Housing Development Fund

What Housing Development Fund does

Housing Development Fund (HDF), founded in 1989 and headquartered in Stamford, Connecticut, is a 501(c)(3) nonprofit Community Development Financial Institution (CDFI) focused on affordable rental and homeownership in Connecticut and New York. HDF serves two principal constituencies: low- and moderate-income first-time homebuyers, and nonprofit and affordable multifamily housing developers. For homebuyers, HDF delivers HUD-certified pre-purchase counseling, homebuyer education classes delivered in English and Spanish via Zoom and the eHome America platform, and five downpayment and closing-cost loan programs, including SmartMove CT/NY (up to 25% of purchase price at low interest), Live Where You Work CT (up to $25,000 at 0% interest), CT Forever Home (up to $28,000 at 1% with a 10-year affordability period), local municipal programs, and a Community Land Trust that imposes permanent deed restrictions to lock in affordability across resales. For developers, HDF offers predevelopment, construction, permanent, bridge, and multifamily energy loans, alongside the newly launched Homeownership Construction Program providing up to $150,000 per affordable unit.\n\nHDF operates cloud-based loan origination integrated with more than 80 banking partners across CT and NY, with SmartMove loan servicing handled through Dovenmuehl Mortgage and client intake managed through a Salesforce-based portal. Technology is functional rather than differentiated; the durable asset is a 35-year operating history and a referral network spanning HUD-approved counseling agencies (Nest CT, NHS New Britain/Haven, NYC Housing Partnership, Westchester Residential Opportunities, Community Housing Innovations), municipal housing authorities, employer-based outreach, and bank-partner referrals.\n\nHDF's revenue economics blend grant inflows from federal, state, and philanthropic sources with transactional revenue from origination fees, modest interest income on deployed loan capital, and nominal credit-report fees ($38.97 to $239.45 by use case). Major funders include the U.S. Treasury CDFI Fund (multiple rounds totaling over $6 million), the Connecticut Department of Housing ($6M state grant in April 2025), the Connecticut Housing Finance Authority (17 rounds of HTCC funding), MacKenzie Scott (a two-time recipient with cumulative $4M in pandemic-era gifts), Citi Foundation, M&T Bank, Webster Bank, Liberty Bank, TD Charitable Foundation, Fairfield County Community Foundation, the John D. & Catherine T. MacArthur Foundation, and Bank of America. The organization is governed by a board of directors and led by Executive Director Kiley Gosselin with a leadership team spanning residential lending, multifamily lending, innovation, and development. As of the latest reported metrics, HDF has helped over 2,900 families become homeowners, counseled more than 6,700 families, financed over 2,000 multifamily housing units with $56.8 million in developer capital, and is associated with approximately $750 million in Housing Impact Fund assets under management including a newly raised $102 million fund targeting Charlotte, North Carolina.

Name

Housing Development Fund

Legal name

Housing Development Fund

Website

https://hdfconnects.org

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

11–50 employees

Short description

Housing Development Fund is a 1989-founded nonprofit CDFI in Stamford, CT, providing downpayment assistance loans, HUD-certified homebuyer counseling, Community Land Trust, and multifamily developer financing for first-time homebuyers and affordable housing developers in Connecticut and New York.

Ownership category

akta.pro rank

Product category

Affordable Housing Finance

NAICS

Services to Buildings and Dwellings (5617), Administration of Housing Programs (925110)

SIC

Finance Lessors (6172)

akta.pro primary industry

Down Payment Assistance (DPA) & Homebuyer Subsidy Programs (FSALAKAE)

akta.pro secondary industries

Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans) (FSALAKAF), Affordable Housing / Down Payment Assistance (DPA) Mortgage Origination (FSALAAAM), Down Payment Assistance (DPA) Credit Enhancement & Subsidy Programs (FSALAJAI)

Keywords

• Affordable housing financing
• Downpayment assistance loans
• Multifamily development lending
• Homebuyer education counseling
• Community land trust

Headquarters

HQ city

Stamford

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Downpayment Assistance Loans: HDF provides downpayment and closing cost assistance loans to first-time homebuyers. These are low-interest loans (0-3%) that help borrowers cover up to 25% of purchase price. While these are loan products (not grants), they generate interest income and facilitate mortgage originations.
2. Grants and Donations: HDF depends on grants from government agencies, foundations, and individual donations to expand programs and cover operational costs. Major funders include CDFI Fund, Connecticut Department of Housing, NeighborWorks America, MacKenzie Scott, Citi Foundation, and various local foundations.
3. Commercial Multifamily Lending: HDF provides commercial loan products to multifamily developers including predevelopment loans, construction loans, permanent loans, bridge loans, and multifamily energy loans. These generate origination fees and interest income.
4. Credit Report Fees: HDF charges fees for credit reports pulled during the counseling and lending process: $38.97 for individual counseling, $77.43 for joint counseling, $122.15 for individual lending, and $239.45 for joint lending.
5. Loan Servicing: HDF services some loans directly while SmartMove loans are serviced by Dovenmuehl Mortgage, generating ongoing servicing fee income.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels13 records

Core offering

HDF provides low-interest downpayment and closing cost loan programs (up to 25% of purchase price) for first-time homebuyers in Connecticut and New York, paired with HUD-certified counseling and pre-purchase homebuyer education. For affordable housing developers and housing authorities, HDF originates commercial multifamily loans including predevelopment, construction, permanent, bridge, and multifamily energy loans, and operates a Community Land Trust providing permanently affordable homeownership through deed restrictions.

Product overview

Housing Development Fund (HDF) offers a comprehensive suite of affordable housing programs and financial services centered on homeownership. The core offerings include five downpayment and closing cost loan programs (SmartMove CT, SmartMove NY, Live Where You Work CT, CT Forever Home, and Local Downpayment Assistance Programs) providing up to 25% of purchase price at low interest rates for first-time homebuyers in Connecticut and New York. HDF provides complementary services including HUD-certified homebuyer counseling, pre-purchase education classes (in English and Spanish), and landlord training. For developers, HDF offers commercial multifamily loan products including predevelopment, construction, permanent, bridge, and energy loans, plus a Homeownership Construction Program providing grants up to $150,000 per unit. HDF also operates a Community Land Trust for permanently affordable homeownership and provides loan servicing through Dovenmuehl Mortgage. As a CDFI and NeighborWorks America organization, HDF serves as a critical intermediary connecting low-to-moderate income households and developers with financing and support services.

Differentiator

Problem solved

Functional benefit

Products and services

• SmartMove CT Low-interest rate loan program providing downpayment and qualified closing costs up to 25% of the purchase price for first-time homebuyers in Connecticut.
• SmartMove NY Low-interest rate loan program providing downpayment and qualified closing costs up to 25% of the purchase price for first-time homebuyers in New York.
• Live Where You Work CT Workforce housing incentive program providing up to $25,000 in downpayment and closing cost assistance at 0% interest for first-time homebuyers purchasing homes in the city where they work (remote work does not qualify).
• CT Forever Home Downpayment assistance program providing up to $28,000 at 1% interest with a 10-year affordability period for first-time homebuyers in Connecticut, with sales price limits.
• Local Downpayment Assistance Programs Additional loan programs available to first-time homebuyers purchasing in specific towns and cities in Connecticut and New York, with amounts and terms varying by location.
• First Time Homebuyer Counseling HUD-certified one-on-one counseling helping homebuyers understand the home buying process, develop budgets, create action plans to increase savings and reduce debt, and identify downpayment and closing cost assistance programs.
• First Time Homebuyer Education Free pre-purchase homebuyer education classes and landlord training delivered via Zoom in English and Spanish, with a self-paced online option through eHome America.
• Predevelopment Loans Loans for multifamily developers with terms between one and two years for predevelopment phases of affordable housing projects.
• Construction Loans Construction financing for multifamily developers with terms up to two years for affordable housing development.
• Permanent Loans Long-term financing for multifamily developers with terms up to thirty years, including conversion of construction loans upon project completion.
• Bridge Loans Financing for committed projects with subsidy sources with terms up to two years to bridge committed subsidy or permanent financing sources.
• Multifamily Energy Loans Loans to reduce operating and utility costs for multifamily properties through energy efficiency improvements.
• Homeownership Construction Program Program providing grants of up to $150,000 per unit to cover the gap between cost to build and affordable sale prices for owner-occupied residences in Connecticut.
• Community Land Trust (CLT) Nonprofit, community-based program providing permanently affordable homeownership for low- and moderate-income communities, with permanent deed restrictions governing income eligibility and affordable pricing upon sale and re-sale to prevent displacement.
• Loan Servicing Loan servicing for SmartMove loans conducted through Dovenmuehl Mortgage, Inc., including online payment portal access for current borrowers.
• Credit Report Services Credit report services offered for counseling purposes (soft inquiry) and lending purposes (hard inquiry), priced for individual and joint applicants.
• Landlord Education Training Class CHFA-sponsored and approved training class for first-time homebuyers looking to buy a multifamily home (2-4 units) in Connecticut.
• Homebuyer Education In Spanish Free Spanish-language homebuyer education classes delivered in partnership with Connecticut Housing Finance Authority (CHFA).

Quantifiable outcome

• Over 2,900 families have become homeowners through HDF since 1989
• +6 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core.

• NeighborWorks AmericacoreStrategic or Co-development Partner · 1 January 2011HDF became a NeighborWorks American Organization in 2011 after a lengthy application and review process. HDF participates in yearly audits, quarterly reviews, and has earned a rating of Exemplary (NeighborWorks America's highest possible rating). NeighborWorks membership opened doors for new funding opportunities, training, technology enhancements, and other organizational support. HDF also receives grant funding through NeighborWorks America.
• CT Green BankcoreStrategic or Co-development PartnerPartnership to support energy efficiency in multifamily housing sector. In 2016, HDF partnered with CT Green Bank and the John D. & Catherine T. MacArthur Foundation for a $5 million program-related investment. Also partnered on Seabury Cooperative development with $500K bridge loan support.
• Nest CTcoreStrategic or Co-development PartnerHUD-approved counseling agency partner in Waterbury, CT. Ensures clients can benefit from HDF's lending programs and services.
• NHS New BritaincoreStrategic or Co-development PartnerHUD-approved counseling agency partner in New Britain, CT. Part of network ensuring clients access HDF lending programs.
• NHS New HavencoreStrategic or Co-development PartnerHUD-approved counseling agency partner in New Haven, CT. Part of network for HDF program delivery.
• Community Housing InnovationscoreStrategic or Co-development PartnerHUD-approved counseling agency partner serving Westchester/Hudson Valley and Long Island, NY. Extends HDF's reach in New York markets.
• NYC Housing PartnershipcoreStrategic or Co-development PartnerPartner organization in New York City helping clients access HDF's homeownership programs.
• Westchester Residential OpportunitiescoreStrategic or Co-development PartnerHUD-approved counseling agency partner in Westchester, NY area.
• Urban Homesteading Assistance Board (UHAB)coreStrategic or Co-development PartnerProvided $500K bridge loan support for Seabury Cooperative development in partnership with HDF and CT Green Bank. UHAB supports energy efficient and healthy housing improvements for families and senior citizens.

Scale indicators17 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Local Initiatives Support Corporation (LISC): LISC is one of the largest CDFIs in the US, providing affordable housing financing, technical assistance, and community development capital nationally. It is comparable to HDF as a mission-aligned CDFI, but operates at a vastly larger scale and broader geographic footprint, making HDF a regional counterpart in the CDFI ecosystem.
• Enterprise Community Partners: Enterprise Community Partners is a national nonprofit that invests capital and provides expertise to create affordable housing. Like HDF, it operates as a CDFI providing predevelopment, construction, and permanent financing for affordable housing, but at a national scale with substantially greater capitalization.

Direct peers

• Mercy Housing: Mercy Housing is a national nonprofit affordable housing developer and owner with a portfolio of over 50,000 apartments. Like HDF, it focuses on low-income multifamily housing and combines financing with resident services, though Mercy operates more as a developer/owner while HDF primarily acts as a CDFI lender.
• The Community Builders: The Community Builders is a national nonprofit developer, owner, and manager of affordable and mixed-income housing. Like HDF, it works with public-private partnerships to develop affordable housing in the Northeast and beyond, though it operates more as a vertically integrated developer/owner.
• Grounded Solutions Network: Grounded Solutions Network is a national nonprofit that supports shared equity homeownership models, including Community Land Trusts, inclusionary housing, and limited-equity cooperatives. It is directly comparable to HDF's CLT work and is the leading membership organization for the CLT model that HDF operates.
• NHS of New York City (Neighborhood Housing Services of NYC): NHS of NYC is a HUD-approved counseling agency and nonprofit affordable housing provider serving New York City. Like HDF, it offers first-time homebuyer counseling, downpayment assistance, and lending products for low- and moderate-income families, and HDF lists NHS New Britain/New Haven as direct counseling agency partners.
• BlueHub Capital (formerly Boston Community Capital): BlueHub Capital is a Massachusetts-based CDFI that finances affordable housing, community facilities, and small businesses in underserved communities. It is comparable to HDF as a regional CDFI providing commercial real estate financing for affordable housing developers, with similar mission and product mix.
• Habitat for Humanity: Habitat for Humanity is a global nonprofit that builds and finances affordable homeownership for low-income families through volunteer labor and zero-interest mortgages. It shares HDF's mission of expanding affordable homeownership and works with similar low-income borrower demographics, though its sweat-equity construction model differs from HDF's DPA lending approach.
• Capital Impact Partners: Capital Impact Partners is a national CDFI providing loans, investments, and technical assistance for underserved communities, with a strong affordable housing lending practice. Like HDF, it offers predevelopment, construction, and permanent financing for affordable housing developers across multiple states.

Others

• NeighborWorks America (network): NeighborWorks America is a national network of more than 250 affordable housing and community development nonprofits. HDF is itself a NeighborWorks member organization with an Exemplary rating, making NeighborWorks a direct counterpart as the parent network providing funding, training, and standards to organizations like HDF.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/HDFCT
• YouTubeyoutube.com/user/HDFCT
• Facebookfacebook.com/HousingDevelopmentFund
• LinkedInlinkedin.com/company/1958812/admin
• Instagraminstagram.com/hdf_connects

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Housing Development Fund