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News : Local Nov 8, 2007 - 10:29 PM

Housing Development Fund selected as finalist in multi-million-dollar Wachovia NEXT Award for Opportunity Finance

By Press Release

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Housing Development Fund (HDF), a unique nonprofit bank providing funding for affordable housing and an array of homebuyer education and assistance programs, has been selected as a finalist in the Wachovia NEXT Award for Opportunity Finance.

The organization was named one of ten semi-finalists nationwide in early October and is now one of two community development financial institutions (CDFIs) with assets of between $10 million and $50 million under consideration for a $2.75 million award. The award – a one-time, program-related investment and unrestricted grant to a high-potential CDFI – will be made in Miami in December. New this year, the awards program is offered by the Opportunity Finance Network and sponsored by the Wachovia Foundation and the John D. and Catherine T. MacArthur Foundation.

Since HDF was named a finalist late last month, its President and CEO Joan Carty traveled to Chicago for a presentation and Q&A session before the national committee that will select the recipients of the award. As a finalist, HDF will be recognized at the Miami awards presentation with a specially produced video about the organization and its work.

Carty said, “It’s a particular honor to be selected as a finalist from among this nationwide group of premier organizations that do the important work of creating economic opportunities in their communities. An award of this size would enable HDF to move its programs to the next level and to make an even greater impact on the affordable housing needs in Connecticut .”

The Wachovia NEXT Awards for Opportunity Finance were created to highlight and encourage the role that CDFIs such as HDF play in building and preserving affordable housing, helping small businesses to grow, and developing new community facilities.

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

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