Nehemiah Corporation Celebrates 10th Anniversary; Launches New Homeownership Initiative.
SACRAMENTO, Calif.--(BUSINESS WIRE)--June 15, 2004
The Nehemiah Corporation of America:
-- Company Has Provided Nearly $675 Million in Homeownership Down
Payment Assistance, $30 Million in Community Reinvestment
Funds, $5 Million in Charitable Grants and Seeks to Further
Its Mission of Helping Lower Income Communities With the
Launch of a New Faith-Based Homeownership Initiative
The Nehemiah Corporation of America (www.nehemiahcorp.org), the nation's leading private homeownership down payment assistance provider, today marked the company's tenth anniversary as one of the most influential non-profit affordable housing organizations in the United States. Since its inception in 1994 by a small Baptist church in Sacramento, Nehemiah has evolved into one of the largest providers of affordable homeownership and housing solutions for low- to moderate-income families, having given out nearly $675 million in down payment assistance, $30 million in community development loans and investments and granting nearly $5 million to charities nationwide.
To commemorate the company's ten years of contributions, and to further its mission to assist lower income families face their housing needs, the Nehemiah Urban Ministry Initiatives (NUMI) today launched a pilot faith-based homeownership education initiative in partnership with the Chicago-headquartered Christian Community Development Association, which works with more than 600 churches and faith-based organizations nationwide. Over the next year, the NUMI-CCDA pilot program will provide homeownership education to thousands of renters and technical assistance to faith-based community development corporations in need of financing to build affordable homes for their moderate-income and low-income parishioners. To further Nehemiah's faith-based mission, NUMI will be seeking out additional partners to extend and expand the initiative to reach other faith-based organizations and parishioners.
"Our mission always has been to transform America one family at a time. For the past ten years Nehemiah has been an incredibly effective instrument of socio-economic change. While we are very proud of our accomplishments, we realize there is much work to be done if we are to effectively address the affordable housing crisis plaguing our country", said Scott Syphax, president and chief executive officer of Nehemiah. "There exists a massive wealth gap for minorities and immigrants in this country. Without organizations like ours making efforts to change the status quo, this gap will only grow greater, spoiling the potential promise of America for millions of deserving people."
At the center of the non-profit's success lays The Nehemiah Program(R) which was created three years after the company's founding and is the nation's first privately funded, homeownership down payment assistance program. Nehemiah has helped over 175,000 low-and moderate-income families become homeowners nationwide by giving away nearly $675 million in gift funds. These funds have resulted in the total purchase of more than $21 billion in residential real estate across all 50 states. Nehemiah spawned an industry that today collectively accounts for nearly 15 percent of all Federal Housing Administration insured transactions and nearly 4 percent of all residential sales on a monthly basis.
Nehemiah's comprehensive community development programs help people to move from homelessness to homeownership. In addition to providing downpayment assistance to needy homebuyers, Nehemiah has created the Nehemiah Community Reinvestment Fund (NCRF), Nehemiah Community Foundation (NCF) and Nehemiah Urban Ministry Initiatives (NUMI).
Nehemiah Community Reinvestment Fund(TM) (NCRF) is a community development fund that bridges the gap between economically disadvantaged communities and institutional investors committed to community revitalization. NCRF's approximately $30 million in direct loans and investments has to date leveraged nearly $430 million for the development of affordable and special needs housing, mixed-use housing and business projects, and community facilities. For example, to increase private investment in traditionally overlooked communities, NCRF launched the $30 million Sacramento Valley Fund to attract long-term capital for the development of large high-quality mixed-use and mixed-income housing, commercial and industrial projects. With investors ranging from some of the nation's leading banks to a major insurance company, the Sacramento Valley Fund is the first such equity fund in the region and the third in California.
Nehemiah Community Foundation(TM), Inc. (NCF) develops philanthropic partnerships with experienced organizations working in the areas of affordable housing, economic development and education.
Nehemiah Urban Ministry Initiatives (NUMI) transforms people and places through Christian community development. At the heart of NUMI's mission is the Spencer Perkins Fellowship that places college students each summer with distinguished urban ministries. These ministries provide the students with the opportunity and skills to make a difference in the lives of individuals and communities.
About Nehemiah Corporation of America
Founded in 1994, Nehemiah Corporation of America, http://www.nehemiahcorp.org, is a Sacramento-based nonprofit organization committed to empowering lives and enriching communities nationwide. Nehemiah transforms lives by increasing homeownership opportunities for diverse populations, while maintaining its commitment to successful, responsible homeownership. Nehemiah transforms communities by expanding its faith-based, charitable and community development initiatives into underserved neighborhoods across America. In 1997, Nehemiah launched its flagship program, The Nehemiah Program(R), to provide down payment assistance to homebuyers. To date, Nehemiah has provided nearly $675 million in down payment assistance gifts, resulting in over $21 billion in real estate transactions and has helped over 175,000 families and individuals achieve their dream of homeownership. Committed to comprehensive community reinvestment, Nehemiah has developed partnerships with leading national organizations such as Habitat for Humanity, HomeAid America, the U.S. Conference of Mayors and the National Association of Counties. In addition to providing downpayment gift assistance, Nehemiah has created other programs that work to enrich communities including: Nehemiah Community Reinvestment Fund, Nehemiah Community Foundation and Nehemiah Urban Ministry Initiatives (NUMI).