For Immediate Release
November 29, 2005
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NeighborWorks, Enterprise Foundation Announce Partnership
Enterprise Corp. of the Delta First to Benefit; Receives Funding for Home Repair in
Areas Affected by Hurricane Katrina
(November 29, 2005) — NeighborWorks® America and The Enterprise Foundation have entered into a partnership to promote and work toward a common vision of providing affordable housing opportunities, building sustainable communities and creating new models for community development.
As the first activity under the new partnership, Enterprise and NeighborWorks will provide $200,000 to Enterprise Corporation of the Delta (ECD), located in Jackson, Mississippi. ECD (not related in any way to the Enterprise Foundation) will use the funds for its home rehabilitation and repair loan program through Hope Community Credit Union (HOPE) that is being utilized in areas devastated by Hurricane Katrina.
ECD and HOPE have generated more than $200 million in financing and directly benefited more than 13,000 people living in struggling Mid-south communities since 1994.
“A partnership between Enterprise and NeighborWorks, community development powerhouses with 50 years of experience between them, will mean greater innovations and efficiencies in community development,” said Terri Y. Montague, Enterprise president and chief operating officer. “Enterprise is proud to join with NeighborWorks to pursue our shared goal of rebuilding neighborhoods and lives. Our combined support of Enterprise Corporation of the Delta certainly advances that goal.”
“Our continued relationship with Enterprise demonstrates our respect for their commitment to improving our nation’s communities,” said NeighborWorks America CEO Ken Wade. “With this partnership, we will build upon our other efforts to help people in the Gulf, as well as look toward future opportunities to help low- and middle-income families across America find housing solutions.”
NeighborWorks’ funding will be used by Enterprise Corporation of the Delta to make unsecured, interest-free, six-month loans of up to $5,000 to help homeowners make repairs while waiting for money from FEMA and/or private insurers to come through. Enterprise’s funding will be used to help ECD’s staff build on existing capacity and create new relationships with faith-based and other local organizations to ensure its repair loan program is reaching those in greatest need, including those who have evacuated from the area.
The partnership between Enterprise and NeighborWorks also will mean increased collaboration in these areas:
- Policy, outcome measures, best practices, training and Web sites for resident services;
- Technical assistance and training for community development organizations;
- Support services for green affordable housing development; and
- Tools and resources for expanding affordable homeownership opportunities.
NeighborWorks and Enterprise are formalizing a collaboration that has already proven successful. Since the beginning of 2005, the organizations have worked together on the National Resident Services Collaborative to promote best practices and policies for the delivery of support services to families living in affordable rental housing. This has included hosting a national symposium in March 2005 and developing a three-day resident services training curriculum, which will be delivered at the NeighborWorks Training Institute in December for the first time.
Enterprise Corporation of the Delta is a private, nonprofit community development financial institution that provides commercial financing, mortgage loans and technical assistance to support businesses, entrepreneurs, homebuyers and community development projects. ECD’s mission is to strengthen communities, build assets, and improve the lives of people in economically distressed parts of Arkansas, Louisiana and Mississippi.
Enterprise’s grant award to Enterprise Corporation of the Delta was made possible by funding from an award from the U.S. Department of Housing and Urban Development. ECD is not related in any way to The Enterprise Foundation.
About The Enterprise Foundation
Enterprise is a leading provider of development capital and expertise for creating decent, affordable homes in thriving communities. For more than two decades, Enterprise has pioneered neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested $6 billion in equity, grants and below-market loans and is currently investing in communities at a rate of close to $1 billion a year. Visit www.enterprisecommunity.org to learn more about Enterprise's efforts to build communities and opportunity, and to meet some of the half-million people helped by the organization.
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 240 community development organizations working in more than 4,000 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 $9 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.
