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

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
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