Support Helps Create and Preserve Homeownership for 250,000 Families
Washington, D.C. – April 22, 2011 – (RealEstateRama) –NeighborWorks America, one of the nation’s leading nonprofit community development corporations, today announced that it received a two-year, $2 million grant from the Bank of America Charitable Foundation to support a variety of initiatives including affordable homeownership and training for local nonprofit professionals.
The funds will help NeighborWorks America create and preserve homeownership assets for 250,000 families. The grant continues the long-standing and vital support that Bank of America has provided to NeighborWorks America and to its network of 235 local NeighborWorks organizations that has helped create stronger communities and long-term, successful homeowners.
“Bank of America’s generous support expands our ability to help local nonprofit organizations do the important work necessary to build and sustain vibrant communities,” said Eileen Fitzgerald, acting CEO for NeighborWorks America. “This grant, along with support, will enable NeighborWorks organizations to help thousands of families attain their dream of homeownership, and thousands more to stay in their homes.”
“Preserving homeownership and providing transitional housing to stabilize neighborhoods are critical elements to the nation’s economic recovery. That is why we work with leading nonprofits like NeighborWorks to help keep as many people as possible in their homes,” said Kerry Sullivan, president, Bank of America Charitable Foundation. “This grant provides funds directly to the housing nonprofits that are on the front lines every day working with homeowners in communities with high foreclosure rates.”
This grant and other sources will also help NeighborWorks America achieve its corporate strategic objectives to:
- Assist 130,000 homeowners who need housing rehab, delinquency/foreclosure prevention,
- Provide training to more than 11,000 nonprofit community development professionals,
- Foster the adoption of National Industry Standards for Homeownership Education and Counseling, and
- Support 50 nonprofit community development leaders attending the nationally recognized Achieving Excellence program conducted in collaboration with Harvard University.
The grant, part of Bank of America’s $50 million philanthropic effort to support critical home retention programs, is part of the company’s overall neighborhood stabilization strategy. Bank of America also works with nonprofits and municipalities by participating in nearly 600 home retention community events across the country since 2009, and was the first major servicer to create a program for the timely resale of foreclosed properties for owner-occupants and community needs under the federal Neighborhood Stabilization Program (NSP). Bank of America is among the largest, most active affordable housing lenders in the U.S., having provided more than $1.7 billion in 2010 to finance more than 11,700 affordable housing units.
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 $20 billion in reinvestment in these communities. NeighborWorks America is the nation’s leading trainer of community development and affordable housing professionals.