For Immediate Release
March 10, 2008 |
 |
National Homeownership Organizations Announce New Funding to Support Existing and Prospective Homeowners
WASHINGTON, D.C. – Three national housing organizations—HomeFree-USA, National Community Reinvestment Coalition (NCRC), and NeighborWorks America—announced today new financial support from the Genworth Foundation in response to the homeownership financing needs of existing and prospective homeowners. The Homeownership Helps initiative, being funded with a two-year total of $2 million, will help households looking to purchase a home and those struggling with their current mortgage. In addition, a research study will be included to capture the initiative’s outcomes and to explore the merits of non-profit organizations delivering homeownership financing assistance.
“Homeownership Helps combination of financial assistance to troubled homeowners and educational outreach will help to minimize foreclosures today and in the future," said Kenneth D. Wade, CEO, NeighborWorks America. “We believe that modest financial assistance early in the foreclosure prevention process can have significant influence on the ability of low- and moderate income families to sustain homeownership if faced with a temporary financial crisis.”
Marcia J. Griffin, president and founder of HomeFree-USA, explained, “Our organization is extremely pleased to be part of this significant initiative that is designed to respond to the educational, counseling and financial needs of current homeowners and new homebuyers. Together, these three organizations expect to reach more than 150,000 homeowners and prospective homebuyers. Working together we will help more than 1,250 avoid foreclosure.”
“The three grant recipients are known for their absolute commitment to assisting homebuyers and owners,” added Leon Roday, chairman of the Genworth Foundation and general counsel for Genworth Financial. “And we look forward to helping them build on their well-established records of success.”
The organizations will meet the Foundation’s education and foreclosure prevention objectives through their respective programs and by utilizing their national network of homeownership and counseling agencies. “We look forward to expanding the reach of the National Homeownership Sustainability Fund to reach more working families who are at risk of foreclosure, in partnership with our 600 community-based members and the nation’s leading financial institutions,” said John Taylor, president and CEO, of NCRC.
Briefly, following are the specific uses of funds:
NCRC will support its National Homeownership Sustainability Fund, offering direct intervention to assist homeowners at risk of foreclosure (helping with refinancing and, in extreme cases, direct grant assistance). Also, training sessions will be conducted for local housing counseling agencies to expand the tools and techniques at their disposal to effectively provide services. Call 202-628-8866 or visit www.NCRC.org for more information on these resources.
NeighborWorks America will undertake foreclosure prevention outreach and counseling efforts, to include a limited number of grants averaging $3,000 to distressed and qualified borrowers through the Genworth Home Rescue Fund. Contact 1-888-995-HOPE or visit http://www.nw.org/network/foreclosure for more information on these resources.
HomeFree-USA will launch the Genworth Foundation Financial Literacy program at its four Homeownership Centers. The program will outreach to homeowners at risk of foreclosure and to new homebuyers to give them the education and counseling they need for successful homeownership. Call 1.866.OWN.2DAY or visit www.homefreeusa.org for more information on these resources.
Additionally, as a complement to funding for Homeownership Helps, Genworth Volunteers (an organization of Genworth Financial employees and retirees) will help the recipient organizations stage workshops and initiate projects to help keep people in their homes.
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. To date, we have assisted nearly 850,000 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 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 $12.4 billion in reinvestment in these communities. NeighborWorks America is the nation’s leading trainer of community development and affordable housing professionals.
About National Community Reinvestment Coalition
NCRC is a national non-profit membership organization that promotes economic justice and equal access to credit, capital and financial services to traditionally underserved communities. It has nearly 600 dues-paying organization members across the country. For more information on NCRC, visit us on line at www.ncrc.org or call 202-628-8866.
About HomeFree-USA
Established in 1995 in Washington, DC, HomeFree-USA has prepared more than 50,000 first time homebuyers nationwide for homeownership success. With an unparalleled model, HomeFree-USA and its affiliated agencies deliver financial empowerment messages to more than a half million families through television programming, community lecturing, church outreach, and targeted advertising. Through its homeownership centers in metropolitan Washington DC, Atlanta, Kansas City and Dallas, and its 70 affiliated community-based housing counseling agencies nationwide, HomeFree-USA educates and prepares more than 10,000 families each month for homeownership. For more information, please visit www.homefreeusa.org.
About the Genworth Foundation
Genworth Financial, Inc.’s work in the community includes a strong focus on the education of our youth, care for the elderly, and daily living assistance for those in need. Much of this activity is accomplished through the Genworth Foundation. For more information, visit www.genworth.com/foundation.
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