Total rental portfolio of NeighborWorks organizations exceeds 140,000 homes
Washington, D.C. – With the supply of affordable rental housing declining throughout the U.S., NeighborWorks America reported today that its network of local non-profit builders invested more than $1.9 billion into the development and preservation — through construction, rehabilitation, refinance, and purchase of new and existing apartments — of affordable rental homes for low- and moderate-income households. NeighborWorks organizations invested more than $710 million specifically into the construction of new affordable rental homes. All results are for the fiscal year ended Sept. 30, 2015.
“Rents nationwide are increasing at a much faster pace than income, putting intense pressure on individuals and families struggling to balance their monthly budgets,” said Thomas Deyo, vice president of Real Estate Programs at NeighborWorks America. “NeighborWorks organizations have used a variety of financing arrangements, relying heavily on the Low Income Housing Tax Credit, but also on innovative structures that acquire strategic existing affordable housing stock for preservation of long-term affordability as well as combining market-rate and commercial space components with affordable rental housing.”
cumberland rental buildingAn affordable apartment building located at 409 Cumberland Avenue in Portland, OR. Photo courtesy of network member Avesta Housing.
More than 15,300 rental homes were constructed, acquired and preserved by NeighborWorks in 2015, while another 58,000 rental homes were maintained with investments in repairs. Even minor repairs to apartments have long-lasting effects on the residents and the quality of the property.
“Nonprofit owners of apartments are very long-term owners committed to maintaining their homes as affordable rental housing,” explained Deyo. “By continuously investing in their communities with new and preserved rental homes and making ongoing small dollar investments on an ongoing basis, NeighborWorks owners, that currently own and manage more than 140,000 homes, add to the supply of affordable rental housing while maintaining the quality of their properties, and the status of their buildings as community assets.”
About NeighborWorks America
For more than 35 years, NeighborWorks America has created opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. In the last five years, NeighborWorks organizations have generated more than $24.5 billion in reinvestment in these communities. NeighborWorks America is the nation’s leading trainer of community development and affordable housing professionals.