PRESS RELEASE

HOUSING DEVELOPMENT FUND RECEIVES $25,000 GRANT FROM FIRST COUNTY BANK FOUNDATION
(STAMFORD, Conn., July 14, 2008)

The Housing Development Fund, Inc. (HDF), a nonprofit bank providing funding for affordable housing and an array of homebuyer assistance programs, has received a $25,000 grant from the First County Bank Foundation, Inc. that it will use to support its First Time Homebuyers Program. To date, HDF has educated 4,000 households en route to financially assisting 750 households to affordable, first-time homeownership. The grant was presented at a special event in Stamford, Connecticut to commemorate the 50 companies that were awarded grants totaling $480,000. The companies were chosen from more than 125 applicants for their commitment to economic and community development in Fairfield County through programs for children, youth, families, and other important issues in the area.

Through its First Time Homebuyer, Multi-Family Lending 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 put together the largest public/private pool of mortgage financing for affordable housing in Connecticut – both homeownership and multi-family development- $60 million.

“First County Bank is a strong advocate of affordable housing in its own right and contributes to HDF’s funding pools as one of our banking partners,” said HDF President & CEO Joan Carty. “It is particularly gratifying to also have the support of the First County Bank Foundation. We are committed to putting its generous grant to work in our efforts to create successful homeownership in its communities.”

First County Bank Foundation is the philanthropic arm of First County Bank, a mutual savings bank with 11 branches in Fairfield County. Both First County Bank and HDF are headquartered in Stamford.

HDF programs are funded and supported through its partnerships with 18 banks, 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.