November 7, 2006 – The Fannie Mae Foundation recently recognized Lawrence CommunityWorks, Inc., a member of the NeighborWorks network located in Lawrence, Massachusetts for its distinguished work in converting vacant properties into affordable housing, during its sixteenth anniversary Maxwell Awards of Excellence event in Washington, D.C.

This building, now on the National Register of Historic Places, was slated for demolition before being renovated by Lawrence Commu-nityWorks, Inc.

This year’s awards were in partnership with the National Vacant Properties Campaign, in which reclaimed vacant properties and lots were refurbished into affordable housing for the development of mixed-use and mixed-income neighborhoods.

Lawrence CommunityWorks, Inc. (LCW), which received the top prize in the Most Effective Catalyst for Community Revitalization category for its Reviviendo Family Housing project, was among four nonprofit housing organizations recognized during the event. LCW is a community development corporation that has dedicated its resources to the revitalization of Lawrence, a city that until recently had one of the highest rates of property abandonment nationwide.

“The reclamation of vacant and abandoned properties to create affordable housing is one innovative way to address the affordable housing challenge,” said Stacy D. Stewart, president and CEO of the Fannie Mae Foundation. “It’s a strategy that can strengthen communities by redeveloping blighted properties, making communities vibrant places once again while also providing much needed affordable housing.”

The Maxwell Awards of Excellence program recognizes and showcases the work of nonprofit organizations in developing and maintaining an affordable housing stock, and encourages other foundations to become investment partners. In 1988, to mark Fannie Mae’s 50th anniversary, the government-sponsored corporation launched the Awards in Excellence program, which recognized nonprofit groups that worked toward making homeownership possible for low-income Americans. The awards were renamed to honor David O. Maxwell in 1991, the outgoing chief executive officer of the foundation.

The other 2006 Maxwell Award recipients were the Bickerdike Redevelopment Corporation located in Chicago, for its winning project in the Most Impressive Overall Housing Benefit category; the Women’s Institute for Housing and Economic Development, Inc. located in New Bedford, Mass., for its winning project in the Most Innovative Partnership category; and the New Economics for Women program, located in Los Angeles, for its winning project in the Most Successful Public/Private Partnership category. Each of the four winners received a $50,000 grant to continue their efforts in affordable housing initiatives.

The LCW program revitalized an entire 10-block area of Lawrence after it took over five of the most blighted neighborhoods in the early 1980s. Because of the project’s community development efforts, the city of Lawrence has reported an increase of $1.6 million in property assessments, which has helped jump-start the city’s shrinking tax base. The North Common neighborhood, where the program focused the majority of its resources, had one of the highest abandoned property rates in the United States, but since redevelopment has seen an economic renaissance. Reviviendo Family Housing (RFH) took over five of the worst sites in Lawrence – and although the project developed only 17 homes  – the socioeconomic impact has been significant; reducing crime, increasing home ownership, restoring national historical sites, and increasing the area’s overall property values.  

An independent advisory board chose winners based on their effective approach to affordable housing, and according to the guidelines, award applicants were evaluated based on creativity, quality of design, innovation in affordable financing, and their success in project implementation.