HDF Receives Grant To Provide Assistance

June 23, 2006; As originally appeared in Westport News

The Housing Development Fund, Inc. (HDF), a nonprofit bank providing funding for affordable housing and an array of homebuyer assistance programs, has been named one of seven recipients of the first $10 million to be distributed from the new Connecticut Housing Trust Fund.

HDF received $3 million — by far the largest single grant — which it will use to provide down-payment assistance to first-time homebuyers, and gap-financing for affordable multi-family rentals and supportive housing throughout Southwestern Connecticut.

The funds will assist an estimated 90 to 110 households to become homeowners or rent affordable housing units. The five-year, $100 million Housing Trust Fund, created by a bi-partisan effort in the General Assembly to address the critical need for more affordable housing throughout the state, was signed into law last year by Gov. M. Jodi Rell, who announced the first group of recipients.

In her announcement, the Governor predicted that the funds would make a real difference in the lives of Connecticut workers and their families.

“These seven recipients, with their proven track records of excellence in serving their clients and communities, are an important part of the solution of affordable housing in Connecticut, and it is our expectation that we will begin to feel the impact of this $10 million investment in their programs in the months and years ahead,” said Rell.

Founded in 1989, HDF has expanded to serve all of Southwestern Connecticut from its headquarters in Stamford, and a Danbury office that opened in 2004. ITDF estimates that it will add 60 to 70 additional households to the 450 already helped by its Adopt-A-House first-time homebuyer down-payment assistance program.

“We are thrilled with the infusion of public sector resources that are coming at a critical time in meeting the need for affordable housing,” said HDF Executive Director Joan Carty.

HDF, a HUD-certified lender and counselor, facilitates the development of affordable housing. For additional information call Tami Strauss at 969-1830, ext. 19 or visit www.hdf-ct.org