HUD-certified nonprofit housing counselor and CDFI lender providing free homebuyer education, counseling, and affordable lending for first-time homebuyers in Connecticut and New York since 1989.
Editorially reviewed by Harvey Brooks
Housing Development Fund (HDF) is a Community Development Financial Institution (CDFI) established in 1989 with a mission to facilitate affordable rental and homeownership opportunities for low- and moderate-income households in Connecticut and New York. The organization operates as both a non-profit counseling agency and a lender, combining educational services with financing products to address housing affordability barriers.
HDF's core offerings include HUD-certified first-time homebuyer counseling and education classes, downpayment and closing cost loan programs (including the SmartMove loan product offering up to 25% of purchase price), and financing for developers building affordable housing units. The organization serves individuals and families seeking to purchase their first home, as well as developers and multifamily housing operators. Borrowers can access free counseling, competitive-rate lending products, and educational preparation for the homeownership process.
HDF distinguishes itself through its dual focus on consumer education and lending access, its HUD certification as a counseling agency, and its CDFI status prioritizing underserved communities. The organization emphasizes leveraging public subsidies with private investment to maximize affordable housing impact. Unlike traditional mortgage lenders, HDF combines financial counseling with loan products specifically designed for first-time, lower-income homebuyers who may lack substantial down payment savings.
The main limitation is geographic scope—HDF operates only in Connecticut and New York, making it unavailable for homebuyers in other states. Additionally, while the website emphasizes loan programs and counseling, specific loan terms, interest rates, credit requirements, and approval timelines are not disclosed, requiring prospective borrowers to contact the organization directly for detailed product information.
Yes. Housing Development Fund, Inc is a registered company headquartered in Stamford, CT. They hold a NR rating with the Better Business Bureau.
Counseling available within 1-2 weeks of contact.
CreditDoc Diagnosis
HDF is best for first-time homebuyers in Connecticut or New York seeking free HUD-certified counseling combined with affordable downpayment assistance loans. The primary caveat is strict geographic limitation to two states and the requirement to contact the organization for specific loan terms, rates, and eligibility criteria not disclosed online.
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