QUICK FACTS ABOUT HOUSING DEVELOPMENT FUND
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Organization Name: Housing Development Fund (HDF)
Legal Entity: Housing Development Fund, Inc., a 501 (c)(3)
Nonprofit Corporation
Founding & Key Dates:
1989 - founded as Stamford Development Fund
1992 - name change to Housing Development Fund of Lower Fairfield County, Inc.
2003 - name change to Housing Development Fund, Inc.
2004 - Danbury office established
2009 - Bridgeport office established
Key Executive: Joan Carty, President & CEO
Governance: Volunteer Board of Directors & Salaried Staff
Headquarters Address:
100 Prospect Street
Suite 100
Stamford CT 06901-1696
Headquarters Phone/Fax:
Phone- 203-969-1830
Fax- 203-323-8958
Web site: www.hdf-ct.org
E-mail: jcarty@hdf-ct.org
Danbury Office Location:
8 West Street, Suite 202-204
Danbury CT 06810
Phone – 203-798-6527
Fax – 203-798-2142
Bridgeport Office Location:
940 Broad Street
Bridgeport CT 06604
Phone – 203-338-9035
Fax – 203-338-9056
Nature of Organization:
HDF is a unique nonprofit bank that advocates and facilitates the development of affordable
housing units and encourages homeownership through a variety of initiatives.
HDF aggregates and manages public and private funds earmarked for financing of affordable housing – both homeownership and rental units.
We develop and/or deploy a variety of lending programs, including down payment and closing cost assistance; second mortgage financing for first time homebuyers; and first mortgages, pre-development and rehab financing for multifamily development.
HDF provides technical assistance to municipalities, helping them fulfill their affordable housing needs. We assist private developers in identifying qualified buyers for affordable housing units.
HDF offers mediation and counseling services to homeowners in danger of losing their homes to foreclosure, helping to moderate the effects of the foreclosure crisis.
HDF provides an array of programs related to successful homeownership and multi-family development, including first time homebuyer and landlord education and counseling programs.
Markets Served:
HDF currently serves all towns in southwestern Connecticut, including Fairfield County, New Haven County, and six towns in southern Litchfield County.
Branded Programs:
First Time Homebuyers Program – down payment and closing cost assistance for first-time homebuyers
SmartMove Homeownership Program – low-interest second mortgages up to 20% of the home purchase price
Foreclosure Intervention Counseling Program – counseling and advocacy for concerned homeowners in danger of losing their homes to foreclosure.
Major Achievements:
At more than $60 million, HDF has the largest public or private pool of first mortgage financing for affordable housing in Connecticut – both homeownership and rental.
As a HUD-certified counseling and lending organization, HDF has provided homebuyer education and counseling to over 3,200 Connecticut households, and helped almost 1,100 become first-time homebuyers.
HDF has developed innovative programs to facilitate affordable housing and/or homeownership for special needs populations, including elderly, transitional, public housing residents, mentally ill and previously incarcerated.
HDF has been honored with numerous awards.
Partnerships:
17 private banks
Municipalities (including the Housing Authorities of Stamford, Danbury and Greenwich)
Governmental Entities (CHFA, DECD, and ADDI)
Private Developers
Other nonprofit agencies
Funding Sources:
Banks
Corporations
Foundations
Governmental Agencies (local, state, federal)
Faith-based Community
Individual Donors
Professional Memberships:
Certified CDFI
Housing Partnership Network
Opportunity Finance Network
Media Spokesperson: Joan Carty (jcarty@hdf-ct.org)
Current Statistics
As of December 31, 2009
Number of Homebuyers: 1070
Downpayment & Closing Cost Subsidies: $44 million
First Mortgages Leveraged $164 million
% Leveraged 27%
Number of Multi-Family Developments Financed: 46
Number of Affordable Rental Units Financed: Almost 800
HDF Flexible Funding Pool: $2 million
HDF Multi-Family Loan Pool: $33 million
Other Subsidies: $8.5 million
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