News Release

March 15, 2010

Contacts:
Erin Angell Collins, 202-220-6317, ecollins@nw.org
Doug Robinson, 202-220-2360, drobinson@nw.org

NeighborWorks America to Distribute $119 Million in Grants in 2010
Grants are a much-needed boost for community development efforts

Washington, D.C. – At a time when communities need resources most, thousands across the nation will receive a much-needed affordable housing and community development boost as NeighborWorks America distributes more than $119 million in flexible grants to its national network of more than 230 local nonprofit NeighborWorks organizations.

The $119 million that will be distributed in 2010 is a $38 million increase from 2009, and reflects the increased need for community development as the foreclosure crisis and recession continue to make headlines in 2010.

“The need for nonprofit community development organizations has never been greater,” said Ken Wade, CEO of NeighborWorks America. “Communities are challenged by high foreclosure rates and near-record unemployment at a time when municipal and state budgets are stretched thin and private resources are growing scarce. These grants provide critical funding that strengthens local NeighborWorks organizations’ ability to serve their communities during this difficult economic time. ”

The 2010 grants will help NeighborWorks organizations:

• Provide quality counseling for struggling homeowners at risk of foreclosure;
• Stabilize communities hard-hit by the current crisis by putting vacant properties back into productive use;
• Empower consumers through financial and homeownership education and counseling;
• Create homeownership opportunities for low- and moderate-income families; and
• Produce and manage affordable, high-quality rental properties.
  

“We are grateful to Congress and our private, philanthropic and public partners, who make the work of the NeighborWorks network possible, particularly NeighborWorks’ foreclosure prevention efforts. Although no one organization or sector can resolve the foreclosure crisis and re-stabilize communities, NeighborWorks America is making a significant contribution to this effort because of the support from Congress and our partners,” said Wade.

NeighborWorks America created the NeighborWorks network to improve homeownership opportunities for low- and moderate-income families; provide financial education and improve financial literacy; rebuild and repair properties; develop affordable multifamily units; and use innovative strategies to improve safety and revitalize communities across the nation.

Collectively, over the last five years NeighborWorks America and the NeighborWorks network have been able to:

• Invest nearly $20 billion in America's urban, rural, and suburban communities;
• Create the nation's largest force of certified homeownership education counselors and foreclosure intervention counselors;
  
• Provide homeownership counseling to more than 500,000 families;
  
• Assist more than 80,000 families of modest means to achieve their dream of homeownership;
  
• Develop, own and manage over 73,000 affordable, high quality rental units;
  
• Rehabilitate more than 85,000 homes using state-of-the-art methods, including green and healthy building techniques;
  
• Invest in rebuilding efforts in hurricane-affected communities across the Gulf Coast; and
  
• Mobilize hundreds of thousands of volunteers to revitalize communities
  

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 235 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.