News Release

December 11, 2009

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

NeighborWorks America Receives $425,000 Grant from CITI Foundation

NeighborWorks® America, one of the nation’s leading public/private nonprofit housing and community development corporations, announced today that it received a $425,000 grant from Citi Foundation to enhance the professional capabilities of housing counselors. The grant will be used by the NeighborWorks Center for Homeownership Education and Counseling.

“Citi Foundation’s generous grant strengthens our ability to help nonprofit housing counselors to build the knowledge and skills they need to assist families who are struggling to maintain homeownership during this national housing crisis,” said Ken Wade, CEO of NeighborWorks America.

The NeighborWorks Center for Homeownership Education and Counseling (NCHEC) provides homeownership counselors with access to quality tools, materials, best practices and uniform standards designed to help low- to moderate-income clients make informed homeownership decisions. Homeownership counselors play a critical role in helping homeowners develop budgets, accumulate savings and protect their housing investment.

With support from the Citi Foundation, NCHEC will provide training and certification to more than 400 housing counseling practitioners who will reach as many as 40,000 low-to moderate-income individuals with pre- and post-purchase homeownership education and foreclosure intervention counseling.

“As people struggle in this uncertain economy, Citi and Citi Foundation believe that it is essential that financial education and asset building programs deliver results and make a difference in peoples’ lives,” said Daria Sheehan, senior program officer, Citi Foundation. “We are proud to partner with NeighborWorks to provide the training to help practitioners assist low-income individuals in achieving their financial goals.”

In November, NeighborWorks America released its fourth report to Congress on the National Foreclosure Mitigation Counseling program, for which it is the administrator. The ongoing program has provided important foreclosure intervention counseling services to more than 750,000 homeowners. Data released with the report shows that homeowners in foreclosure are significantly less likely to lose their homes to foreclosure if they see a housing counselor than homeowners in similar situations who don’t see a housing counselor.

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.

Citi Foundation

The Citi Foundation is committed to the economic empowerment of individuals and families, particularly those in need, in the communities where we work so that they can improve their standard of living. Globally, the Citi Foundation targets its strategic giving on its priority focus areas: Microfinance and Microenterprise, Small and Growing Businesses, Education, and Financial Education and Asset Building. In the United States and Canada, the Citi Foundation also supports Community Development programs. The Citi Foundation works with its partners in Microfinance and Microenterprise, Small and Growing Businesses, and Community Development to support environmental programs and innovations. Additional information can be found at www.citifoundation.com.