HDF Receives Grant

September 14, 2007; As originally appeared in The Commercial Record

Stamford-based Housing Development Fund, a nonprofit bank providing funding for affordable housing and an array of homebuyer assistance programs, has been awarded a $10,000 grant from the Bank of New York Mellon Corp. to support its mission of providing workable housing solutions in southwestern Connecticut.

The grant will be applied toward HDF’s multifamily lending and first-time homebuyer programs. The multifamily lending program encourages the development of for-sale and rental units by providing multifamily homebuyers, nonprofits and private developers of affordable, senior and special-needs units with a variety of finance options. HDF provides acquisition, construction, pre-development, bridge and permanent first-mortgage financing at favorable rates. The multifamily loan pool is supported through its partnership with 17 banks and corporations and totals $28 million.

The first-time homebuyer program offers education and counseling about the home purchasing process and the steps to successful homeownership. HDF also provides down payment and closing-cost assistance to qualified homebuyers, and puts together full financing packages through bank partners that offer traditional fixed-rate mortgages. HDF is a Department of Housing and Urban Development-certified lender and counselor.

The fund provides homebuyers with homebuyer finance, counseling and assistance programs. It offers low-interest, flexible financing and technical assistance to developers and municipalities, and works with the private sector, other nonprofits and government entities to facilitate the development of more affordable housing.

The organization manages public and private partnerships to lend funds for affordable housing initiatives. It has a $38 million public/private pool of mortgage financing for affordable housing in the state – both homeownership and multifamily development.

The fund is based at 100 Prospect St. in Stamford and maintains an office in Danbury.