Citibank Presents $750,000 Grant to NeighborWorks America for Homebuyer Education and Counseling - NCHEC - Program.

NEW YORK -- NeighborWorks(R) America Estimates That Grant Will Result in 14,650 New Homeowners Over the Next Three Years

Citibank today presented a $750,000 grant from the Citigroup Foundation to NeighborWorks(R) America (formerly Neighborhood Reinvestment Corporation) in support of its NeighborWorks(R) Center for Homeownership Education and Counseling (NCHEC) program. Maura Markus, President of the Citibank Retail Distribution Group, presented the check to Ken Wade, Chief Executive Officer of NeighborWorks(R) America, at an event honoring 30 representatives from New York City non-profit organizations, who just completed the intensive week-long training. NeighborWorks(R) America (NWA), an industry leader in homeownership education and counseling training, launched NCHEC to help address the growing demand for training, standards, and certifications within the homebuyer education and counseling industry. Over the next three-years, the Citigroup Foundation grant will help train approximately 570 counselors who will counsel an estimated 102,600 potential homebuyers annually, of which one in seven, according to NeighborWorks(R) America's statistics, or 14,650, will become homeowners.

"NeighborWorks(R) America's long track record as a leader in offering effective homeownership education and counseling makes our partnership with them a natural, enabling us to strengthen our commitment to help low- and moderate-income individuals and families achieve the dream of homeownership," said Maura Markus, President of the Citibank Retail Distribution Group. "By increasing the quality and availability of homebuyer education and counseling nationwide, NCHEC will empower consumers to make informed financial decisions. Citigroup is proud to support NCHEC and to continue to partner with NeighborWorks(R) America to bring "Train-the-Trainer" courses to communities where they are most needed."

"The need for homeownership counseling and education has never been greater," said Ken Wade, CEO of NeighborWorks(R) America. "Federal and state policies are aggressively promoting homeownership, mortgages are becoming increasingly complex and risky, personal debt is rising, and stubborn homeownership and wealth gaps persist. This generous support from Citigroup will help us empower and educate more practitioners who will help consumers to become successful homeowners."

Neighborworks(R) America is the nation's largest certifier of homeownership and financial educators and counselors. "Train the Trainer" homebuyer education and counseling courses are offered four times each year during Neighborworks(R) Training Institutes (NTIs). Since 2003, Citibank, with support from the Citigroup Foundation, has been the only financial institution to make this training available in local markets to NeighborWorks America affiliates, such as Neighborhood Housing Services of New York City, and other nonprofit organizations.

In each of the grant's three years, the Neighborworks(R) "Train the Trainer" course will be offered in four markets where Citibank has a retail banking presence. In addition, the Citigroup Foundation will sponsor 50 scholarships for staff members of nonprofit organizations so they can attend one of the five Neighborworks(R) Training Institutes (NTIs) offered each year.

NWA's "Train-the-Trainer" course is the only national, HUD-recognized homeownership counseling certification course for non-profit organizations in the country. Those completing the course can develop, manage and implement homeownership education and counseling programs at their individual organizations using a time-tested curriculum that was developed by NWA's homeownership experts. The training helps non-profit organizations meet some of the eligibility requirements to become qualified as HUD-Approved Housing Counseling Agencies, which enables them to access support from HUD Housing Counseling Funds.

NCHEC is housed within NeighborWorks(R) America's Training Division and serves as the training and certification arm for homebuyer education and counseling nationwide. NCHEC's overall goal is to increase the number of homeownership counselors and educators trained and certified by NWA from 700 to more than 2,000 per year; thereby aiming to ensure the education and counseling of more than 2 million individuals by 2007.

Since 2003, the Citigroup Foundation has made grants totaling close to $1.2 million to NeighborWorks(R) America and its chartered members. At the local level, Citibank's Community Relations team has been a major supporter of NeighborWorks(R) Week (NWW), a week-long program of activities and events that support community revitalization. In 2004, Citibank participated in NWW in 13 cities and presented 13 NeighborWorks(R) affiliates with grants of $20,000 from the Citigroup Foundation to support their ongoing work in the community. Citibank's Community Relations and Community Mortgage teams also have developed comprehensive homeownership programs with many NWA affiliates and provided Board and advisory committees service and in-kind donations of space and volunteers.