For Immediate Release
April 30, 2007

Contact: Doug Robinson, 202-220-2360, drobinson@nw.org

NeighborWorks Multifamily Business Soars in Fiscal Year 2006 —
Network Adds Nearly 7,000 Units

Washington, DC – NeighborWorks America reported today that fiscal year 2006 was another successful period for the NeighborWorks network’s Multifamily Initiative with 6,964 new units added to the network’s total portfolio. In fiscal year 2005, the network added 7,851 apartments to the portfolio. While new unit growth slowed from the prior year, the total portfolio ended the fiscal year at a record 62,408 units, up from 55,444 at the end of the previous fiscal year.

The strong showing in 2006 is the result of continued high demand for affordable housing around the country and NeighborWorks network members’ ability to work creatively with local government, business and financial institutions to keep housing affordable in today’s tight markets.

“The NeighborWorks Multifamily Initiative is now in its tenth year and is going stronger than ever,” said Frances Ferguson, national director for the initiative. “Members coast-to-coast are finding ways to bring decent, attractive and low-cost housing to thousands of families.”

Ferguson noted that NeighborWorks organizations use a variety of development tools to make their projects work, including aggressively bidding for tax credit projects, mixing market-rate units with below-market rate units and even mixing light commercial use within residential projects.

“Affordable housing can not be cookie cutter,” said Ferguson. “Developers and managers in the NeighborWorks network know this and are among the leaders in applying new financial approaches to keep costs down, rents low and families in great affordable housing.”

About NeighborWorks America

NeighborWorks America provides financial support, technical assistance and training for communities across the nation through the NeighborWorks network of over 235 nonprofit organizations covering nearly 4,500 urban, suburban and rural communities. These organizations engage in revitalization strategies that strengthen communities and transform lives. In the last five years alone, NeighborWorks organizations have generated more than
$12 billion in reinvestment and helped more than 845,000 families of modest means purchase or improve their homes, or secure safe, decent rental or mutual housing.

###

back to top