the Kennedy School of Government at Harvard University. She holds a J.D. degree from Fordham University School of Law; an M.S. degree in Urban Affairs from Hunter College/The City University; and a B.F.A degree from College of New Rochelle.
Prior to joining HDF, Carry served as executive director of Bridgeport Neighborhood Fund of Bridgeport and Neighborhood Preservation Program of Stamford, both in Connecticut; and Neighborhood Housing Services of Brooklyn in New York. She holds a J.D. degree from Fordham University School of Law; an M.S. degree in Urban Affairs from Hunter College/The City University; and a B.F.A degree from College of New Rochelle.
Joan lives in Bridgeport, CT, with her husband and three children.
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