FOR
IMMEDIATE RELEASE
March 5, 2003
Contact: Mark Burneko
Neighborhood Reinvestment
(202) 220-2360
Neighborhood Reinvestment Corporation Outlines
Plan To Increase Homeownership Opportunities for Minority and
Immigrant Families, Expand NeighborWorks Community Revitalization
Efforts
Testimony Before House Committee on Financial
Services Highlights Unprecedented Success in Leveraging Federal
Resources
Washington, DC — Pledging to help meet the Bush
Administration's goal of creating 5.5 million new minority
homeowners over the next decade, Neighborhood Reinvestment Corporation
today asked Congress to continue its support for the nation's
most effective homeownership initiative of its kind.
Testifying before the House Committee on Financial Services,
Ellen Lazar, executive director of Neighborhood Reinvestment,
outlined a five-year goal for the national NeighborWorks Campaign
for Home Ownership, which has already helped more than 60,000
families become homeowners.
Over the next five years, the Campaign will help an additional
50,000 families attain homeownership, while helping an additional
50,000 residents with the support needed to remain in and improve
their homes. Homebuyer education, which enhances the long-term
success of homebuyers, will be provided to more than 500,000 families
during the next phase of the Campaign, Lazar told the committee.
Celebrating its 25th anniversary this year, Neighborhood Reinvestment
is a national, public nonprofit intermediary created by Congress
to support and expand revitalization of lower-income communities
throughout America. The Corporation founded and supports the NeighborWorks
network of 226 community-based nonprofits serving more than 2,300
urban, suburban and rural communities nationwide. These organizations
revitalize neighborhoods by mobilizing public, private, and resident-led
partnerships and tailoring affordable housing, economic development,
and resident leadership activities to meet specific community
needs.
The Bush Administration has proposed a $115 million budget in
FY 2004 for Neighborhood Reinvestment. Additionally, private-sector
investment related to NeighborWorks® activities could top
$2.2 billion in FY 2004, generating approximately $18 for every
$1 provided through congressional appropriation, Lazar said.
The full text of Ellen Lazar's testimony is available here.
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