Grants will enable nonprofit small businesses to acquire, rehab and ‘green’ local properties
Washington, D.C. – August 4, 2011 – (RealEstateRama) — Today NeighborWorks America awarded $34.9 million in grants to 115 local NeighborWorks organizations to finance the rehabilitation of affordable housing nationwide, including smaller and rural communities with affordable housing needs, and create more than 1,000 jobs.
The Capital Funding for the Rehabilitation of Affordable Housing (CFRAH) grants enable local small- and medium-size nonprofit businesses to develop, or continue to fund:
- Revolving loan funds for rehabilitation lending for owner-occupied property;
- Rehab of residential rental housing currently owned by local NeighborWorks organizations;
- Rehab of residential rental housing that is newly acquired or will be acquired by local NeighborWorks organizations;
- Rehab of single family homes that will be acquired or have been recently acquired by local NeighborWorks organizations and will be sold to homeowners.
In addition to enabling nonprofit small businesses to acquire and rehab properties, the $35 million in grant funding will also jump start local economies through the creation of more than 1,000 jobs, and produce in excess of $300 million in economic activity.
“We thank Congress for their ongoing support of nonprofit small businesses that address affordable housing needs and create jobs in our nation’s communities. Through the grants announced today, thousands of rental and owner-occupied homes will be rehabilitated—many using energy efficient and green construction—which will create healthier homes for families and strengthen communities,” said Eileen Fitzgerald, CEO of NeighborWorks America.
The $35 million in CFRAH funding announced today enables organizations like Affordable Housing Education and Development, Inc. (AHEAD) of Lancaster, N.H., to rehab McKee Inn, a historic 35-unit Section 8 senior housing property in Lancaster. Thanks to CFRAH grant funding, AHEAD will replace the roofing, replace the building’s electrical, mechanical, and HVAC systems with energy efficient units, replace an underground fuel tank with in-basement storage, install new insulation that exceeds New Hampshire’s State Energy Code, replace all non-historic exterior doors and windows with high-efficiency units and restore historic windows and door, and seal the basement against moisture and vermin.
The CFRAH grant will also enable The Housing Partnership Inc., of Louisville, Ky., to update systems at Bradford Pointe Apartments, two- and three-bedroom affordable housing apartments in Louisville, to make them energy efficient and more affordable for residents. Each unit will receive new energy-efficient windows, ENERGY STAR HVAC systems and new ENERGY STAR appliances. Solar panels will also be added to the building’s management office in an attempt to lower operations cost, which will translate into savings passed on to residents through lower rents.
About The Capital Funding for the Rehabilitation of Affordable Housing Grants
The Capital Funding for the Rehabilitation of Affordable Housing grants are made possible through the Public Laws 111-142, 111-290, 111-317, 111-322, 112-4, 112-6 and 112-10, the final bill signed into law on April 15, 2011. Just four months after the CFRAH funds were appropriated, communities across our country are able to put the funds to immediate use.
Demand for these funds far exceeded the amount of funding available; eligible applicants requested over $53,000,000 in grant funds. A cap was placed on the amount of funds any one applicant could request; without this cap, the requested amount would have been much higher.
For more information about the capital grants please visit www.nw.org/cfrah, or contact Erin Angell Collins, 202-220-6317, ">, or Doug Robinson, 202-220-2360, ">.
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. In the last five years, NeighborWorks organizations have generated more than $19.5 billion in reinvestment in these communities. NeighborWorks America is the nation’s leading trainer of community development and affordable housing professionals.
Doug Robinson, , 202 220-2360
Erin Angell Collins, , 202 220-6317