PRESS RELEASE

HOUSING DEVELOPMENT FUND RECEIVES $15,000 GRANT FROM BANK OF NEW YORK MELLON CORPORATION
(STAMFORD, Conn., June 17, 2008)

Community Development Grant Committee Earmarks General Operating Fund

The Housing Development Fund, Inc. (HDF), a nonprofit bank providing funding for affordable housing and an array of homebuyer assistance programs, has just received a $15,000 grant from the Bank of New York Mellon Corporation. The grant is earmarked for HDF’s general operating fund and will support HDF’s primary objective of providing workable housing solutions in southwestern Connecticut. This is the second consecutive year that the Bank of New York Mellon Corporation contributed to HDF. In 2007, HDF received a $10,000 grant for HDF’s Multi-Family Lending and First Time Homebuyer Programs.

Through these and other programs, HDF opens 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 the largest public/private pool of mortgage financing for affordable housing in Connecticut – both homeownership and multi-family development- $60 million.

“Donors frequently direct their gifts to a particular program, although the general operating budget is one of the most challenging funding categories for not-for-profit organizations,” said HDF’s CEO Joan Carty. “We truly appreciate the Bank of New York Mellon Corporation’s recognition of this need, and this grant that will help us meet our operations needs.”

HDF programs are funded and supported through its partnership with 18 banks, including Bank of New York Mellon Corporation, 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.

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.