HDF Receives $100,000 Fairfield County Community Foundation Grant for First-Time Homebuyer Program

STAMFORD, CT — The Housing Development Fund (HDF), a unique nonprofit bank providing funding for affordable housing and an array of homebuyer assistance programs, has received a $100,000 competitive grant from the Fairfield County Community Foundation (FCCF). HDF will receive $50,000 in each of the fiscal years 2009 and 2010, which will enable it to expand the reach of the Homebuyer Education & Counseling components of its First Time Homebuyer Program that also provides financial assistance. Affordable housing and homeownership are priority areas for FCCF’s grant initiatives. FCCF makes few grants of this size. When it does, it is in specific focus areas and with established agencies that have proven their ability to leverage major grants and achieve impact.

Since 1997, more than 4,000 low- to moderate-income households have taken advantage HDF’s First Time Homebuyer Counseling and Education Programs. Its counselors work with clients to get them mortgage-ready over the long-term. Of these households, HDF has helped over 700 to achieve homeownership with downpayment and closing cost assistance tied to traditional, fixed rate first mortgages from conventional banking partners. The organization also provides post-purchase education and counseling to help assure that clients protect their investments in their homes. More than 99 percent of HDF clients have succeeded in keeping their mortgage payments current.

“The predatory lending and foreclosure crises of the past couple of years underscore the critical importance of educating first time homebuyers about all aspects of buying and keeping a home,” said HDF President & CEO Joan Carty. “We are so appreciative of Fairfield County Community Foundation’s confidence in HDF’s programs and its assistance in expanding these crucial program elements.”

“Affordable housing and homeownership are fundamental to promoting stable communities in Fairfield County,” said Karen Brown, Vice President of Programs for FCCF.

“With their ability to close the affordability gap for first time homebuyers, in addition to educating and counseling them, the Housing Development Fund provides a piece of the homeownership puzzle that complements FCCF’s affordable housing grant portfolio. FCCF is proud to support HDF’s First Time Homebuyer Program with this leadership grant,” she added.

The Housing Development Fund was founded in 1989. From its Stamford headquarters, it has expanded to serve all of southwestern Connecticut. Its Danbury office opened in 2004. In addition to its Multi-Family Program, HDF offers homebuyer assistance programs including its First Time Homebuyers Program, SmartMove low interest second mortgage program, CHFA (Connecticut Housing Finance Authority) –approved Homebuyer Education Classes 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.

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- $60 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.

The Fairfield County Community Foundation promotes the growth of community and regional philanthropy to improve the quality of life throughout Fairfield County. Individuals, families, corporations and organizations can establish charitable funds and contribute to existing funds. The Community Foundation also provides philanthropic advisory services, and develops and leads initiatives to tackle critical community issues. It is in compliance with the Council on Foundations’ national standards for community foundations. The Fairfield County Community Foundation merged with the Greater Bridgeport Area Foundation in January 2008. The merged foundation’s net assets now approach $150 million. The combined history includes over $90 million in grant making to nonprofits in Fairfield County and beyond. For more information, please visit www.fccfoundation.org.