Survey of Recent First-Time Homebuyers at Recent Post-Purchase Seminars Reveals Increase in Personal & Financial Well-Being, Community Involvement

Housing Development Fund & Experts Provide Continuing Education to New Homeowners from Throughout Southwestern Conn on Protecting & Managing Investment in First Home


STAMFORD, Conn., September 18, 2007 – The Stamford-based Housing Development Fund (HDF), a nonprofit bank focused on educating and helping first time homebuyers via its counseling and financial assistance programs, recently held two post-purchase seminars attended by 120 homebuyers from 16 towns in Southern Connecticut (Ed. See list at end of release) who have worked with HDF in the past several years. The seminars took place in Stamford and Danbury where HDF maintains offices. Attendees participated in a post-purchase survey, which revealed some interesting information on the positive changes that homeownership has made in their lives. In general, homeownership has resulted in a higher level of financial stability and personal well-being.

• Since purchasing a home respondents’ incomes have increased by an average of $2,600

• 77 percent have had no difficulty at all making mortgage payments, and not one household was behind on payments

• 86 percent reported that they are happier owning a home rather than renting

• 60 percent said that homeownership has resulted in a higher level of community involvement, i.e.: registering to vote, joining community, religious and homeowners’ groups

• 93 percent said that HDF’s education, counseling and downpayment assistance programs were critical to their being able to purchase a home and that they would recommend the services

Post-purchase seminars are an integral part of HDF’s programs, with topics and discussion ranging from home improvement tips, to avoiding predatory lending/refinancing schemes that can jeopardize the very favorable interest rates attained through HDF’s programs, to accounting and legal issues of homeownership. The seminars are critical to assuring successful home ownership and helping HDF buyers to protect the value and equity in their homes.

According to Tami Strauss, Knowledge Development Officer for HDF, “The results of this most recent survey are consistent with results of prior year data. The impact of the current survey is greater as we have served almost double the number of homeowners this year, giving us significant additional data points.”

Experts from around the region addressed the groups and answered numerous questions.
At the Stamford event, speakers included Betsy McGroarty, Director of Homebuyer Programs for HDF; Valencia Taft-Jackson of CHFA (Connecticut Housing Finance Authority); Neil Scott, of Scott & Scott Home Inspectors of Stamford; Steven Baron, Attorney at Law in Stamford; and Christina Andreana, from ACT Financial Services Group in Ridgefield. In Danbury, in addition to HDF’s McGroarty, speakers were Michelle Grull of the Savings Bank of Danbury in Danbury; and Jennifer Tunnard of Hastings, Cohan, Walsh and Lovallo, LLP, a Ridgefield law firm.

“We find that our post-purchase seminars are extremely helpful to our first time homebuyers,” said HDF President & CEO Joan Carty. “Knowing that our assistance doesn’t stop at the closing helps our clients continue in the ongoing process of maintaining and protecting their greatest asset.”

One HDF client supported that notion, writing, “I would like to thank you and HDF so much for helping me achieve my dream of homeownership. I am still pinching myself! I enjoyed the classes, which are very educational, and the assistance programs show those of us with lower incomes that homeownership is not that far out of reach.”

Participants in the two seminars came from the following diverse towns throughout the state: Ansonia, Bethel, Bridgeport, Brookfield, Danbury, Derby, Fairfield, Greenwich, Milford, New Fairfield, New Milford, Newtown, Norwalk, Shelton, Stamford and Stratford.

About Housing Development Fund

The Housing Development Fund was founded in 1989. It has expanded to serve all of southwestern Connecticut from its Stamford headquarters and a Danbury office opened in 2004. 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.

HDF provides homebuyers with homebuyer finance, counseling and assistance programs. It also offers low-interest, flexible financing and technical assistance to developers and municipalities, and works with the private sector, other nonprofits, and government entities to facilitate the development of more affordable housing.
The organization manages public/private partnerships to lend funds for these affordable housing initiatives. It has the largest public/private pool of mortgage financing for affordable housing in Connecticut – both homeownership and multi-family development- $38 million.

The Housing Development Fund, Inc. has its headquarters at 100 Prospect Street, South Tower Plaza, Suite SP-101, Stamford, Connecticut 06901. It also maintains an office at 8 West Street, Suite 202-204, Danbury, Connecticut 06810. For additional information call Tami Strauss at 203-969-1830 x19 or visit www.hdf-ct.org.