2022 Annual Report
Housing Development Fund
Dear Friends, We’re thrilled to share with you the completion of Washington Crossing.19 of the 23 units are sold and families have moved in. This venture into development by HDF gave us an opportunity to do a vertical integration of all our core programs: counseling, homebuyer education, construction lending, residential lending, outreach and marketing. All staff collaborated seamlessly. Our challenges in mastering a new program area – development – gave us a daily laboratory to stretch ourselves and support each other. We learned we are a flexible and generously spirited team.Everyone had an important role in making the project happen, and we kept all our core programs productive and effective at the same time.
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Clay Fowler, HDF Board Chair
SCOTT GERARD served on HDF's Board of Directors for nearly 15 years. Scott is a Partner at Shipman and Goodwin, where he represents national, regional and local lenders in commercial finance transactions of various types. Scott was instrumental in representing HDF pro bono in the acquisition of the Washington Crossing property. We will miss his enthusiasm, expertise, and friendship.
Board of directors 2021-2022
The Housing Development Fund would like to thank Scott Gerard for his many years of service on HDF's Board of Directors.
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Joan Carty, President and CEO
Clayton Fowler, Chair The Spinnaker Companies Michael Chambers The Per and Astrid Heidenreich Family Foundation Robin M. Gallagher Webster Bank Charles F. Howell Bert Hunter CT Green Bank Michael Hunter Trinity Financial Barbara Kelly Citibank Annie Lazarus Landmark Partners Willard Miley First County Bank Marjan Murray M & T Bank Kathleen Romagnano M.Y. Safra Bank Lisa A. Sanders TD Bank Michael Weinstock M&T Bank
“On top of renovating a historic South End building, HDF created a community land trust on the property, which is designed to help the condos stay affordable in perpetuity.” “Some of the people buying into the land trust have been trying to purchase in Stamford for years, according to HDF. Many are city natives or work in town...” “'I can't wait to have my son come and look at this,' one CLT homeowner said. 'After waiting for so long, I didn't know I would be able to be a homeowner in this town.'”
To read the full article, visit: https://www.stamfordadvocate.com/news/article/A-sneak-peek-at-Stamford-s-newest-affordable-17185558.php In the spring of 2022, HDF's newly completed Washington Crossing property was featured in the Stamford Advocate. The piece discussed the ways in which HDF is creating affordable home ownership opportunities for LMI households in Stamford. .
HDF IN THE NEWS in 2022!
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HDF was delighted to see our Community Land Trust project in The The Stamford Advocate, and to be quoted in the New York Times! "'They will be able to share in equity appreciation when they sell, so that they will be taking some of the equity with them to purchase something else — maybe something on the open market,' Carty told The Stamford Advocate. By default, land trusts cap the amount of money a seller can make to help keep the property affordable. For most CLTs, that stipulation is baked into the property’s deed restrictions."
"[The CLT] really is beneficial. I like that it brings everything full circle. Whereas, we find clients, we counsel them and then give them loans and then it could just be them going out on their own, finding their own house—I think this completes the whole circuit, the whole circle. The counseling, the loans, and now providing the affordable housing."
"It is amazing that the entire company has come in to help, and it really shows that [HDF] is here to help the community, and we’re here to build a community. That’s really invigorating—to know that this is a possibility to continue developing these types of things and give more to people and help more people."
Jaclynn Alves Director of Residential Lending
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WELCOME TO WASHINGTON CROSSING! CONSTRUCTION IS COMPLETE!
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"Some of [our CLT clients] are the first ones in their family to own a home. I see that as a positive. Not only that, they are creating wealth and something that they can leave to their children eventually. And when somebody is doing well financially, it impacts the whole community, so I’ve been really blessed and happy to not only work for this organization and see the impact, but also see the joy in the clients."
Chris Bogacki Data & Administrative Manager
In February of 2020, HDF and its partners, A.P. Construction and J. Forrest Management, broke ground at Washington Crossing. This endeavor represents a significant milestone and was the first major development project for HDF. Washington Crossing brings 23 permanently-affordable condo-style homes to the South End neighborhood of Stamford. Each condo is being sold to low-income families, all of whom are first-time homebuyers. HDF was able to make homeownership possible for households whose income is at/under 60% of the area median income by using an innovative community land trust homeownership model. The land that sits under the condo units is kept in a trust, thereby protecting the affordability forever and allowing HDF to sell the condos at a drastically reduced price since the land is not included in the purchase. Construction on the property was completed in July of 2022 and all of the condos will be sold to low-income families by the end of September 2022.
Gina Delano Interim CFO
Roxana Ubillus Director of Homebuyer Development
"This is our first foray—and this is not going to be our last. This is just the first, and I think being able to develop this kind of thing. . . we’ve learned a lot from this that we’re going to use to adjust the next one. It’s a new direction, and it’s a strong direction."
COMMUNITY LAND TRUST
NEW HORIZONS IN THE SOUTH END AND AT HDF
December 2018: HDF secures its first fee in lieu from the Zoning Board
May 2022: During the annual Benefit Breakfast, attendees are invited to tour the CLT property and condo units
April 2019: HDF is awarded $750,000 from the CT state Bond Commission! August 2019: HDF executes purchase and sale agreement of 287 Washington Blvd October-December 2019: HDF begins due diligence of the property
January 2020: HDF secures second fee in lieu from Zoning Board August 2020: HDF submits plans to Zoning Board for approval HDF board commits its own resources to assist in funding the CLT August 2020: HDF closes on the purchase of the land!
January 2021: Historic Preservation Office agrees to allow demolition, and HDF secures necessary permits March 2021: HDF executes contract with general contractor April 2021: HDF breaks ground on the CLT!
August 2022: HDF secures Certificate of Occupancy for Washington Crossing August 2022: The first CLT homeowners begin to close on their new condos
September 2020: HDF posts a Notice of Demolition, but Stamford Historic Preservation office files a demolition delay (Sep.) October 2020: 287 Washington Blvd is placed in trust to be permanently used for the purpose of affordable housing
July 2021: HDF files application for IRS designation as a Community Land Trust July 2021: 19 units are reserved for eligible purchasers October 2021: HDF secures IRS designation for the CLT December 2021: Preparation of condo documents is underway
WASHINGTON CROSSING THROUGH THE YEARS. . .
January 2022: Construction is underway at 287 Washington April 2022: Construction at 287 Washington is complete!
May 2020: HDF begins monthly marketing sessions to community about CLT May to September 2021: HDF counsels applicants, assesses eligbility and mortgage readiness June 2021: HDF closes on state Bond Commission funds and construction financing
August 26, 2022: New HDF homeowners start to move into Washington Crossing! September 2022: HDF identifies potential buyers for all 23 condo units
Bankwell Connecticut Community Bank First County Bank First Republic Bank Laurel Road Bank M & T Bank Newtown Savings Bank People's United Bank Savings Bank of Danbury Union Savings Bank Webster Bank
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PROJECT SPOTLIGHT!
Multifamily Consortium
In Waterbury, CT - In May 2022, HDF provided $2,250,000 in financing to convert The Farrington Apartment building in downtown Waterbury into affordable rental housing. This financing, provided by HDF's multifamily bank consortium, is permanent and will help fund construction costs to convert most of the vacant space into 29 deed restricted affordable residential apartments, while maintaining 3 commercial units in the street-facing first-floor section of the property. The property was previously owned by Webster Bank and used as one of the Bank's original business locations in the State. The space was converted to apartments, now called the Farrington Apartment Building, in 1930. The property is located within Waterbury’s Enterprise Zone, and the City provides incentives to developers to encourage reinvestment activity in this distressed area. It is also located across the street from a park and the local YMCA, making it an appealing location for families.
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COMMERCIAL LENDING
Consortium lenders have banded together to finance affordable housing projects throughout CT. HDF is proud to be partnered with these banks.
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Counseling & Education
HOMEOWNERSHIP
Citibank M&T Bank People’s United Bank Ulster Savings Bank Webster Bank
HDF’s First-Time Homebuyer Program (FTHB) is designed to help hardworking families buy a first home they can afford. Our one-on-one homebuyer counseling and homebuyer education classes are provided completely free of charge. Homebuyers work one-on-one with their homeownership advisor to develop an action plan, increase savings, reduce debt, and improve credit. Advisors also help clients identify and apply for downpayment assistance opportunities. Since 2004, 6,800+ families and individuals have recieved HDF's one-on-one counseling and 2,000+ have completed homebuyer education. In FY22, counseling activity was robust; HDF counselors provided pre-purchase counseling services to 545 households.
SmartMove NY
Chelsea Groton Bank Citibank Fairfield County Bank First County Bank Ion Bank Liberty Bank M&T Bank Norcom Mortgage Patriot Bank People’s United Bank Savings Bank of Danbury Signature Bank Norcom Mortgage Thomaston Savings Bank Union Savings Bank United Bank Webster Bank
Downpayment and Closing Cost Assistance
MAPPING 25 YEARS OF HOMEOWNERSHIP IMPACT!
Princeton Fellow Gabby Tummolo analyzed data from HDF's internal records to create a map which brings viewers on a journey through time, visually capturing HDF's growing impact in helping low- to moderate-income families become homeowners. The map's earliest data points include purchases as far back as 1997, and it encompasses all 3,071 homes purchased by HDF clients from 1997 to 2022. The extended map also visually represents all 4 states in which HDF clients have purchased their homes; including Connecticut, New York, Massachusetts, and Vermont. Each data point on the map represents a unique HDF household and indicates the type of home purchased using a color-coded legend.
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HDF provides a variety of low-interest homebuyer assistance loans to income-eligible first time homebuyers. Funded through the SmartMove Loan Pools and a variety of grants, these loan programs help make homeownership affordable by lowering the cost of financing. Since 1994, our residential lending programs have helped nearly 3,200 first time homebuyers.
Seila Mosquera-Bruno, Commissioner of CT's DOH
Member banks purchase a stake in sustainable homeownership in our community by supporting the SmartMove progrm and providing first mortgage lending to HDF homebuyers.
Jagjiwan Singh, Bob Hogan, and Fran Pastore
SmartMove CT
SmartMove Loan Pool
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Homeownership Equity Fund
"....I have had an extremely hard time in the past few years exacerbated by Covid.... and therefore dealing with someone who cares has meant the world to me. I thank you all from the bottom of my heart for your help. " - UniteCT Recipient and HDF Client
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and also are at or below the respective income limits and is reflective ofHDF's commitment to support wealth building through homeownership in marginalized communities.
rental relief program with The connecticut department of housing and the connectiCut housing finance authority
In 2022, HDF launched the Homeownership Equity Fund, its newest downpayment assistance program designed to help BIPOC (Black, Indigenous, and People of Color) First-Time Homebuyers afford the initial fees that typically accompany buying a home. The Homeownership Equity Fund offers HDF's BIPOC clients up to $20,000 in downpayment and closing cost assistance loans at 0% interest for a 30-year term, when they buy in the state of Connecticut. The Homeownership Equity Fund is available to HDF clients who meet these criteria
HDF has been selected to administer The Department of Housing and Connecticut Housing Finance Authority’s rental relief program, UniteCT. The program was launched to help renters and homeowners address the economic impact related to COVID-19.
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speaking pROGRAM
Washington crossing tours
Community Engagement
NEARLY $100,000 RAISED FOR hdf'S HOMEOWNERSHIP COUNSELING PROGRAM!
This July, HDF Staff traveled to the Mill River Park Collaborative in Stamford as part of NeighborWorks America's 2022 NeighborWorks Week. A "vibrant, welcoming space where the community can gather to relax, play, learn and connect with nature", the Collaborative was also founded to preserve natural habitats and educate residents about nature conservation. HDF staff volunteered at the Mill River Park Collaborative by planting new trees and making way for new plants as a way to show appreciation for the Stamford community during this NeighborWorks Week.
2022 BENEFIT BREAKFAST
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Pictured: Stamford Mayor Caroline Simmons; Marietta Rodriguez, President & CEO NeighborWorks America; Michael Chambers, Per and Astrid Heidenreich Foundation; Joan Carty, President & CEO HDF; Clayton Fowler, HDF Board Chair
Pictured: Benefit attendees enter the new and Victorian buildings at Washington Crossing to tour the newly completed condo units, joined and guided by HDF Staff.
Erna & Kenneth Olson Hoffman Investment Partners
CT Fair Housing Center Debbie Robertson Janet Pilz Kathleen Wyne
Visionaries
($5,000+)
($250+)
Partners
2022 social media report
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($500,000+)
HDF's communications team evaluates the effectiveness of our online outreach by measuring reach (the number of users who view HDF's posts) and engagements (the total number of interactions received on original or tagged posts).
Icons
($10,000+)
Friends
Partners, Cont.
CT Green Bank Charles Howell DR Bank Eileen & Tom Hynes Fairfield County Bank F.D. Rich Federal Home Loan Bank of Boston First American Title Insurance Co. First County Bank First Republic Bank Jackie Davis and Company M.Y. Safra Bank Norcom Mortgage Savings Bank of Danbury Shipman & Goodwin
With regularly scheduled posts across platforms like Facebook, Instagram, Twitter, and Linkedin, HDF's social media presence oversees thousands of post & profile engagements and impressions.
Spinnaker Real Estate Partners, LLC Stamford Mortgage Company Union Savings Bank Webster Bank
($500+)
Leaders
($1,000+)
In 2022, HDF's commitment to digital outreach and marketing grew even stronger as social media continues to become a quintessential aspect of outreach to donors, sponsors, community partners, and current and prospective clients. This year, HDF crafted over 84 unique posts to attract potential clients for our downpayment assistance programs and community land trust, thank our sponsors, promote the annual benefit breakfast, and more.
M & T Bank People's United Bank
MAJOR GRANT AWARDS IN 2022: $525,000 FA AWARD FROM THE CDFI FUND $1,826,000 RRP AWARD FROM THE CDFI FUND $460,000 FROM NEIGHBORWORKS AMERICA
Builders
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The CDFI Fund NeighborWorks America
Alliant Retirement Services Cynthia Russell Griffith E. Harris Insurance Services, LLC Hartford Foundation
Neighbors
The Goodnow Fund The Wells Fargo Foundation The Stamford Rotary Club
FY2022 Supporters
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Assets
Total with donor restrictions
1,323,266
2,046,115
"Thank you for making it possible for me and my family to change our lives. Thank you so much." - Judy G., HDF Homeowner
Total Net Assets
$28,024,719
$26,874,940
Current Liabilities
2022
2021
Current portion of notes payable
$515,804
$2,936,645
Accounts payable, accrued expenses and other
356,760
398,620
Accrued interest payable
89,865
96,579
Current portion of conditional grant advances
3,157,679
Accounts payable - construction
375,030
81,128
Total current liabilities
4,495,138
3,512,972
Current Assets
Cash and cash equivalents
$8,834,272
$8,297,963
Accounts and other receivables
19,708
80,328
Interest receivable
137,757
133,513
Prepaid expenses and other
126,427
114,668
Current portion of construction in progress
8,908,992
Current portion of loans receivable
1,525,306
4,266,187
Total current assets
19,552,462
12,892,659
Net Assets without donor restrictions
Operating
$9,058,476
$5,434,669
Board designated
16,655,974
17,347,774
Net investment in real estate
987,003
2,046,382
Total without donor restrictions
26,701,453
24,828,825
Total Liabilities and Net Assets
$27,310,518
$28,846,592
Other Liabilities
Conditional grant advances, net of current portion
177,186
3,340,926
Notes payable, net
22,638,194
21,995,694
Total other liabilities
22,815,380
25,333,620
"Maria (HDF) was amazing, very responsive and professional. She answered every call. She gets a 5 star rating and had helped me all along the way." - Landlord and UniteCT Recipient
FY2022 Financials
HDF Homebuyer Testimonials
Other Assets
Restricted deposits
3,094,176
5,327,508
Loans receivable, net
31,462,363
31,858,192
Property and equipment, net
1,226,236
1,262,116
Construction in progress, net of current portion
4,381,057
Total Other Assets
35,782,775
42,381,057
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"I love owning my own home! Thank you HDF for helping me make my homeownership goal possible." - Elena F., HDF Homeowner
"HDF has helped me to obtain a loan that I can truly afford and live comfortably. My home is great, perfect for my family needs, we enjoy the comfort of it and also knowing that our kids will have a better start in life with us owning our home." - Karina M., HDF Homeowner
Total Assets
$55,335,237
$55,721,532
Liabilities and net assets
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