Housing Development Fund names new loan officer

Duane Felix Joins Non-Profit Bank to Further its Efforts in Facilitating the Financing of Affordable Housing

STAMFORD, Conn., October 30, 2006- The Housing Development Fund (HDF), a unique nonprofit bank providing funding for affordable housing and an array of homebuyer assistance programs, announced that Duane Felix has joined the organization as Loan Officer. In his new position with HDF, Felix will be responsible for evaluating, authorizing, and recommending approval of customer applications for the organization’s various residential and commercial loan programs. HDF provides qualified 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, nonprofits, and the government to facilitate the development of more affordable housing.

Before coming to HDF, Felix worked with the Planning Department’s Housing Division of Kansas City, Missouri, where he assisted in providing Community Development Block Grant funds to low-income households. Previously, he worked with the Missouri Housing Development Commission, also in Kansas City, on the development of a project manual intended to improve the design and construction of housing units for low-income households. He also served as a senior loan officer at HEW Federal Credit Union, in Alexandria, Virginia, where he headed the committee to increase loan volume to loan-income and credit risk members.

“We’re very pleased to welcome Duane Felix to HDF”, said Joan Carty, HDF’s executive director. “He brings to the organization a unique combination of experience in community development, finance and homebuyer assistance programs, as well as a true commitment to affordable housing.”

Felix earned his Bachelor’s Degree in Business Administration from Cleveland State University and holds a Master’s Degree in Urban Planning from the University of Kansas. He relocated to Norwalk, Connecticut.

About Housing Development Fund
Founded in 1989, the Housing Development Fund has expanded to serve all of southwestern Connecticut from its headquarters in Stamford and a Danbury office opened in 2004.

HDF offers a variety of homebuyer programs including its First Time Homebuyers Program which offers one-on-one homeownership counseling as well as down payment and closing cost assistance, its SmartMove low interest second mortgage program, and CHFA (Connecticut Housing Finance Authority) approved Homebuyer Education Classes. Along with HDF’s requirement that its financing be linked only to traditional, fixed-rate mortgage products, its programs have led to unprecedented stability in its portfolio.

HDF is a HUD-certified lender and Housing Counseling agency that facilitates development of affordable housing. The unique nonprofit bank manages public/private partnerships to lend funds for this purpose. Through its approach that pools risk for lenders, HDF is a leader in providing first mortgages for the development of multi-family units.

HDF provides low-interest, flexible financing and technical assistance to developers and municipalities. HDF has the largest public/private pool of first mortgage financing for affordable housing in Connecticut – both homeownership and rental - $38 million.