NeighborWorks America Announces $1.9 Million in Community Stabilization Grants.Grants Will Help Local NeighborWorks Organizations Reduce Inventory of REO reoNoun NZ a language [Maori] Properties and Stabilize or Increase Residential Property Values WASHINGTON -- Today NeighborWorks([R]) America announced that it awarded a total of $1.9 million in community stabilization grants to 38 local NeighborWorks organizations throughout the country. Each NeighborWorks organization will use its $50,000 grant to support its community stabilization efforts, which are primarily focused on acquiring, renovating, and selling foreclosed or vacant homes to low- and moderate-income families. The grants will help the community-based NeighborWorks organizations launch local housing activities designed to reduce the inventory of bank-owned (REO) properties in their communities, reverse the deterioration caused by foreclosures, and market their neighborhoods to potential homebuyers. Altogether, the NeighborWorks organization grantees and their local strategic partners plan to purchase 2,800 housing units. After necessary improvements, 1,400 homes will be sold, 630 will become rental housing, and 322 will be sold through lease-purchase programs. In addition, approximately 451 blighted homes are slated for demolition. Just over 8,000 prospective homeowners will be served through pre-purchase counseling programs expanded to address the challenges of buying bank-owned properties. While stabilization strategies will vary by market, many of the NeighborWorks grantees plan to use their grants, combined with other resources, to support the creation of new housing opportunities for renters and buyers seeking affordable, quality housing. Most of the grantees are planning a variety of programs designed to bring people back to homes that are foreclosed or abandoned. * Neighborhood Finance Corporation (Des Moines, Iowa “Des Moines” redirects here. For other uses, see Des Moines (disambiguation). Des Moines (pronounced /dɪˈmɔɪn/ in English, ) intends to spur investment around the properties they rehabilitate by offering affordable home improvement loans to nearby homeowners. This strategy is designed to remind prospective buyers and existing homeowners that the neighborhood is worth investing in. * Housing Partnership of Northeast Florida (Jacksonville, Fla.) will acquire and rehabilitate a 52-unit multifamily property that will serve low-income renters, Section 8 voucher holders, and homeless families in transition. They are also planning to acquire and sell 15 single-family properties and expand their first-time homebuyer First-Time Homebuyer An IRA owner who is exempt from the early-distribution penalty (which applies to IRA distributions that occur before the IRA owner reaches age 59.5) for distributing funds from his or her IRA to buy, build, or rebuild a home when having had no interest in a counseling program. * NHS NHS abbr. National Health Service NHS (in Britain) National Health Service of New Haven New Haven, city (1990 pop. 130,474), New Haven co., S Conn., a port of entry where the Quinnipiac and other small rivers enter Long Island Sound; inc. 1784. Firearms and ammunition, clocks and watches, tools, rubber and paper products, and textiles are among the many (New Haven, Conn.) intends to strategically acquire properties on otherwise stable residential blocks in order to "prevent disinvestment Disinvestment 1. The action of an organization or government selling or liquidating an asset or subsidiary. Also known as "divestiture". 2. A reduction in capital expenditure, or the decision of a company not to replenish depleted capital goods. Notes: 1. from spreading." They also believe in making redevelopment visible: where they can, they plan to develop clusters of properties for maximum visual impact in order to curb any negative perceptions that may be accruing in the community. * NHS of Minneapolis (Minn.) plans to invest in "troubled" housing markets nestled within commercial nodes, but still ripe for additional development due to ongoing commercial and physical infrastructure investments. In addition to strategies designed to attract residents back to communities abandoned in the wake of the foreclosure crisis, green building will play a significant role in one-third of the grantees' stabilization plans. These include producing energy-efficient properties, using green rehab design standards Design standards Specifications of materials, physical measurements, processes, performance of products, and characteristics of services rendered. Design standards may be established by individual manufacturers, trade associations, and national or , creating alternate green space from vacant lots, and counseling homebuyers about energy reduction strategies. * LaCasa, Inc. (Newark, N.J.) plans to develop 27 energy-efficient properties for resale. * Hudson River Hudson River River, New York, U.S. Originating in the Adirondack Mountains and flowing for about 315 mi (507 km) to New York City, it was named for Henry Hudson, who explored it in 1609. Dutch settlement of the Hudson valley began in 1629. Housing (Poughkeepsie, N.Y.) will use green techniques for rehabilitating older buildings, and will also counsel homebuyers on the benefits of energy conservation practices. Their goal is to trim the units' energy consumption levels by 20%. * St. Ambrose Housing Aid Center (Baltimore, Md.) will ensure that its NSP-assisted rehabilitated homes will be energy efficient. * Neighborhood Development Services (Ravenna, Ohio Ravenna is a city in Portage County, Ohio, United States. It was formed from portions of Ravenna Township in the Connecticut Western Reserve. The population was 11,771 at the 2000 census. It is the county seat of Portage CountyGR6. ) plans to use green specifications to rehabilitate and resell 30 homes in Northeastern Ohio. Most NeighborWorks grantees will leverage their grant toward projects supported by the federal Neighborhood Stabilization Program (NSP (1) (Network Service Provider) An organization that provides a high-speed Internet backbone to ISPs and other service providers. Sprint, MCI and UUNET are examples of NSPs. See Internet backbones. ) administered by HUD Hud (h  d), a pre-Qur'anic prophet of Islam. Hud unsuccessfully exhorted his South Arabian people, the Ad, to worship the One God. . The grantees will implement their community
stabilization activities with a host of partners, including banks,
county and municipal agencies, and other nonprofit groups. Many grantees
are working with the National Community Stabilization Trust (NCST NCST North Carolina StateNCST National Centre for Software Technology NCST National Construction Safety Team NCST Naval Center for Space Technology NCST National Commission for Science and Technology ) - a partnership co-founded by NeighborWorks America The Neighborhood Reinvestment Corporation, dba NeighborWorks® America, is a national public/private neighborhood redevelopment organization. The organization began in 1973 as the Urban Reinvestment Task Force, a joint project of the Department of Housing that helps grantees acquire properties from servicers and provide supplemental financing through one streamlined entity. For more information about NeighborWorks America's Community Stabilization Program, please visit www.StableCommunities.org, or contact Erin Angell Collins, 202-220-6317. About NeighborWorks([R]) America NeighborWorks([R]) 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. Since 1991, we have assisted nearly 1.2 million low- to moderate-income families with their housing needs. Much of our success is achieved through our support of the NeighborWorks network -- more than 235 community development organizations working in more than 4,400 urban, suburban and rural communities in all 50 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and Puerto Rico. In the last five years, NeighborWorks organizations have generated more than $15 billion in reinvestment in these communities. NeighborWorks America is the nation's leading trainer of community development and affordable housing professionals. |
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