OTHER FUNDING AVAILABLE

From time-to-time, HDF receives funds from governmental agencies and other sources to administer as part of its First Time Homebuyers Program. These funding sources are available on a limited basis, and income and eligibility requirements apply. All buyers will need to complete the HDF homeownership counseling program requirements, which include orientation, one-on-one homeownership counseling and conform to HDF’s underwriting criteria. 8-hour CHFA Homebuyer Education classes offered by HDF may be required for some loan programs.

Currently, HDF has additional funding under the following programs:

Stamford HOME Assistance Program
HDF administers the City of Stamford's HOME Funds for down payment assistance. An interest-free maximum loan of $20,000 is payable at the end of 30 years, or upon payoff of first mortgage, sale of property, or transfer of title. There is a $2,000 fee for this loan, payable to HDF at closing.

To be eligible for HOME funds, the total household income must not exceed 65% of the Area Median Income as adjusted for family size.

This program is contingent upon an agreement with the City of Stamford. To be considered for the Stamford HOME program, you must attend an HDF orientation session (to schedule an orientation, click here).

ADDI

HDF was selected by Governor M. Jodi Rell as one of four housing organizations in Connecticut to administer HUD's American Dream Downpayment Initiative (ADDI). These funds are available to help first-time homebuyers with downpayment costs. The loans are in amounts equal to 6% of the purchase price or $10,000, whichever is greater. As long as the homebuyer remains in the purchased unit, the loan amount decreases annually on a pro-rata basis (based on the ADDI loan amount) when the lien will be released. If the unit is sold prior to the end of the loan period, the balance remaining will have to be repaid.

To be eligible, households may not earn more than 80% of the Area Median Income for the Stamford-Norwalk, Bridgeport, or Danbury Metropolitan Statistical Areas.

Funding is limited for the ADDI program. This is not an ongoing program. To be considered for the ADDI program, you must attend an HDF orientation session (to schedule an orientation, click here).

Workforce Housing Down Payment Fund

HDF has a tax-credit allocation from the Connecticut Housing Finance Authority (CHFA). With these funds, HDF will make zero-interest loans for income eligible clients purchasing properties in the community where they work. This program of assisting clients to live where they work allows them to free up income for housing and other monthly expenses as a result of lower monthly personal transportation costs.

Funding for the Workforce Housing Downpayment Fund is limited. This is not an ongoing program. To be considered for the Workforce Downpayment Housing Program, you must attend an HDF orientation session (to schedule an orientation, click here).