|
Launched in 1999, National Real Estate Programs (formerly NeighborWorks Multifamily Initiative) is the collaborative portfolio management initiative for NeighborWorks organizations whose primary mission is development, ownership, or management of affordable multifamily housing. Currently, 93 NeighborWorks
organizations, operating in 37 states, belong to National Real Estate Programs. Together, they own or manage more than 60,000 affordable housing units.
(Download Adobe Acrobat Reader if you are unable to view these PDF files.)
The goals of National Real Estate Programs are to: develop or preserve 15,000 units between 2004 and 2008; attract $1 billion in investment in these affordable properties; support portfolio performance and asset management systems of members so that 90 percent of portfolios are positively performing; serve 15,000 residents with asset building services through learning centers; and increase multifamily resident leadership so that 3,500 residents serve in leadership on properties or communities.
National Real Estate Programs created NeighborWorks Capital (NC) as an additional source of capital to enable the preservation and development of affordable multifamily housing. NC provides predevelopment loans and interim acquisition loans for the “top” 10 to 25 percent of value for a property to be acquired for preservation or development.
Initially capitalized by NeighborWorks America, NC now is building its capital base through both direct investment and through agreements with lenders who would like to participate in this type of lending.
|
