August 11, 2008

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

NeighborWorks® America Names Fellowship Program in Honor of
Former Board Chairman Edward “Ned” Gramlich

Federal Reserve Board of Governors Member Randall S. Kroszner and NeighborWorks CEO Ken Wade honor the late Edward "Ned" Gramlich.

Washington, D.C. – Today NeighborWorks America announced that it renamed the “Emerging Leaders in Community and Economic Development” fellowship program to the Edward M. Gramlich Fellowship in Community Development in honor of the corporation’s past chairman.

NeighborWorks America partners with the Joint Center for Housing Studies at Harvard University in managing the fellowship program. The program provides master's level students with the opportunity to spend a summer on an analytical project suitable for publication as a working paper, while working directly with NeighborWorks staff and Joint Center Faculty. At the conclusion of the program the fellows present their research in Washington, D.C. at a policy briefing arranged by the Joint Center.

“Renaming this fellowship in honor of Governor Gramlich is a fitting tribute to his many contributions not only to NeighborWorks America but also the field of housing and community development.” said Thomas J. Curry, Director, FDIC and chairman of NeighborWorks America’s board. “Thanks to Ned’s visionary leadership, NeighborWorks America is at the forefront of foreclosure intervention, helping families and communities respond to the current housing crisis.”

"Ned was an articulate, brilliant and passionate leader in the complex arena of affordable housing and community development. His legacy inspires both scholars and practitioners. The Joint Center has been one of the many beneficiaries of his extraordinary insights. Honoring Ned with this fellowship is a lasting tribute to his leadership,” said Nicolas P. Retsinas, director of the Joint Center for Housing Studies at Harvard University.

The late Federal Reserve Board Governor guided NeighborWorks America through a series of important changes and new program commitments. With the support of Governor Gramlich and other members of the Board of Directors, in 2004 NeighborWorks America created the NeighborWorks Center for Foreclosure Solutions, a comprehensive program to preserve homeownership in the face of rising foreclosure rates. Governor Gramlich’s prescient warnings about the impending housing crisis ensured that NeighborWorks America was prepared to assume a leadership role in foreclosure intervention. Today NeighborWorks America not only operates the Center for Foreclosure Solutions but also serves as the administrator of the National Foreclosure Mitigation Counseling Program, the first Federal response to the national subprime mortgage crisis.

Importantly, Governor Gramlich was a tireless supporter of community-based services that expanded economic opportunity.

“Governor Gramlich met with local NeighborWorks organizations as often as he could to ‘kick the tires’ on what was working and to offer advice based on years of experience,” said Kenneth D. Wade, CEO of NeighborWorks America. “His passion for the field of community development was evident through his tireless commitment to efforts that strengthen lower-income communities.”

Nicolas P. Retsinas, Director, Joint Center for Housing Studies at Harvard University, with the first Gramlich fellows Lindsay Finkenstaedt and Daniel Fleischman.

The first Gramlich Fellows are Lindsay Finkenstaedt and Daniel Fleischman, both master’s level students at Harvard University’s Graduate School of Design. Finkenstaedt’s research builds on the NeighborWorks STRENGTH MATTERS initiative, highlighting standardization in financial reporting and performance measurement to increase investment in multifamily housing developed by nonprofit organizations. Fleischman’s research explores strategies that nonprofit organizations can use to mitigate the effects of foreclosed properties upon neighborhoods.

“We are grateful for the honor and the recognition of Ned's role as a past chairman of NeighborWorks America and his leadership on the important challenge of foreclosure.” said Ruth B. Gramlich, his widow. “Ned would be so pleased that these talented students have a fellowship in his name.”

Find out more about the Gramlich Fellowship.

About NeighborWorks America
NeighborWorks America creates opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. Since 1991, we have assisted nearly 1.2 million low- to moderate-income families with their housing needs. Much of our success is achieved through our support of the NeighborWorks network ― more than 230 community development organizations working in more than 4,400 urban, suburban and rural communities in all 50 states, the District of Columbia and Puerto Rico. In the last five years, NeighborWorks organizations have generated more than $15 billion in reinvestment in these communities. NeighborWorks America is the nation’s leading trainer of community development and affordable housing professionals. www.nw.org.