HDF Adds Bank Member

March 30, 2007; As originally appeared in The Commercial Record

Stamford-based Housing Development Fund has added Webster Bank as the 17th member of the fund’s loan pool for affordable multifamily housing.

With the bank’s $1.5 million commitment to HDF’s Multifamily Loan Fund, the fund now totals $28 million. It assists individual owners and small developers of affordable multifamily properties, generally with 20 units or less, who traditionally have been underserved by the conventional lending industry.

The 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. HDF’s loan pool enables its members to share the risk of lending to new landlords. The fund works to further reduce the risk by assisting the borrowers with information and resources.

Founded in 1989, the Housing Development Fund has grown to serve all of southwestern Connecticut from its headquarters in Stamford and a Danbury office that opened in 2004. HDF manages public-private partnerships to lend funds for affordable housing initiatives.

Webster Financial Corp. is the holding company for Webster Bank, National Association and Webster Insurance. With $17.1 billion in assets, Webster provides business and consumer banking, mortgage, insurance, financial planning, trust and investment services through its 177 banking offices.