IN THE NEWS
After 20 years, a Stamford nonprofit measures success in happy homeowners
May 10, 2010; As originally appeared in The Stamford Advocate
Elizabeth Kim, Staff Writer
STAMFORD -- Before construction was even completed, Esther Colon knew at first sight that she had found her family's new home.
"Faith; that's the word I like to use," she said.
In 2006, Colon and her three children walked onto the site of an upcoming townhouse development at 85 Camp Ave. in Springdale. As part of the city's affordable housing policy, 18 of the 170 condominium units were slated to go to qualified low-income families.
As they walked through the still unfinished interiors, she turned to her oldest daughter and said, "This is for us."
A year later, after undergoing a program at the Housing Development Fund, she and her husband, Elisamuel, purchased one of the three-bedroom condominiums for $210,000, which was less than
half of the market value.
Today, they count themselves among the more than 2,000 families that have been helped by the Stamford-based nonprofit, which is celebrating its 20th anniversary this month.
Over the years, the organization has provided financing for development of affordable housing, along with various home loan assistance programs for low- and moderate-income families.
Based in Stamford, HDF draws on a pool of more than $60 million in funds and works in 29 communities in southwestern Connecticut.
"We've grown in ways that we could never have anticipated," said Joan Carty, president of HDF for almost 17 years.
Starting out in 1990, the agency loaned $200,000 in affordable housing financing for the rehabilitation of a three-family house on Selleck Street, Carty said. Last week, it loaned out $14 million for development of an 82-unit rental project in downtown Bridgeport.
When it later started its home-buying assistance program, HDF helped a total of 15 families that first year. Today, the annual number has grown to almost 200 families.
HDF has also helped the city better leverage its affordable housing funds by combining it with its programs, according to Robin Stein, Stamford's Land Use Bureau chief.
"They are the best entity for combining resources," he said.
The nonprofit, he added, has also served as an important sounding board for affordable housing regulations and qualifying procedures, which has been refined over the years.
In the case of the Colons, HDF provided $50,000 in loans for downpayment and closing costs. The city of Stamford also chipped in additional funds.
The family's monthly mortgage payment is about $1,100, less than it cost them to rent an apartment in Stamford.
The effect has been immeasurable, they said, including having their children flourish in a community with a good school system and granting them a sense of financial empowerment.
HDF requires all prospective homebuyers to attend its financial education classes, which go over topics as varied as how to buy and take care of a home and qualifying for a mortgage.
"They gave us the tools, which was knowledge, and knowledge is money," Elisamuel said.
As a result of the classes, the couple together worked to improve their credit scores and become more savvy about money management, he said.
Before the program, the 55-year-old Elisamuel Colon, who works as a minister at a church in the Bronx, N.Y., said that financial skills were "not at the top of his life," but he learned they were the key to happiness.
After once having to scrounge to make ends meet, the family is now able to plan and budget vacations.
At 41, Esther Colon, who arrived from Puerto Rico in 2003, recently began taking English classes at Norwalk Community College. She eventually would like to earn a degree in early childhood education.
Although English is her second language, she was the one who helped them navigate the home-buying process, beginning with finding HDF's website after a neighbor told her about the agency and requesting a Spanish-speaking counselor.
On Monday, she gave a tour of their colorfully appointed home, which she learned to paint and decorated herself through watching HGTV. The room belonging to her son Joseph is a blue-toned tribute to the cartoon movie "Cars." Afterward, she excused herself, explaining that she needed to cram for her final exam that evening.
As she studied upstairs, Elisamuel gave her all the credit, from finding the house to having the conviction that it would become theirs.
"She did everything," he said. "This is her house."
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