Change made in housing development board

April 19, 2007; As originally appeared in The Stamford Times & Wilton Villager

STAMFORD — Housing Development Fund [HDF], a nonprofit bank providing funding for affordable housing and an array of homebuyer assistance programs, announced that HDF board member Donna M. Ramey, Executive Vice President and Chief Operating Officer of the Savings Bank of Danbury, has been elected chair of its volunteer board of directors.

She succeeds Reyno A. Giallongo, Jr., Senior Vice President, First County Bank who has served as chair for the past six years. He will remain on the executive committee as Immediate Past Chair.

Ramey has served on the HDF board since 2003. As chair, her vision is to help the premiere organization expand statewide. It currently serves all of southwestern Connecticut. Ramey's relationship with HDF began when its President and CEO Joan Carty invited the bank to become a member of its now-$28 million lending pool for multi-family housing. Since that time, HDF and Savings Bank of Danbury have collaborated on a number of affordable housing initiatives in the Danbury area. Ramey serves as the Community Reinvestment Act officer for her bank. She is an active member of a number of other professional and non-profit boards, and a resident of Newtown, Connecticut.

"As someone who is passionate about helping people become homeowners," said Ramey, "I've always enjoyed counseling first time buyers, particularly those in need of financial assistance. In addition, during my 40 years in banking, I've championed the creation of affordable housing. You need both, and HDF is the solution. Rey has been a great chair, and it will be hard to fill his shoes. With the help of HDF's able staff led by Joan Carty, my great executive committee and our diverse board, I hope to help take HDF to the next level."

Retiring Chair Rey Giallongo, of Stamford, is one of the founders of HDF. He has been actively involved in all stages of HDF's growth, including program development with area lenders, a model that has stood the test of time.

Giallongo was engaged in creating partnerships with banks, town officials and non-profit organizations, which enabled HDF to create first-time homebuyer assistance and counseling programs and facilitate the building of affordable housing in Fairfield County through affordable financing programs.

"We are very excited to have as qualified a successor as Donna Ramey," said Joan Carty.

The Housing Development Fund, Inc. has its headquarters at 100 Prospect Street, South Tower Plaza, Suite SP-101, Stamford, Connecticut 06901.