Housing Development Fund, People’s Bank & Other Experts Offer Advice To Recent Home Buyers At Post-Purchase Seminar

October/November, 2006; As originally appeared in The First-Time HomeBuyer

STAMFORD -- Members of more than 25 households from Ansonia, Bridgeport, Danbury, Norwalk, Shelton and Stamford, who became first-time homeowners with counseling and financial assistance from the Stamford-based Housing Development Fund, recently gathered at People’s Bank in Bridgeport to learn how to protect their new and largest asset. As part of HDF’s post-purchase counseling program, experts offered the group advice on topics including avoiding predatory lending and refinancing schemes, finding alternatives to refinancing, planning for repairs and home improvements, and understanding the rights of home and condominium owners.

“ When we work with first-time home buyers, the assistance we provide does not stop at the closing table,” said Joan Carty, Executive Director of HDF, a nonprofit bank that advocates for affordable housing and encourages homeownership. “It’s critical for our clients to have a friendly resource as they assume the ongoing responsibility of maintaining their homes and protecting their greatest investment.”

When asked, “Are you glad that you did this (worked with HDF in preparing to purchase and maintain their first home) and is it working for you?” all of the participants answered, “Yes.” The homeowners also offered comments on their experiences with HDF in a survey conducted at the post-purchase seminar: “HDF is full of friendly people who take the time to help.” “HDF taught me to budget, pay bills on time, and save money.” “They made it very easy and understandable going through the process.” “HDF has truly remarkable people who really care.”

In addition to its Stamford headquarters, the Housing Development Fund has an office in Danbury. The HUD-certifled lender and counselor serves all of southwestern Connecticut.