Webster Bank has become the newest member of HDF’s SmartMove Homeownership Fund. With Webster Bank’s $1 million commitment to HDF’s SmartMove Loan Fund, the fund now totals $54.2 million.
The SmartMove Homeownership Fund enables qualified first-time homebuyers to purchase homes in Connecticut by providing down payment assistance. SmartMove loans are low-interest 20-year second mortgages of up to 20% of the purchase price that increase the affordability of homeownership by allowing qualified buyers to avoid paying for mortgage insurance. Borrowers who have completed a counseling process and been deemed ready to buy can put down as little as 1% of the purchase price towards the purchase of their home. Since 2005, the SmartMove program has assisted over 1,200 individuals and families to buy their first home in 56 towns and cities in Fairfield, Litchfield and New Haven Counties. With the support of great partners like Webster Bank, HDF anticipates helping over 150 new households to purchase their first home this year.
“HDF has long admired Webster Bank’s commitment to providing safe and sound mortgages to Connecticut’s hardworking families. We are excited to have them as a partner in the SmartMove Homeownership Fund. Their commitment to HDF will help us assist hundreds more Connecticut families achieve their dream of homeownership.”– Joan Carty, HDF President & CEO
Webster Bank is already a part of the Housing Development Fund’s MultiFamily Loan Fund, with a $2 million current commitment. The Multifamily Loan Fund lends to individuals and small-to-medium-sized developers who are in the early stages of building portfolios of rental properties, including affordable units. Webster Senior Vice President Robin Gallagher serves as Chair of HDF’s Board of Directors and as Chair of HDF’s Multi-Family Loan Committee.
“For more than three generations, Webster Bank has been committed to helping individuals, families and businesses achieve their financial goals. In fact, our bank was founded to help neighbors achieve the American Dream of owning a home. Assisting people in making that dream a reality is priceless, especially when you see the expression on their faces when they turn the key and know they are home.”
– Robin Gallagher, Webster SVP and HDF Board Chair
“Webster is pleased to be a part of this important venture. We are confident that this will create opportunities to increase residential mortgage lending in low to moderate income neighborhoods in Connecticut to help create stronger and more vibrant communities.”
-Simon Tahan, Webster SVP, Consumer Finance
Webster joins a host of other banking partners in the HDF SmartMove Homeownership Fund, including: Citibank; Connecticut Community Bank,; Fairfield County Bank; First County Bank; Hudson City Savings Bank; Naugatuck Savings Bank; Newtown Savings Bank; Patriot National Bank; People’s United Bank; Savings Bank of Danbury; Stamford Mortgage Company; Union Savings Bank; and the Wilton Bank.