For Immediate Release

May 4, 2005

Contact: Becky Fleischauer, 202-220-2360; bfleischauer@nw.org

 

NeighborWorks® Closes in on “Bust A Billion” Rural Investments

 

Leaders of the NeighborWorks Rural Initiative steering committee announced they are more than 60 percent of the way to their “Bust a Billion” goal — nearly four months ahead of schedule. The one billion dollar goal for direct investments in rural communities across America would provide 32,000 rural families with financial counseling, funding for new home purchase and repairs to existing homes, a catalyst for economic development and job creation, and funding new and improved units of affordable rental housing, along with much needed community facilities. As of December 31, 2004, $660,018,000 had been invested by the 74 NeighborWorks organizations serving rural populations, and 18,511 households had been assisted.

 

Co-Chair John Wiltse of Rural Opportunities Inc. in Rochester, New York, says, “We’re very pleased with these results. We’ve always felt that the real impact of rural NeighborWorks organizations is under-estimated. These numbers are helping to set the records straight.”

 

Roughly 80 percent of the United States is considered rural and is home to 55 million people. According to Josie Cuda, board president of the HomeOwnership Center of Randolph Country in West Virginia and Co-Chair of the steering committee, “these investments are sorely needed — the poverty rate in rural America is still over 14 percent, higher than both the urban and national poverty rates.”

 

The steering committee represents over 74 NeighborWorks organizations who serve residents of rural communities in 40 states. The direct investments take the form of first time homebuyer mortgages, home rehabilitation loans, affordable housing developments in both single and multi-family properties, community facilities, economic development loans, community infrastructure and special projects. The mission of the NeighborWorks Rural Initiative is to support comprehensive rural community development — a mix of housing, economic development, and other locally determined strategies that strengthen and revitalize rural communities. 

About NeighborWorks America
NeighborWorks America provides financial support, technical assistance and training for communities across the nation, including the NeighborWorks network – a nationwide network of more than 230 community development organizations working in more than 2,700 urban, suburban and rural communities across America. These organizations engage in revitalization strategies that strengthen communities and transform lives. In the last five years alone, NeighborWorks organizations have generated more than $8.5 billion in reinvestment and helped more than 500,000 families of modest means purchase or improve their homes or secure safe, decent rental or mutual housing.