2025 Annual Report
Housing Development Fund
Marjan Murray retired from her position at M&T Bank and HDF's Board of Directors, after serving on HDF's Board for 29 years! Ms. Murray was HDF's longest serving Board Member, bringing over two decades of banking expertise to the board and providing invaluable financial oversight to the organization. During her time at HDF, Marjan helped to grow HDF's financing capacity by encouraging other banks to support HDF's residential and multifamily loan pools. Marjan has also served as board member for a multitude of different organizations including NAIOP, Real Estate Finance Association, Stamford Downtown, Stamford Center for the Arts, and the University of Connecticut. Thank you, Marjan, for all you have done for our community and HDF! Your insight, leadership, and 29 years of unwavering commitment have made a lasting impact - not only on our organization but on everyone who had the pleasure of working with you; we wish you a happy and healthy retirement!.
Friends and Partners, Fiscal Year 2025 was a year of big wins contrasted with an increasingly shaky federal climate. We received our second MacKenzie Scott grant of $6 Million, making our total investment from this innovate philanthropist now $10M. We also launched our new Forever Home Program – a new 1%, downpayment assistance product for first time low-income Connecticut homebuyers with a $3 Million grant from the CDFI Fund. Finally, we received a major award from the state department of housing for $6 Million matched by a $2 Million grant from the City of Hartford in order to help developers close the gap between the cost to develop new for-sale units of housing and the affordable sale price. Our exciting new Homeownership Construction Program will provide construction loans and grants for these developers and our homeownership counseling and residential lending teams will assist those developers in identifying and supporting new homebuyers across the state. As federal resources and support for our work have become less clear, our investors have continued to step up and support HDF both with their dollars and their continued strategic partnership in every loan we make. As always, our amazing HDF team members continue to keep the focus on supporting clients and our mission. We are committed to growing Connecticut’s housing stock and supporting both renters and homeowners achieve housing stability and affordability. Alongside our mighty team of bank partners, philanthropic supporters, state and local leaders and teammates in the development and real estate worlds, HDF continues to thrive and grow our work even in this challenging environment. We are more grateful than ever before for your continued partnership and generosity!
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Clay Fowler, HDF Board Chair
Board of directors 2024-2025
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Kiley Gosselin, President and CEO
HDF THANKS MARJAN MURRAY
Clayton Fowler, Chair The Spinnaker Companies Phylicia Adams The Corporation for Supportive Housing Michael Chambers The Per and Astrid Heidenreich Family Foundation Carline Charmelus The Partnership for Strong Communities Michael Hunter Trinity Financial Barbara Kelly Annie Lazarus Conning 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
$6 Million Gift From Mackenzie Scott
On April 1st, Kiley joined Governor Ned Lamont in Hartford to announce a $6 million grant awarded to HDF. The funding, made possible through the Connecticut Department of Housing, will support HDF’s new Homeownership Construction Grant Program, which will provide developers with up to $150,000 per affordable homeownership unit. The City of Hartford will contribute an additional $2 Million to support development in Hartford. The announcement was part of the Governor’s broader unveiling of the Connecticut Home Fund, a comprehensive plan to increase affordable housing access across the state through construction, repairs, and homeownership support. As reported by CT Post and CT Insider, the Homeownership Construction Program will enable developers to bring new, affordable, deed-restricted housing units to market in communities across Connecticut—helping more families become homeowners and ensuring affordability remains in place for years to come.
HDF IN THE NEWS in 2025!
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HDF to Run $8 Million Homeownership Construction Program on Behalf of the CT Department of Housing and City of Hartford
In September 2024, HDF received a generous $6 million gift from philanthropist Mackenzie Scott through her charitable giving organization, Yield Giving. This gift is a second for HDF following Mackenzie Scott's initial gift of $4 million in 2020. The gift will be used to support HDF's strategic plan, long-term goals and immediate programmatic needs, including investment in HDF's homeownership programs.
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"There are lots of resources each of us can pull from our safes to share with others. And something greater rises up every time we give." - MacKenzie Scott
PROJECT SPOTLIGHT 647 Broadview Terrace, Hartford, CT
Bankwell Connecticut Community Bank DR Bank Fairfield County Bank First County Bank Ion Bank Ives Bank M&T Bank Union Savings Bank Webster Bank
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2025 COMMERCIAL LENDING OVERVIEW
In FY2025, HDF's Multifamily Lending continued to make a significant impact in Connecticut. Over the past year alone, 17 rental units were financed through HDF's Multifamily Lending Consortium. To date, the program has supported the financing of 3,491 rental units, with a total of $66.7 million in financing provided through the consortium.
“We’re proud to invest in developers and first-time homeowners who share our vision for a more inclusive and stable housing future.”
Multifamily Consortium
-Kiley Gosselin (CEO of HDF)
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In January 2025, HDF approved $331,000 in acquisition financing from HDF's Multifamily Loan Consortium. This loan will support the construction of a two-story single family home; the property will be deed restricted for 10 years, and will be affordable to purchase for a household earning less than 80% of the area median income. The project represents the first of three projects funded jointly and in partnership with the Hartford Land Bank in 2025. The project at 647 Broadview also represents the first of multiple projects this year where HDF has several roles. Along with financing the construction, HDF will help identify and income-certify the buyer, provide homeownership counseling, and provide downpayent and closing cost assistance if the buyer wishes. HDF will also support municipalities in future affordable sales within the deed restriction period.
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
l HDF Homeowner Map
HOMEOWNERSHIP
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 counselor to develop an action plan, increase savings, reduce debt, and improve credit. Counselors also help clients identify and apply for downpayment assistance opportunities. Since 2004, 11,000+ families and individuals have received HDF's one-on-one counseling Since 2004, 2,300+ families and individuals have completed homebuyer education. In FY25, counseling activity was robust; HDF counselors provided pre-purchase counseling services to 579 households.
Since 1989, HDF has helped over 5,000 people secure affordable homes. Whether it be through our Homeowner Counseling and Education classes, Residential Lending program, or Multifamily Development program, HDF continues to strive to create affordable access for people to have a home they can call their own.
SmartMove Member Banks
Bankwell Citi CMG Financial CT Community Bank Fairfield County Bank First County Bank HDF Ion Bank Ives Bank Liberty Bank M&T Bank Patriot Bank Thomaston Savings Bank Webster Bank
Downpayment and Closing Cost Assistance
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HDF provides a variety of low-interest or 0% 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 FY25 alone, HDF helped 146 households buy their own homes. Most of the households HDF serves are at/under 100% AMI with a particular focus on helping households with income under 80% of the area median income.
Member banks purchase a stake in sustainable homeownership in our community by supporting the SmartMove program and providing first mortgage lending to HDF homebuyers. HDF also participates in our SmartMove lending pool, and makes loans to clients using our own capital.
"HDF was completely the missing puzzle piece that I needed at one point. I would tell potential homebuyers to definitely go for it. There's so much knowledge that these counselors have. They have experience in all of this. So, I would definitely recommend HDF. It's great, it's like having your hand held through the process."
SmartMove Loan Pool
Roxana HDF Client, East Hartford
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HDF received a $3 Million grant from the CDFI Fund, and subsequently launched our CT Forever Home Loan Program. The CT Forever Home loan is a fully amortizing mortgage that can be used for downpayment costs. This program provides first-time homebuyers with loan offers up to $28,000 in downpayment assistance and can be combined with other HDF downpaymet assistance programs such as SmartMove, Live Where You Work, and Homeownership Equity Fund.
'CT Forever Home' Program Impact
Launched in 2005, HDF's SmartMove CT Program has helped 2,673 Connecticut households buy their first homes using a total of $119 Million in downpayment assistance loans. HDF subsequently launched SmartMove New York in 2015, which has helped 89 New York households buy homes with $3.47Million in downpayment assistance.
HDF's SmartMove CT Program Turns 20! 20 years of lending and thousands of Homebuyers helped!
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If it was not for the HDF program we would not be in our house today. Thank you for helping us making our dream a reality! - Brian & Jen Cascone (SmartMove clients)
The SmartMove Program was the first of it's kind in Connecticut and is the only downpayment asisstance program that provides downpayment assistance loans of up to 25% of the purchase price at a 3% interest rate. As such, the program has successfully removed the biggest financial barrier to homeownership faced by low- and moderate- income households. SmartMove has also bolstered private investment in LMI homeownership; the program has leveraged $459,403,569 in first-mortgage financing from HDF's partner banks.
75 Henry LLC Canaan Technology CMG Home Loans Hoffman Investment Partners Honeycomb Real Estate Partners Northeastern University City Of Norwalk Partnership for Strong Communities Peck Household Pilz Household Stamford Cradle to Career City Of Stamford United Way of Coastal and Western Connecticut
Visionaries
($5,000+)
($250+)
Together, we raised
Program Summary
Partners cont.
Partners
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($500,000+)
(under $250)
Icons
($10,000+)
Jagjiwan Singh, Bob Hogan, and Fran Pastore
Friends
Alexander Aronson Finning & Company Bankwell Bank Connecticut Community Bank DR Bank Fairfield County Bank Federal Home Loan Bank of Boston First County Bank Ion Bank M.Y. Safra Bank
Seila Mosquera-Bruno, Commissioner of CT's DOH
FOR hdf'S first-time homebuyer programs!
Leaders
FY2025 BENEFIT BREAKFAST
($1,000+)
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Ives Bank M&T Bank The Per and Astrid Heidenreich Foundation Spinnaker Real Estate Partners, LLC
MAJOR GRANT AWARDS IN FY2025: $6 Million from MacKenzie Scott $1.1 Million from The CDFI Fund $500,000 from The Connecticut Housing Finance Authority (CHFA) $387,000 from NeighborWorks America
$59,000+
The CDFI Fund Connecticut Department of Housing Connecticut Housing Finance Authority (CHFA) MacKenzie Scott
CoAdvantage Griffith E. Harris Insurance Services LLC Penn Johnson Philanthropy Fund for Wealth Management Shipman & Goodwin
Neighbors
Fairfield County Community Foundation (FCCF) Liberty Bank National Community NeighborWorks America Reinvestment Coalition Webster Bank
FY2025 Supporters
Trinity Financial Union Savings Bank Wofsey, Rosen, Kweskin & Kuriansky, LLP
On May 15, 2025, HDF hosted its 15th Annual Benefit Breakfast at the Shorehaven Golf Club in Norwalk. Guests enjoyed a delicious buffet breakfast and an engaging program featuring expert speakers. HDF President and CEO Kiley Gosselin opened the event with welcoming remarks, followed by a powerful client video spotlighting Roxana, a first-time homebuyer who purchased her first home with the help of HDF. The program then continued on with an insightful panel discussion on promoting homeownership opportunities during a time of economic and political uncertainty. Panelists included Arunan Arulampalam (68th Mayor of the City of Hartford), Noelle Melton (VP of National Homeownership Programs & Lending, Neighborhoodworks America), and Seila Mosquera-Bruno (Commissioner of Housing, Connecticut Department of Housing), with the panel being moderated by Michael Weinstock (Reagional President Hartford, M&T Bank Vice-Chair, HDF Board of Directors).
Other Liabilities
Conditional grant advances, net of current portion
2,238,000
3,235,000
38,528
Notes payable, net
29,021,886
26,936,481
21,903,878
Total other liabilities
31,259,886
30,171,481
21,942,406
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Assets
FY2025 Financials
Other Assets
Restricted deposits
5,570,878
6,472,464
3,159,786
Loans receivable, net
44,585,011
39,482,898
33,420,311
Property and equipment, net
862,891
1,174,959
1,189,166
Total Other Assets
51,118,780
47,130,321
37,769,263
Total with donor restrictions
3,289,073
3,451,713
839,560
Total Net Assets
39,638,637
31,510,646
$28,114,803
Total Assets
71,829,347
$62,629,167
$50,912,183
Current Liabilities
2025
2024
2023
Current portion of notes payable
$657,753
$668,591
$613,542
Accounts payable, accrued expenses and other
150,061
168,579
127,401
Accrued interest payable
123,011
107,213
88,012
Current portion of conditional grant advances
-
Accounts payable - construction
2,657
26,019
Total current liabilities
930,824
947,040
854,974
Current Assets
Cash and cash equivalents
$14,935,292
$4,426,721
$1,687,460
Short-term investments
2,473,269
8,856,616
9,341,411
Accounts and other receivables
1,036,758
718,258
70,918
Interest receivable
150,517
191,447
185,666
Prepaid expenses and other
160,542
134,529
101,529
Current portion of construction in progress
304,458
Current portion of loans receivable
1,954,189
1,171,275
1,451,478
Total current assets
20,710,567
15,498,846
13,142,920
15th Annual Benefit Breakfast!
Net Assets without donor restrictions
Operating
7,164,710
$7,813,055
$8,051,488
Board designated
28,302,301
19,051,178
18,098,968
Net investment in real estate
882,553
1,194,700
1,124,787
Total without donor restrictions
36,349,564
28,058,933
27,275,243
Total Liabilities and Net Assets
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31,190,710
$31,118,521
$22,797,380
Liabilities and net assets
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