Housing Development Fund

- First Time Homebuyers

Housing Development Fund Receives $10,000 Grant From
The Bank Of New York Mellon Corporation To Support Its Affordable Housing Programs

STAMFORD, Conn., August 23, 2007- The Housing Development Fund, Inc. (HDF), a nonprofit bank providing funding for affordable housing and an array of homebuyer assistance programs, has received a $10,000 grant from the Bank of New York Mellon Corporation to support its mission of providing workable housing solutions in southwestern Connecticut. The grant will benefit HDF’s Multi-Family Lending and First Time Homebuyer Programs.

HDF’s Multi-Family Lending Program encourages the development of for-sale and rental units by providing multi-family homebuyers, nonprofit 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. It is one of the few local sources for 30-year fixed rate mortgages for multi-family housing. HDF’s Multi-Family Loan pool is supported through its partnership with 17 banks and corporations and now 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 HUD-certified lender and counselor.

“It’s gratifying to continue to receive support for our programs from the Bank of New Mellon Corporation,” said HDF Executive Director Joan Carty. “This generous grant addresses two of the key elements of our mission – motivating development of affordable housing and assisting first time buyers to achieve the dream of homeownership.”

The new $10,000 grant will support HDF’s objective to help 1,000 households purchase homes by June 2009. To date, HDF has assisted more than 650 first time homebuyers. In addition, HDF has financed the creation of affordable rental and for-sale units for 600 additional families. HDF first-time homebuyers have become residents of many communities throughout southwestern Connecticut, including Stamford, Danbury, Greenwich, Norwalk, Westport, New Canaan, and Fairfield.

HDF programs are funded and supported through its partnership with 17 banks and corporations, municipalities, government entities (the Connecticut Housing Finance Authority, the State of Connecticut Department of Economic and Community Development, the United States Treasury Department, Community Development Financial Institutions Fund) as well as private developers, not-for-profit agencies and foundations.

The Housing Development Fund was founded in 1989. It has expanded to serve all of southwestern Connecticut from its Stamford headquarters and a Danbury office opened in 2004. HDF’s homebuyer assistance programs include its First Time Homebuyers Program, SmartMove low interest second mortgage program, CHFA (Connecticut Housing Finance Authority) approved Homebuyer Education Classes Program and Below Market Rate Program (BMR). HDF is a HUD-certified lender and Housing Counseling agency.

HDF provides homebuyers with homebuyer finance, counseling and assistance programs. It also 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/private partnerships to lend funds for these affordable housing initiatives. It has the largest public/private pool of mortgage financing for affordable housing in Connecticut – both homeownership and multi-family development- $38 million.

The Housing Development Fund, Inc. has its headquarters at 100 Prospect Street, South Tower Plaza, Suite SP-101, Stamford, Connecticut 06901. It also maintains an office at 8 West Street, Suite 202-204, Danbury, Connecticut 06810. For additional information call Tami Strauss at 203-969-1830 x19 or visit www.hdf-ct.org.