News Release

July 22 , 2010

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

NeighborWorks America Helps Nonprofits Navigate the Neighborhood Stabilization Program with Do's and Don'ts Accounting Webinar

Washington, D.C. – With more than $7 billion of federal money flowing into communities through the Neighborhood Stabilization Program, and nonprofit organizations playing a key role in using the funds to strengthen neighborhoods affected by foreclosure, NeighborWorks America, in partnership with the Lydon, Fetterolf, Corydon, P.A., recently offered tips on navigating the processes of cost allocation and reimbursement for nonprofit NSP grantees. In all, thirty-eight organizations discussed how to accurately manage the NSP process under the rules established by the Office of Management and Budget in Circular A-122.

"The rules for NSP and other similar federal programs can be a challenge for nonprofit organizations who are not accustomed to managing federal funds, and the consequence of missteps can be delayed reimbursement or in the worst case, having to return grant funds to HUD,” said Sarah Greenberg, senior manager, Community Stabilization, at NeighborWorks America.

There are 109 organizations in the NeighborWorks network managing over $146 million of NSP Round 1 funds, and an additional 19 NeighborWorks network organizations are direct recipients of competitive NSP Round 2 funds. NeighborWorks America believes that it’s important for all participating nonprofits to have the best guidance on running a cost-effective program.

The webinar is part of NeighborWorks America's overall effort to make information readily available to nonprofits working to restore communities devastated by the foreclosure crisis.  To this end, NeighborWorks will also be hosting a peer convening for nonprofit NSP2 grantees in Philadelphia on August 16, 2010, as part of the NeighborWorks Training Institute.    

Other information on best practices, case studies, and the latest news and research are available at www.StableCommunities.org.

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.