2023 Annual Report
Housing Development Fund
HDF Financed Multifamily Property in Waterbury, CT
Dear Friends, It’s been a year of transition and growth for HDF. As you all know, HDF’s CEO for nearly 30 successful years, Joan Carty, retired in May. Joan was a constant innovator, growing HDF in new ways to meet the ever-changing housing landscape and serve clients in our region. I’m happy to report that that spirit of innovation and service continues to define HDF and our amazing team. The past year saw the conclusion of some big projects and the start of some new efforts. Our Washington Crossing project fully sold with ownership being transferred to 23 homeowners and their new association. Our new multifamily lending team jumped into action in 2023 with multiple loans and a full pipeline of new affordable housing developers. Our homeownership counseling and lending teams assisted 81 clients in overcoming the difficult homebuying market to achieve their dreams of economic stability and homeownership; 48 of those homebuyers received assistance from our new Homeownership Equity Fund. HDF was awarded more than $4 Million in new grants to support this great work. As we move forward into this new chapter for HDF, we sharpen our focus on growing efforts across the state with new funders, investors, partners and clients. We are always educating ourselves and innovating- finding new ways to finance equitable homeownership and affordable housing in a region that needs it more than ever. We are grateful for partners like you that continue to make this work possible.
2 2022 Annual Report
Clay Fowler, HDF Board Chair
Charlie Howell served on HDF's Board of Directors for 30 years. Charlie is currently retired after over 40 years in the financial sector, most recently at Patriot National Bank in Stamford, CT, where he was President & CEO and a member of the Board of Directors from 2000 to 2010. Charlie also previously served as Chair of HDF's Board of Directors. We will miss his passion, friendship, and leadership in supporting HDF as a member of the Board.
Board of directors 2022-2023
The Housing Development Fund would like to thank Charlie Howell & Bert Hunter for their many years of service on HDF's Board of Directors.
1 2022 Annual Report
Bert Hunter served on HDF's board of Directors for 6 years. Bert Hunter has over 30 years of experience as a financial and operational professional and is the Executive Vice President and Chief Investment Officer at Connecticut Green Bank. He leads the finance team’s development of innovative financing programs to attract more private capital to scale-up the state’s clean energy investments. We will miss Bert's enthusiasm, dedication, and expertise as a member of the HDF's Board of Directors.
Kiley Gosselin, President and CEO
Clayton Fowler, Chair The Spinnaker Companies Michael Chambers The Per and Astrid Heidenreich Family Foundation Michael Hunter Trinity Financial Barbara Kelly Citibank Annie Lazarus Ares Management Corp. Willard Miley First County Bank Marjan Murray M & T Bank Kathleen Romagnano M.Y. Safra Bank Lisa A. Sanders TD Bank Michael Weinstock,Vice-Chair M&T Bank
“HDF is thrilled to have secured the ERP grant and at such a meaningful level,” said Joan Carty, CEO of the Housing Development Fund. “These funds will be targeted to leveraging multifamily rehab and deed restricting affordable rentals for low and moderate income households."
To read the full article, visit: https://www.cbia.com/news/member-news/mt-bank-community-involvement/
"This grant will help the Stamford Housing Development Fund continue their critical mission of creating more affordable options for our friends and neighbors.” - Congressman Jim Himes
HDF IN THE NEWS in 2023!
3 2022 Annual Report
To read the full article, visit: https://himes.house.gov/press-releases?id=69461885-7343-45E7-8CD3-CF35AD9C6258
4 2022 Annual Report
To read the full article, visit: https://www.stamfordadvocate.com/opinion/article/Opinion-Affordable-Stamford-homes-needed-more-16825730.php
"The first round of Amplify Fund Grants being invested in Connecticut is part of a broader commitment to initiatives that are focused on supporting local partners with more capacity to achieve their objectives."
Christian Yepes Washington Crossing Board President
Chanell Perry Washington Crossing Board President
Q: Why was it important for you to join the board? A: I wanted to join the board because I feel it’s important to be involved wherever you live. I’m passionate about making decisions that affect the residents and their families. I wanted to bring in my own ideas and listen and incorporate the ideas of other board members and owners. I want to protect my investment and want the owners to know that I am here to protect their investment and interest as well. Q: How has being on the board changed/influenced yourperspective on homeownership? A: I honestly have a great deal of respect for anyone who is on a condo board because it is a lot of work especially behind the scenes. At times it can be time consuming and it’s equivalent to having a second job. Q: What’s the most rewarding part of being on the board? A: The most rewarding part is I get to meet and interact with my neighbors. I work close with management to make sure the property is safe, comfortable, and functioning for all owners. Q: Tell us about maybe one or two projects you’ve liked working on for the board, or one you might be looking forward to take on? A: One of the projects that I will be working on with the rest of the board is trying to minimize our cost so that we can keep HOA fees at a reasonable amount. Q: After nearly a year into being a homeowner, how are you feeling? What have you learned? A: I’m feeling satisfied. I had a goal set in the beginning of 2022 that was to become a homeowner within a year. I accomplished that goal by the end of September 2022. What I have learned is that owning a home is a process. In the beginning there’s a lot of excitement, nervousness, and uneasiness. However, my nerves are starting to subside. Homeownership is a lot of responsibility and making sure you stay on your toes when it comes to your home. If you want your home to thrive, you have to take care of it like anything else.
Since launching the Community Land Trust program in 2021, HDF has worked towards creating a community where condo owners have complete autonomy by leading and serving on the Condo Association Board. HDF is delighted to report that as of June 2023, the Washington Crossing Board is comprised entirely of residents. The association meets quarterly to discuss issues such as maintenance and parking. We are delighted to introduce you to Washington Crossing Board Members, Chanell and Christian! They generously agreed to be interviewed and share their experiences serving on the Board.
5 2023 Annual Report
Christian Yepes, Washington Crossing Board Member
MEET THE WASHINGTON CROSSING BOARD!
Q: Why was it important for you to join the board? A: It was important for me to join the board because I knew I could contribute my property management experience so that the building that I’m living could be managed and monitored correctly and efficiently. Q: How has being on the board changed/influenced yourperspective on homeownership? A: It has changed it in a positive way because I’m working in a group that also contributes to the improvement of the property. Being on a board has also allowed me to learn everything that is involved with being a property owner. Q: What’s the most rewarding part of being on the board? A: Knowing that my experience in property management is improving the property, the living standards, and the well being of all the other unit owners by enforcing the rules, encouraging quality living standards so that the building lasts a long time in this beautiful neighborhood. Q: Tell us about maybe one or two projects you’ve liked working on for the board, or one you might be looking forward to take on? A: I’ve enjoyed learning about the budget so we can find better prices by searching other vendors, and I’m interested in looking into solar panels for the building to reduce the electric bill. And fixing the lawn. Q: After nearly a year into being a homeowner, how are you feeling? What have you learned? A: I love being a home owner, and I’m very proud to have accomplished the goal of making this purchase. I’ve learned that there are expenses an owner never anticipates—repairs, upkeep and contracts from vendors that you have to analyze carefully. I’ve also learned that as an owner, you have to really budget for future expenses and take care of the property daily.
washington crossing UPDATE
6 2023 Annual Report
Bankwell Connecticut Community Bank Fairfield County Bank First County Bank DR Bank M & T Bank Newtown Savings Bank People's United Bank Savings Bank of Danbury Union Savings Bank Webster Bank
HDF WELCOMES NEW COMMERCIAL LENDING STAFF!
10 2022 Annual Report
HDF welcomed Gene Schreiner as it's new Director of Commercial Lending. He is responsible for implementing initiatives to attract and maintain new and existing customer relationships. Schreiner is responsible for managing a commercial loan portfolio, which includes the origination, and underwriting of commercial mortgages for affordable housing opportunities. Gene has 38 years of commercial real estate lending experience in Connecticut and New York, including construction and permanent financing for affordable housing.
On April 10th, 2023 HDF was one of three Connecticut CDFIs to receive a grant through the CDFI Fund's Equitable Recovery Program. The ERP (Equitable Recovery Program) launched in 2021 with the goal of helping CDFIs finance affordable housing or community development activities in communities hit hardest by the COVID-19 pandemic. HDF received $3,718,258 in grant support thorugh the program. Funding will finance the creation or preservation of affordable rental units in CDFI-fund approved census tracts throughout the State of Connecticut. The grant will allow HDF to offer commercial loans at interest rates well below market, and with terms that are more flexible than what is currently available. HDF expects to receive ERP grant funding in August 2023, and will begin deployment soon thereafter.
PROJECT SPOTLIGHT!
Waterbury, CT - In June 2023, HDF provided $1.8M in construction to permanent financing thru HDF's multifamily bank consortium to rehabilitate an aging property in Waterbury CT. The property, located at 105 Bank Street, is located between Bank Street and South Main Street. HDF's financing will support the conversion of the upper-level office space into 23 deed-restricted affordable apartments while maintaining the ground floor retail space. The project will create 3 studio, 19 1-bedroom, and 1 2-bedroom apartments. The project will contribute to the revitalization of Waterbury’s historic downtown neighborhood and is located in Waterbury’s Enterprise Zone, which provides incentives to developers to encourage reinvestment activity in this distressed area. The City of Waterbury supports the Borrower’s redevelopment of the property, since it contributes to the City's efforts to revitalize the neighborhood.
105 Bank Street, Waterbury. Before Construction. Before
Multifamily Consortium
9 2023 Annual Report
HDF IS AWARDED $3.7 MILLION FROM THE CDFI FUND, LAUNCHING NEW COMMERCIAL LENDING PROGRAM
COMMERCIAL LENDING
Gwen Robinson is the Commercial Accounts Manager of HDF’s Multifamily Portfolio, responsible for managing the existing loan portfolio as well as reviewing and processing new multifamily loan applications. Gwen is responsible for preparing multifamily loan advances, preparing annual and monthly reports, and monitoring loan payments for HDF and its participating Banks. Previously, Gwen worked at Patriot Bank, Stamford, CT in the Residential Lending Department as a Loan Processor and Post Closing Coordinator in the Commercial Lending Division, and then in the Consumer Lending Department analyzing and underwriting all consumer loans. Gwen holds a Bachelor of Liberal Arts from The City University of New York.
Consortium lenders have banded together to finance affordable housing projects throughout CT. HDF is proud to be partnered with these banks.
11 2023 Annual Report
Counseling & Education
FY23 Homebuyers by Race & Ethnicity
FY23 Counseled Clients by Race & Ethnicity
HOMEOWNERSHIP
Citibank M&T Bank Norcom Mortgage 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 received HDF's one-on-one counseling and 2,000+ have completed homebuyer education. In FY23, counseling activity was robust; HDF counselors provided pre-purchase counseling services to 545 households.
SmartMove NY
Bankwell Citibank CT Community Bank Fairfield County Bank First County Bank Ion Bank Liberty Bank M&T Bank Norcom Mortgage Patriot Bank Savings Bank of Danbury Signature Bank (Flagstarr) Thomaston Savings Bank Union Savings Bank Webster Bank
Downpayment and Closing Cost Assistance
12 2023 Annual Report
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. In FY23 alone, HDF helped 81 households by their own homes. HDF has focused on serving racially and ethnically diverse communties from our inception. We have intensified our efforts to create homeownership opportunities for BIPOC households in recent years, and the majority of the households we helped buy homes in FY23 self-identified as BIPOC. HDF
Member banks purchase a stake in sustainable homeownership in our community by supporting the SmartMove progrm and providing first mortgage lending to HDF homebuyers.
SmartMove CT
SmartMove Loan Pool
14 2023 Annual Report
Homeownership Equity Fund IMpact report
13 2023 Annual Report
In honor of retiring CEO Joan Carty, HDF created the FirstGen Homeownership Counseling Fund. This fund will be used to provide direct homeownership counseling support to HDF clients who will be the first in their families to own a home, in recognition of Joan's personal connection to the transformative power of first-generation homeownership.
HDF - Why was it important for you to buy your own home? Monika: Having a roof over your head gives you a sense of security, accomplishment, and happiness. We all work so hard every day and wind up throwing half of the money we make "out the window" when we pay rent. I now understand what my father repeatedly said to me and my siblings growing up: "This house I built is for you." And he is correct! Now, I am doing just the same for my kid! I believe it's a goal for all parents to provide a home for their families. HDF - What were some of the challenges? Monika: It is challenging to be an immigrant and a single mother who lives off a sole income, in addition to the language barrier and knowledge of the process itself. It took me years of work, sacrifice, and preparation for this moment. My journey started almost ten years ago when I attended the HDF first-time home buyers class for the first time. And boy, did I learn I had a long way to go! However, I followed their advice and patiently worked towards my goal. I never lost hope! HDF - What advice would you give to other first-time home buyers? Monika: When you don't know where to start, go to HDF. This is an organization that has helped me every step of the way. Becoming a homeowner takes many steps and we have to be serious and committed. Be patient, dream big and this dream will come true. I would like to highlight Mrs. Roxana Ubillus. Her dedication and patience made this process so much more enjoyable. She was there for us every step of the way and never failed to give us advice and support. HDF - How has being a homeowner changed your life? Monika: Wow! You had to see me waking up in the middle of the first night in my new home, making sure I wasn't dreaming. It is a sentiment of immense gratitude, to God, to the people that helped me throughout the process, and to myself and my daughter. My daughter was so excited to have her own home, she missed her class field trip to go to the closing day! I am confident that she will conquer this goal earlier than I in her life. She has all that it takes to make her dreams come true! Forever grateful HDF!
Thank you to The Goodnow Fund ● M&T Bank ● Trinity Financial for providing seed funding to the FirstGen Fund!
Meet Monika, Equity Fund Borrower & First-Time Homebuyer!
Seila Mosquera-Bruno, Commissioner of CT's DOH
Firstgen homeownership counseling fund
In 2022, HDF launched the HDF Homeownership Equity Fund to help BIPOC households in Connecticut buy their first homes. The Homeownership Equity Fund provides up to $20,000 in downpayment and closing cost assistance at 0% interest for a 30-year term. As of June 30th, HDF has helped 48 BIPOC households buy their first homes using $871,925 in Equity Fund loans.
Jagjiwan Singh, Bob Hogan, and Fran Pastore
16 2023 Annual Report
Speaking Program
A Farewell to Joan Carty, Longtime President & CEO
Community Engagement
NEARLY $80,000 RAISED FOR hdf'S HOMEOWNERSHIP COUNSELING PROGRAM!
This June, HDF Staff volunteered at colleague Maxine Murray's church in Bridgeport as part of NeighborWorks America's 2023 NeighborWorks Week. HDF helped pack food for the Bridgeport Tabernacle Seventh Day Adventist Church's weekly food pantry, as well as sorted donated clothing and completed projects to help refresh the church's exterior. As part of NW Week, NeighborWorks America grants $1000 to each participating organization; after volunteering, HDF donated its grant to the SDA Church to help support programs like the food pantry!
2023 BENEFIT BREAKFAST
15 2023 Annual Report
Tom and Eileen Hynes
Dorothea Avery A.P. Construction Co., Inc. Anonymous Beinfield Architecture Charities Aid Foundation America Christopher Brighindi Capital for Change, Inc. The Ferguson Library Friends of Laurel House, Inc. Betsy McGroarty Pyramid Real Estate Group Janet Pilz Tri-State Realty City Of Stamford Valencia Taft-Jackson Kathleen Walsh
Visionaries
($5,000+)
($250+)
19 2023 Annual Report
Assets
Partners
Total with donor restrictions
839,560
1,323,266
18 2023 Annual Report
($500,000+)
Total Net Assets
$28,114,803
$28,024,719
(under $250)
Current Liabilities
2023
2022
Current portion of notes payable
$613,542
$515,804
Accounts payable, accrued expenses and other
127,401
356,760
Accrued interest payable
88,012
89,865
Current portion of conditional grant advances
-
3,157,679
Accounts payable - construction
26,019
375,030
Total current liabilities
854,974
4,495,138
Current Assets
Cash and cash equivalents
$1,687,460
$8,834,272
Accounts and other receivables
70,918
19,708
Interest receivable
185,666
137,757
Prepaid expenses and other
101,529
126,427
Current portion of construction in progress
304,458
8,908,992
Current portion of loans receivable
1,451,478
1,525,306
Total current assets
13,142,920
19,552,462
Icons
($10,000+)
Friends
Net Assets without donor restrictions
Operating
$8,051,488
$9,058,476
Board designated
18,098,968
16,655,974
Net investment in real estate
1,124,787
987,003
Total without donor restrictions
27,275,243
26,701,453
Partners, Cont.
AAFCPAs Bankwell Bank BHV I Owner LLC Charlie Howell Connecticut Green Bank Connecticut Housing Finance Authority (CHFA) David and Lisa Tuttle Charitable Fund DR Bank Fairfield County Bank First County Bank The Goodnow Fund The Grace J. Fippinger Foundation Insperity Penn Johnson Lazarus Foundation
Total Liabilities and Net Assets
$22,797,380
$27,310,518
($500+)
Other Liabilities
Conditional grant advances, net of current portion
38,528
177,186
Notes payable, net
21,903,878
22,638,194
Total other liabilities
21,942,406
22,815,380
Leaders
FY2023 Financials
($1,000+)
Other Assets
Restricted deposits
3,159,786
3,094,176
Loans receivable, net
33,420,311
31,462,363
Property and equipment, net
1,189,166
1,226,236
Total Other Assets
37,769,263
35,782,775
Federal Home Loan Bank of Boston Spinnaker Real Estate Partners, LLC The Per and Astrid Heidenreich Foundation Webster Bank Savings Bank of Danbury Trinity Financial
MAJOR GRANT AWARDS: $3,718,526 from THE CDFI FUND $460,000 From NEIGHBORWORKS AMERICA $250,000 from M&T Bank
Total Assets
$50,912,183
$55,335,237
Builders
The CDFI Fund
Frank Caico Patrick Ferullo William R. Finger Company Griffith E. Harris Insurance Services LLC United Way of Western Connecticut Erna Olson Cathy Ostuw Griffith E. Harris Insurance Services LLC John Keith and Cynthia Russell
Neighbors
NeighborWorks America M & T Bank Saint John's Community Foundation Citi M.Y. Safra Bank Shipman & Goodwin St. Francis Episcopal Church John and Charlotte Suhler Summit Development, LLC Union Savings Bank Wofsey, Rosen, Kweskin & Kuriansky, LLP
FY2023 Supporters
Liabilities and net assets
21 2022 Annual Report