FOR IMMEDIATE RELEASE
December 22, 2003

Contact: Mark Burneko
Neighborhood Reinvestment
(202) 220-2360
mburneko@nw.org

Neighborhood Reinvestment Corporation Names New Executive Director

Board of Directors Selects Kenneth D. Wade, Neighborhood Reinvestment's
Director of National Programs, Initiatives and Research

Washington, DC — Neighborhood Reinvestment Corporation's Board of Directors today announced that Kenneth D. Wade has been selected as Executive Director. Wade will serve as the corporation's chief executive, overseeing its multimillion-dollar grants programs and training activities in support of the national NeighborWorks network of affordable housing and community development organizations.

Wade, who joined Neighborhood Reinvestment in 1990 and has served for five years as its Director of National Programs, Initiatives and Research, will assume his new responsibilities on January 5, 2004. Wade becomes the fourth executive director in the corporation's 25-year history, succeeding Ellen Lazar, who became Fannie Mae Foundation's Senior Vice President of Housing and Community Initiatives in October after three years as Neighborhood Reinvestment's executive director.

Wade currently oversees Neighborhood Reinvestment's national NeighborWorks initiatives, including the NeighborWorks Campaign for Homeownership, the NeighborWorks Multifamily Initiative, the NeighborWorks Rural Initiative, the NeighborWorks Resident Leadership Initiative, the National Insurance Task Force and the corporation's Innovations and Applied Research Unit.

From 1990 through 1998, Wade was Neighborhood Reinvestment's New England District Director, managing the corporation's activities in support of NeighborWorks affiliates in Connecticut, Rhode Island, Massachusetts, New Hampshire, Vermont and Maine. Prior to joining Neighborhood Reinvestment, Wade worked for nine years with Boston's United South End Settlements.

Neighborhood Reinvestment is a national nonprofit organization created by Congress in 1978 to develop an effective system of public- and private-sector support for community-based revitalization efforts. Neighborhood Reinvestment founded and supports the NeighborWorks network of more than 220 locally based affordable housing and community development organizations, which today serve more than 2,400 urban, suburban and rural communities nationwide. Over the past decade, NeighborWorks affiliates have helped more than 76,000 lower-income families purchase their first home, helped more than 150,000 residents access funding needed for necessary home repairs, provided more than 45,000 decent, affordable rental homes, and generated more than $8 billion in local investments.

Deborah Matz, who serves on Neighborhood Reinvestment's board and chaired the board's Executive Director Search Committee, hailed Wade's selection as vital to the continued excellence that has been the hallmark of NeighborWorks activities nationwide.

"Ken has shown outstanding dedication to Neighborhood Reinvestment and the NeighborWorks system," said Matz, a member of the National Credit Union Administration's Board of Directors. "His understanding of the corporation and its mission, combined with his abiding commitment to the core values of the NeighborWorks network, will enable Ken to lead the organization and its affiliates to achieving even greater success."

Edward M. Gramlich, Chairman of Neighborhood Reinvestment's Board of Directors and a member of the Federal Reserve Board of Governors, expressed pride in the quality of
applicants for the position and their esteem for the NeighborWorks system. "The Board conducted a thorough national search and interviewed a number of very strong candidates," Gramlich said. "All of the candidates said they were attracted to this opportunity because of the strength and reputation of the corporation and the NeighborWorks system."

As chief executive, Wade will oversee Neighborhood Reinvestment's activities and a staff of 250 employees located in Washington, DC, and eight district offices around the country. In 2003, the corporation provided $75 million in federal and private-sector support to NeighborWorks organizations.

Additionally, more than 3,000 affordable housing and community development practitioners participated this year in training and symposia provided by the NeighborWorks Training Institute, which conducts weeklong sessions four times annually around the country.

"Neighborhood Reinvestment and the NeighborWorks system represent an innovative and effective force in revitalizing America's communities, and I am very proud to have the opportunity to build on that success as we work to address the nation's affordable housing and community development needs," said Wade.

During the executive transition, the corporation has been under the direction of Margaret Kelly, who will resume her responsibilities as Chief Operating Officer. "The board is grateful for Margo Kelly's leadership during this transition period," said Gramlich. "Her involvement and guidance have been invaluable to the board, the corporation and the NeighborWorks network."

In addition to Governor Gramlich and NCUA Board Member Matz, Neighborhood Reinvestment's board of directors includes board vice chairman John Reich, vice chairman of the Federal Deposit Insurance Corporation; HUD Acting Secretary Alphonso Jackson; John C. Weicher, HUD Assistant Secretary for Housing and Federal Housing Commissioner; John D. Hawke, Jr., U.S. Comptroller of the Currency; Julie Williams, First Senior Deputy Comptroller of the Currency; James E. Gilleran, Director, Office of Thrift Supervision; and Deborah Matz, Board Member, National Credit Union Administration.

Editors note: For interview and photo requests, please contact Mark Burneko at (202) 220-2360 or by e-mail at mburneko@nw.org.

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