HOUSING DEVELOPMENT FUND RECEIVES $10,000 GRANT FROM THE COMMUNITY FUND OF DARIEN

Funding to be Used to Support the First Time Homebuyers Program

STAMFORD, Conn., July 22, 2008 - The Housing Development Fund, Inc. (HDF), a nonprofit bank providing funding for affordable housing and an array of homebuyer assistance programs, has received a $10,000 grant from The Community Fund of Darien. The funding will be used to support HDF’s First Time Homebuyers Program in Fiscal Year 2009.

Through its First Time Homebuyers Program, HDF offers a variety of downpayment assistance products to help low and moderate-income households achieve first-time homeownership. In 2008 alone, HDF is educating more than 600 households on their path to homeownership, providing individualized counseling for 300 families and assisting 139 to homeownership. HDF has already counseled 200 households after the purchase of their home, ensuring that they protect their largest assets, their homes, into the future.

HDF’s various programs, including the Multi-Family Lending and the First Time Homebuyers open the door each year to affordable homeownership for hundreds of families in communities throughout southwestern Connecticut. The organization manages public/private partnerships to lend funds for these affordable housing initiatives. It has put together the largest public/private pool of mortgage financing for affordable housing in Connecticut – both homeownership and multi-family development- $60 million.

“On behalf of HDF, I would like to thank the Community Fund of Darien for supporting HDF and our First Time Homebuyers Program,” said HDF’s President & CEO Joan Carty. “This grant will help us to successfully continue assisting families throughout Connecticut in achieving their dream of homeownership.”

HDF’s programs are funded and supported through its partnerships with 18 banks, municipalities, corporations, government entities (the Connecticut Housing Finance Authority, the State of Connecticut Department of Economic and Community Development, the United States Treasury Department, the Community Development Financial Institutions Fund), as well as non-profit agencies, foundations and private developers.

“Supporting affordable housing is a new horizon for The Community Fund of Darien, but we feel it is an important component of a sound, well balanced community,” said Martha Rhein, Vice President of The Community Fund. “Recognizing that housing is one of the most critical issues in Fairfield County, we applaud HDF’s success.”

HDF is one of 29 agencies that were awarded grants from The Community Fund. During 2008-2009, more than $700,000 will be distributed to human services agencies serving Stamford, Norwalk and Darien. For more information about The Community Fund of Darien, call (203) 655-8775.

The Housing Development Fund was founded in 1989. From its Stamford headquarters and a Danbury office opened in 2004, it has expanded to serve all of southwestern Connecticut, all of New Haven County and parts of Litchfield County.

HDF’s homebuyer assistance programs include its First Time Homebuyers Program, SmartMove low interest second mortgage program, CHFA (Connecticut Housing Finance Authority) approved Homebuyer Education Classes Program and Below Market Rate Program (BMR). HDF is a HUD-certified lender and Housing Counseling agency. The organization provides homebuyers with homebuyer finance, counseling and assistance programs.

HDF offers low-interest, flexible financing to developers through its Multi-Family Lending Program. HDF also offers technical assistance to municipalities, and works with the private sector, other nonprofits, and government entities to facilitate the development of more affordable housing. Through its Advocacy Initiative, HDF convenes symposia for business leaders and community decision makers featuring national, regional and local experts on important topics related to affordable housing and homeownership.

The Housing Development Fund, Inc. is headquartered at 100 Prospect Street, South Tower Plaza, Stamford, Connecticut, and maintains an office at 8 West Street, in Danbury. For additional information call Tami Strauss at 203-969-1830 x19 or visit www.hdf-ct.org.