07 HDF AR - HDF: Housing Development Fund, Inc.

O P E N I N G D O O R S T O A F F O R D A B L E H O U S I N G
2007 Report to the Community
Creating Workable Housing Solutions for Families and Communities

H D F S T A F F
In back, from left to right:
Mike Dreibelbis
Research Assistant
Melvina Peters
Homebuyer Education
Coordinator
Mary Alice Dinho
Homeownership
Counselor
Deborah Mackenzie
Program Coordinator,
Danbury Office
Winifred Thomas
Closing Coordinator
Pat Ormsby
Office Manager
Myriam Mena Polk
Loan Officer
Duane Felix
Loan Officer
Delila Forehand
Loan Officer
Kevin Porter
Assistant Director
of Lending
Seated, from left to right:
Roxana Ubillus
Homeownership
Counselor
Elyse Pitts
Director of Lending
Joan Carty
President and CEO
Tami Strauss
Knowledge
Development Officer
Betsy McGroarty
Director of Homebuyer
Programs
B O A R D O F D I R E C T O R S
M A J O R C O N T R I B U T O R S
Benjamin Barnes
City of Stamford
Bruce Beinfield
Beinfield Architecture
Ellen Bromley
City of Stamford
Jessica Fogg
The Spinnaker Companies
Clayton Fowler
The Spinnaker Companies
Robin M. Gallagher
Webster Bank
*Reyno Giallongo, Jr.
First County Bank
*Charles F. Howell
Patriot National Bank
Pobie Johnston
*John Kline
Union Savings Bank
of Danbury
*Joseph McGee
The Business Council of
Fairfield County
Marjan Murray
People’s Bank
Ken Olson
Retired, Cytec Industries
Jack Penfield
Interfaith Council
Robert E. Pfeiffer
GE Real Estate
*Donna M. Ramey
Savings Bank of Danbury
*Lisa A. Sanders
Bank of America
Al Shehadi
National Trust Community
Investment Fund
Richard E. Taber
First County Bank
Ellen Tower
Citibank F.S.B.
Kathleen Walsh
Stamford Partnership
Seymour Weinstein
Attorney-At-Law
Bank of America
Bank of New York
Barksdale Family Fund
Citigroup Foundation
Patricia Dolyak
Charles & Judy Eaton
Fairfield County
Community Foundation
Federal Home Loan
Bank of Boston
First Congregational
Church of Greenwich
First County Bank
Housing Partnership
Network
Northeast Utilities
Patriot National Bank
Robert Pfeiffer
Real Estate Financial
REFA-CT
Sound Federal Savings
& Loan
The Goodnow Fund
The Charlotte & John
Suhler Fund
Union Savings Bank
United Way of Western
Connecticut
Wachovia Foundation
GOVERNMENT
State of Connecticut,
Department of Economic
Development
Thomas D. Dorsey of Northeast Utilities
presents Joan Carty with $500,000 to
establish HDF’s Workforce Housing
Down Payment Fund
E. Phillip McKain
CTE, Inc.
RGM Financial
Marketing, Inc
*Executive Board
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Dear Friend,
The theme of this year’s Report to the Community is “Opening Doors to Affordable Housing”.
We chose this theme because it is such an appropriate image for our work. HDF helps families and
communities open the door to better housing opportunities. We also open doors for our broad array
of partners: banks, developers, governmental entities, not-for-profit agencies and housing authorities
by linking together the resources needed to unlock housing opportunities. Through our strategic
lending products, we use our most flexible resources to unlock the deeper layer of more restrictive
financing, thus making the system work more efficiently from every perspective.
We take this opportunity to measure our expanding impact and geography.
● Expanded our service area to include all of New Haven County and parts of Litchfield County.
● Financed 67 residential units through our Multi-Family Lending Program in Norwalk,
Bridgeport and New Haven.
● Assisted 151 households to homeownership through our First Time Homebuyers Program, a 56%
increase over the previous fiscal year, bringing our total number of first-time homebuyers to 608.
● Identified, qualified and assembled financing for 46 first time buyers of Below Market Rate units,
part of larger market rate developments, on behalf of five developer clients.
● Extended and increased the SmartMove Loan Fund to $25.5 million, almost triple the starting
point of $9 million in 2004.
● Made a smooth transition from our Board Chair, Reyno Giallongo, of First County Bank to his
successor, Donna Ramey, of the Savings Bank of Danbury.
● Provided expert testimony on inclusionary zoning before the Norwalk Planning Committee,
helping the City to adopt a regulation that will lead to many more affordable units. HDF is also
collaborating with Norwalk to implement its Norwalk Homeownership Assistance Program.
● Convened symposia in Danbury on Inclusionary Zoning, attracting over 150 officials from
throughout northern Fairfield County and another to address Predatory Lending in partnership
with Fairfield University’s Center for Faith and Public Life. Both events featured national,
regional and local experts. In conjunction with HDF’s First Time Homebuyer program, we
also held two post-purchase seminars to help recent HDF buyers protect and maintain their
investments in their homes.
● Underwent the high-quality, efficient, and rigorous CARS analysis this year, receiving a
high rating. The CARS CDFI Assessment and Rating System is a comprehensive, third-party
analysis of community development financial institutions that aids investors and donors in
their decision-making.
We look forward to another successful year at HDF, opening doors to affordable housing and
positively impacting the families and communities we serve.
Very truly yours,
Joan Carty
Executive Director
Donna Ramey
Board Chair
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F I S C A L Y E A R 2 0 0 7 A T A G L A N C E
Stamford:
Assisted 43 households
to homeownership–
an increase of 72%
over FY 2006.
Launched the HOPE VI
Homeownership Program
to assist Stamford public
housing residents to
become homeowners.
Through HDF’s Below Market Rate Program (BMR), placed 7
homebuyers at Adams Mill River House by Seth Weinstein and
Paxton Kinol; held lottery at City Hall to break 7-way tie for 2 units.
Placed 6 BMR homebuyers at the Village at River’s Edge
by RMS Construction.
Placed 15 buyers at Southwood Square Townhomes;
lottery held to break two-way tie for final unit.
Facilitated 3 Shared Appreciation Mortgage (SAM) Loans with
fee-in-lieu funds from the City of Stamford.
Presented program at Women Talking Homeownership
Seminar in Stamford.
Convened Post-Purchase Seminar in Stamford for recent
homebuyers, part of HDF’s First Time Homebuyers Program.
Norwalk:
Assisted 15 households to homeownership–
an increase of 14% over FY 2006.
Placed 6 buyers at The Maritime in
South Norwalk by Spinnaker Real Estate
Partners; lottery held to break a 2-family
tie for the final 2-bedroom unit and a
3-way tie for the final 1-bedroom unit.
Initiated the Norwalk Homeownership
Assistance Program in conjunction with
the Norwalk Redevelopment
Agency/Northe Walke.
Under the Multi-Family Program, financed
the completion of 130 Main Street and initiated effort to
identify 5 buyers for the affordable units at the property.
(See profile on page 6).
Greater Danbury:
Housing Resource Center, a collaboration of HDF
and the United Way of Western Connecticut, enjoyed
2 nd year of operation.
Through the Housing Resource Center, assisted 45
households to homeownership in northern Fairfield
County – an increase of 200% over FY 2006.
Through HDF’s BMR Program, placed 12 buyers
at The Renaissance in Danbury, by GRC Property
Investment & Development.
Convened Housing Symposium where more than
150 northern Fairfield County officials discussed
inclusionary zoning and other affordable housing issues.
Held Post-Purchase
Seminar at
Danbury Public
Library for recent
homebuyers, part
of HDF’s First Time
Homebuyers
Program.
Greater Bridgeport:
Assisted 40 households to
homeownership in Greater
Bridgeport – on par with
FY 2006.
Financed the rehabilitation
of 36 affordable rental
units at Washington Park,
Bridgeport (see profile
on page 6)
Convened Predatory
Lending Luncheon at
Fairfield University in
cooperation with the
University’s Center for Faith and Public Life,
featuring national, regional and local experts.
Celebrated HDF’s 500 th Homebuyer, with the
purchase of a single-family home in Fairfield in
conjunction with the Town of Fairfield.
Housing Development Fund Programs
Multi-Family Lending Program– To encourage development
of for-sale and rental units, HDF provides multi-family homebuyers,
nonprofit and private developers of affordable, senior and special
needs units with a variety of finance options to encourage the
development of for-sale and rental units. We provide acquisition/construction,
pre-development, bridge and permanent first
mortgage financing at favorable interest rates –one of the only local
sources of 30-year fixed rate mortgages for these purposes.
First Time Homebuyers Program–HDF provides education
and counseling about the home purchase process and then provides
down payment and closing cost assistance to qualified buyers, while
helping to put together the full financing package through bank partners
who offer traditional fixed-rate mortgages. HDF is a certified
HUD counselor and lender.
SmartMove Homeownership Program –HDF provides
qualified first time buyers with low- interest second mortgages for up
to 20 percent of the purchase price of the home – helping to close the
affordability gap.
Below Market Rate (BMR) Program –HDF works with
developers who have committed to offering a percentage of new or
rehabbed market rate units to first time homebuyers at below market
4

Milford-Ansonia-Seymour Region:
Expanded outreach into this region.
Assisted 6 households to homeownership.
Greater New Haven and Waterbury:
Entered the Greater
New Haven market,
assisting 2 households
to homeownership and
forging a relationship
with Neighborhood
Housing Services of
New Haven.
Under the Multi-Family
Program, financed the construction of Santa Fe
Commons, 12 condo townhouse units in New Haven.
(See profile on page 6).
rates. To save marketing costs on these affordable units, HDF helps to
identify and screen qualified buyers and put together financing packages.
Homeward Bound Program–HDF is making believers of many
who did not think that residents of public housing represent candidates
for homeownership. Through counseling, advocacy and financial assistance,
we have helped many public housing tenants to achieve the
American Dream, freeing up their rental units for other families on
housing authority waiting lists.
Technical Assistance Program–HDF works with municipalities
to help them develop and administer affordable housing initiatives.
Advocacy–HDF convenes symposia and other educational forums
as part of its initiative to influence land use and lending practices that
encourage and expand affordable housing and homeownership. The
symposia are designed to focus on key trends and issues related to
these critical needs – including inclusionary zoning, transit-oriented
development, predatory lending and workforce housing. HDF generally
collaborates in these efforts with local, regional and national
organizations and experts. Advocacy partners have included the
Federal Reserve Bank of New York, the National Community
Reinvestment Coalition, the Home Loan Bank of Boston, Fairfield
University’s Center for Faith and Public Life, and United Ways in the
communities served by HDF.
5

M U L T I - F A M I L Y B O R R O W E R P R O F I L E S
Washington Park
Developer: Washington Park Revitalization Partnership, LP – A development entity managed by
the Central Connecticut Coast YMCA
Location: Scattered Sites Around Washington Park, Bridgeport
Total Units: 36 Rentals
Affordable Units: 36 Rentals
HDF Financing Program: First mortgage financing of $918,000 from its Multi-Family Loan Fund
pooled from 17 consortium banks, layered onto existing subordinate funding from the City of
Bridgeport and the Bridgeport Neighborhood Fund, Inc., as well as Low Income Housing Tax
Credits through the Connecticut Housing Finance Authority.
“We needed to refinance our original first mortgage from a private lender and acquire additional
funds to complete renovations to the units – without jeopardizing the favorable public
funding we had in place. HDF was expert in dealing with the complexities of this financing
and helped us preserve 36 much-needed affordable units in Bridgeport.”
— Philip J. Dwyer, President & CEO, Central Connecticut Coast YMCA
Santa Fe Commons
Developer: Alberto Alvarez
Location: Eastern Street, New Haven
Total Units: 12 Condominiums
Affordable Units: 4 Condominiums
HDF Financing Program: Multi-Family Loan of $2,300,000 to cover construction and soft costs,
after the traditional lender dropped out.
“HDF understands that small developers can make a solid contribution to both market rate
and affordable housing when provided with a financing package that leads to a project’s
success. It truly helped that HDF’s financing package covered both hard and soft costs.”
— Alberto Alvarez, Developer
Lockwood Terrace
Developer: 130 Main Street, LLC
Location: 130 Main Street, Norwalk
Total Units: 19 (9 historic renovations, 10 new construction) Condominiums
Affordable Units: 5 Condominiums
HDF Financing Program: $5.2 million low-interest construction, layered with $250,000 from the
U.S. Department of Housing & Urban Development, $175,000 in tax credits from the Conn.
Historical Commission, and $150,000 from the Norwalk Redevelopment Agency.
Other HDF Programs: Below Market Rate Program to identify, qualify and help provide
financing for buyers of affordable units.
“We are grateful to HDF, not only for making our development a reality through financing,
but also for helping us put together a true public/private partnership that is saving some of
Norwalk’s remaining historical structures, while creating more affordable units. It was a very
proud day when the Secretary of HUD, Rep. Christopher Shays and local officials selected the
project as a model of urban redevelopment and toured the completed units.”
— Simona Tudor, Co-Developer
6

F I R S T T I M E H O M E B U Y E R P R O F I L E S
Bruce P. and Family (Client Since 2004)
Occupation/s: Engineer
Former Housing: Market Rate Rental, Stamford
New Home: BMR Unit, Stamford
HDF Program/s: First Time Homebuyers Program, BMR Program
Financial Assistance Products: SmartMove, Workforce Housing Down Payment Fund,
Stamford Housing Authority Loan
HDF First Mortgage Partner: CitiBank
“CL&P supports the very important Workforce Housing Down Payment
Program because we believe affordable housing is a key factor in building and
maintaining strong communities and driving economic growth, not only in
Stamford, but across the state. The Connecticut General Assembly made this
program possible, enabling us to more easily assist in making affordable
housing available.”
— Raymond P. Necci, President & Chief Operating Officer, Connecticut Light & Power.
Emily G.
Occupation/s: Graphic Designer
Former Housing: Market Rate Rental, Bridgeport
New Home: BMR Unit, Norwalk
HDF Program/s: First Time Homebuyers Program, BMR Program
Financial Assistance Products: SmartMove, Workforce Housing Down Payment Fund
HDF First Mortgage Partner: People’s United Bank
“Thank you for allowing me to own such a beautiful home, live closer to
my job, and for making my dream of homeownership a reality. To those
considering HDF, just do it! It works.”
— Emily G.
H D F M A K E S F U N D I N G W O R K
HDF Blends Transactional Financing with Asset Building for
Multi-Family Borrowers and First Time Homebuyers
7

H D F H E A D L I N E S A N D H A P P Y H O M E O W N E R S
HDF is very patient, helpful and kind. They
are very informative about the entire process
of owning a home.
– Virginia Ambrosecchia
When you own
a home, it’s
something you
can call your
own. At the end
of the day, it
belongs to you.
– Krystal Taylor
I wanted to thank you for everything you did to help me
purchase my first apartment. It was a privilege to work
with you and I admire your dedication and professionalism.
I have learned a lot along the way and this gives me peace of
mind as a new homeowner. I moved into my new apartment
this past weekend. If you would like to stop by for a cup of
tea just give me a call.
Sincerely, Grace Ksiazek
8

Ownership is the beginning of taking control
of your life. For me anyways.
– Gregg Mello
I just wanted to take a moment to thank you, the Housing Development Fund, and the Homeward Bound program for
helping me achieve the American Dream; owning my own home. It has been over three years since my purchase and a year
ago I made the decision to relocate south and placed my home on the market; I have finalized the sale of my home on
August 28, 2007 and now look forward to planning my relocation. I cannot begin to tell you how helpful your first-time
buyers class was, and how it played such an instrumental part in the decisions I made in my home purchase process.
I pray that all your students walk away with the wealth of information that I did. This opportunity has truly been a
blessing. Thank you again for all your help.
Sincerely, Tanja Bethea
9

H D F B Y T H E N U M B E R S
First Time Homebuyers Program by the Numbers
# of First Time HDF SmartMove HDF Homebuyer Other Total $ First Mortgages
Homebuyers Loans Assistance Loans Subsidies Subsidies Leveraged
608 $11,300,000 $3,000,000 $5,400,000 $19,700,000 $91,000,000
Source of Revenue by Fiscal Year
Growing contributions will help us “open the door” to assisting
2,009 households by 2009, our 20 th anniversary.
Multi-Family Lending by the Numbers
Loan Summary
Total
Number of Loans 42
Number of Projects 41
Total Units 608
Affordable Units 586
HDF Flexible Funding Pool $2,000,000
HDF Consortium Loan Pool $28,000,000
Other Subsidies $9,200,000
Full Financial Statements Available Upon Request.
10

T R I B U T E T O R E Y N O G I A L L O N G O
After serving as HDF’s chairman of the board of
directors since 2002, Reyno Giallongo, Senior Vice
President of First County Bank, has turned over the
gavel to the new chair, Donna Ramey, Executive Vice
President of the Savings Bank of Danbury. Although he
is still an active board member as immediate past chair,
Rey deserves recognition for his leadership during
these years of rapid growth and innovation at HDF.
Rey was a founder of HDF and so has been involved with us
for 18 years. Rey initially served as chair of our Multi-Family
Loan Committee (1989-1994) and joined the HDF Board of
Directors in 1995. He is generous with his
time, which he also contributes to a
number of other area nonprofits and
business organizations. As chairman of
HDF, he guided the agency through a
period of unprecedented growth in all
areas—programs, staff and loan portfolio.
A strategic thinker, his belief in collaborative
alliances and strategic partnerships
led to highly productive relationships
with a number of commercial and
non-profit organizations. During Rey’s
tenure, our programs and services expanded to encompass all
aspects of the affordable housing matrix—assistance for first
time homebuyers, multi-family developers, municipalities and
housing authorities, as well as advocacy. During his tenure,
HDF’s multi-family and homebuyer assistance loan pools
grew from a total of $15 million to $60 million and our assets
doubled from $13 million to $26 million.
Most of all, Rey’s commitment to HDF’s mission and his
concern for its clients has been motivational to both the board
and the staff. We will always be grateful for his continuing
wisdom and experience. He has our deepest thanks for
his leadership.
11

M I S S I O N
S T A T E M E N T
The mission of HDF is to facilitate the development of affordable housing, both rental
and homeownership, and to assist households to become owners of affordable homes.
HDF accomplishes this by providing low-interest, flexible financing and technical assistance
to developers; by providing homebuyer assistance financing and homeownership
counseling to homebuyers; and by working with the private sector, non-profits and
government to facilitate the creation of more affordable housing. HDF believes that all
households and families should have the opportunity and access to affordable housing,
and that affordable housing and economic diversity are beneficial to communities.
DESIGN: HEH Associates, Inc., Wilton, Connecticut PHOTOGRAPHY: Catherine Halstead (Photos are HDF clients and properties developed/purchased by our clients) COPY: Team PR, Westport, Connecticut
Creating Workable Housing Solutions for Families and Communities
100 Prospect Street, Suite SP-101, Plaza Level, Stamford, Connecticut 06901
Phone: (203) 969-1830 Fax: (203) 323-8958
8 West Street, Suite 202-204, Danbury, Connecticut 06810
Phone: (203) 798-6527 Fax: (203) 798-2142
www.hdf-ct.org