Housing Development Fund Receives
$25,000 Grant From First County Bank Foundation
Funds Will Contribute to Development of Program to Help
First Time Buyers Purchase Affordable Homes
STAMFORD, Conn., July 26, 2007- The Housing Development Fund, Inc. (HDF), a nonprofit
bank providing funding for affordable housing and an array of homebuyer assistance
programs, announced that it has received a $25,000 First County Bank Foundation
grant in support of its First Time Homebuyer Program. The program helps low-
and moderate-income households of southwestern Connecticut to achieve the dream
of homeownership.
HDF’s First Time Homebuyer Program is designed to identify and help qualified
candidates purchase homes through education, counseling, and special financing,
all designed to close the affordability gap. Since 2003, the First County Bank
Foundation has awarded $90,000 to the First Time Homebuyer Program, supporting
HDF’s efforts to make affordable housing accessible to all qualified households.
This year, the foundation received more than 105 applications and awarded grants
to 44 agencies promoting Community & Economic Development and other important
causes.
“
We are honored to support the Housing Development Fund’s mission of making
affordable housing possible,” said Richard Taber, Chairman of the Board
and CEO, First County Bank. “We feel that the First County Bank Foundation’s
goal of helping the local community has met a perfect match in HDF.”
HDF’s First Time Homebuyer Program includes homebuyer orientation sessions,
one-on-one homebuyer counseling classes, pre- and post-purchase seminars, and
assistance with financing and the home purchase process. The process begins with
an initial orientation session, which determines if applicants qualify to participate
in the program. HDF then provides qualified homebuyers with one-on-one educational
counseling. The organization puts together individual financing packages required
to buy a home or condominium selected on the open market, or a below-market rate
unit available from HDF developers or municipal partners. HDF staff members offer
assistance at every step of the purchase process and also provide post-purchase
counseling.
HDF programs have already helped more than 650 families to achieve homeownership,
and HDF has financed the creation of affordable rental and for-sale units for
600 additional families. HDF first-time homebuyers have become residents of many
communities throughout southwestern Connecticut, including Stamford, Danbury,
Greenwich, Norwalk, Westport, New Canaan, and Fairfield.
HDF programs are funded and supported through its partnership with 17 banks,
municipalities, government entities (the Connecticut Housing Finance Authority,
the State of Connecticut Department of Economic and Community Development, the
United States Treasury Department, Community Development Financial Institutions
Fund) as well as private developers, not-for-profit agencies, corporations and
foundations.
“
We are very grateful to our partners, such as the First County Bank Foundation
and its continuing support of our First Time Homebuyer Program,” said HDF
Executive Director Joan Carty. “Besides the obvious financial benefits,
homeownership positively influences personal, social, and civil areas of people’s
lives, creating stronger communities.”
The Housing Development Fund was founded in 1989. It has expanded to serve all
of southwestern Connecticut from its Stamford headquarters and a Danbury office
opened in 2004. 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.
HDF provides 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, other nonprofits, and
government entities to facilitate the development of more affordable housing.
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- $38 million.
The Housing Development Fund, Inc. has its headquarters at 100 Prospect Street,
South Tower Plaza, Suite SP-101, Stamford, Connecticut 06901. It also maintains
an office at 8 West Street, Suite 202-204, Danbury, Connecticut 06810. For additional
information call Tami Strauss at 203-969-1830 x19 or visit www.hdf-ct.org.
The
First County Bank Foundation, Inc. Established in 2001
in honor
of the Bank’s 150th anniversary, the First
County Bank Foundation was created to distribute funds annually
to non-profit organizations addressing local needs. As a
mutual savings bank, First County Bank has no stockholders.
The Bank considers contributions made to the Foundation a
means of paying dividends back to the local communities.
The selected award recipients are non-profits that address
critical issues, such as homeownership counseling, affordable
housing, self-sufficiency, senior living, health, education,
families, children and youth. For additional information,
please visit www.firstcountybank.com/foundation.htm.
|
