NeighborWorks News

NeighborWorks America Supports Extension of Homebuyer Tax Credit

noreply@blogger.com (NeighborWorks America) — Mon, 09 Nov 2009 14:07:00 +0000

NeighborWorks America applauds the latest decision by Congress and the Obama Administration to renew the homebuyer tax credit and make the credit available to both first-time homebuyers and repeat homeowners who have lived in their homes for five years.

Regardless of whether you are a first-time homebuyer or an existing homeowner ready to make your next home purchase, NeighborWorks urges all homebuyers to seek homeownership education from a HUD-approved nonprofit organization before purchasing a home.

“Buying a home is a complex financial transaction and homeowners who begin the process with the right information through homeownership education lay the groundwork for long-term success for themselves and the community at-large,” said Ken Wade, CEO of NeighborWorks America. “Millions have been affected by the short-term approach to homeownership that was prevalent earlier this decade. Had homebuyers had adequate access to homebuyer education prior to their home purchases, I am sure that the foreclosure crisis would have been less severe.”

For 30 years, the NeighborWorks network and nearly 100 other locally-based nonprofit organizations have worked with thousands of homebuyers to help them achieve their dream of long-term homeownership. These HUD-approved counseling organizations have trained counselors on-staff, ready to advise families one-on-one and help them make the right homeownership choices for them. View a list of NeighborWorks Homeownership Centers to find homeownership education courses offered near you.

Fannie Mae Offers Rental Option to Borrowers in Foreclosure

noreply@blogger.com (NeighborWorks America) — Fri, 06 Nov 2009 19:58:00 +0000

Homeowners in trouble are being offered a new option to stay in their homes if they can’t pay their mortgage. On November 5, Fannie Mae announced that it will begin allowing borrowers on the verge of foreclosure to rent back their homes for up to one year.

The new Deeds for Lease Program is designed for borrowers who do not qualify for or have not been able to sustain other loan-workout solutions, such as a modification. Under the program, borrowers transfer their property to the lender by completing a deed in lieu of foreclosure, and then lease back the house at a market rate.

“This new program helps eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities," Fannie Mae Vice President Jay Ryan said in a statement.

In interviews with the Associated Press, two members of the NeighborWorks America network had different takes on the new Fannie Mae effort to stave off foreclosures.

"It shows that you put your best effort to work out a solution," said Gabe Del Rio, director of homeownership at Community HousingWorks of San Diego.

However, Mike Himes, director of homeownership services at NeighborWorks Sacramento, said the industry should push harder to modify loans at lower monthly payments. “The preferred option is allowing people to retain ownership,” he said.

Read Fannie Mae Press Release.

Read AP story.

NeighborWorks Northeast District Honors Newark Mayor Cory A. Booker and F.B. Heron Foundation President Sharon King

noreply@blogger.com (NeighborWorks America) — Thu, 05 Nov 2009 18:12:00 +0000

The Honorable Cory A. Booker, mayor of Newark and Sharon King, president of the F.B. Heron Foundation were honored as “Visionary Leaders in Community Development” at the Fourth Annual NeighborWorks America Northeast District Reception, hosted by the Federal Home Loan Bank of New York on Park Avenue in Manhattan.

The Annual District Reception, known as “A Community United,” drew 300 leaders from the housing field, finance, government, foundations and nonprofits.

NeighborWorks America CEO Ken Wade spoke about Mayor Booker’s dedication to “development without displacement” in more than doubling the number of affordable housing units in the City of Newark while significantly reducing crime, beautifying public spaces and enforcing an aggressive anti-abandonment strategy.

King, a long-time NeighborWorks supporter, was cited by Wade for having “shaped a foundation that is known for its uncommonly close partnership with grantees -- a collaboration based on a culture of engagement, trust, mutual learning and a focus on results.”

NeighborWorks COO Eileen Fitzgerald Featured on "Code Red" Radio Show

noreply@blogger.com (Erin) — Wed, 04 Nov 2009 19:02:00 +0000

Yesterday Eileen Fitzgerald, chief operating officer for NeighborWorks America, joined Code Red! radio host Alfred McComber to discuss the new Loan Modification Scam Alert campaign.

Listen to Eileen share tips consumers can use to spot and avoid loan modification scams. Eileen's half-hour interview begins 28 minutes and 42 seconds into the show.

For more information about NeighborWorks' new Loan Modification Scam Alert campaign, visit our web site at http://www.loanscamalert.org/.

Former Executive Director George Knight Inducted into Affordable Housing Hall of Fame

noreply@blogger.com (NeighborWorks America) — Mon, 02 Nov 2009 15:00:00 +0000

George Knight, former executive director of NeighborWorks America, was inducted into the Affordable Housing Hall of Fame in a luncheon ceremony held during The Affordable Housing Developers’ Summit on October 28 at the Palmer House Hotel in Chicago. Knight's wife, Kathy Desmond, accepted the award. Steve Tuminaro, NeighborWorks America’s director of Public Policy and Legislative Affairs and long-time colleague of George Knight, addressed the attendees, speaking of the significant growth of the NeighborWorks system under the Knight’s leadership. Tuminaro also spoke of the legacy for continued growth that Knight left with us.

Read the article in Affordable Housing Finance Magazine regarding the Hall of Fame inductees, and a tribute to George Knight.

View NeighborWorks America's tribute to Knight: Remembering George Knight: A Model for Servant Leadership

NeighborWorks America Adds Two New “Green” Courses to its National Training Institute Curriculum; Offerings Designed to Help Communities Go Green

noreply@blogger.com (NeighborWorks America) — Thu, 29 Oct 2009 15:05:00 +0000

NeighborWorks America expanded its curriculum of energy efficiency and healthy homes courses to include two new classes designed to help community leaders engage residents in creating greener communities, and to help non-profit managers improve the green footprint of their organizations.

The new courses, Taking Green Action in Your Community, and Greening Your Organization” bring the total number of “Green” courses taught at the upcoming NeighborWorks Training institute to six. In all, NeighborWorks America offers 16 green courses. The next NeighborWorks Training institute is December 7-11 in suburban Washington, D.C. Registration is still open at http://www.nw.org/network/training/training.asp.

“These courses are great additions to our existing offerings, providing important information for nonprofit leaders that will help them reduce the carbon footprint of their organizations, and help educate residents on how to ensure that the communities in which they live are healthy and sustainable,” said Thomas Deyo, director of green programs at NeighborWorks America.

Greening Your Organization is supplemented by a guide released earlier this year by NeighborWorks America, Greening Your Nonprofit From the Inside Out. Produced in conjunction with Strategic Sustainability Consulting, the 84-page guide contains case studies that non-profit organizations around the country can follow to lower their energy usage and increase the health quality of the places they work and the housing that they build.

“All of the courses and the guide are part of NeighborWorks America’s program called, “Think Green, Act Green”, a commitment to advance environment responsibility across the community development industry,” added Deyo. More on this commitment can be found at www.nw/green.

NHS of South Florida Installs Green, Hurricane Ready Home in Four Hours

noreply@blogger.com (NeighborWorks America) — Wed, 28 Oct 2009 14:26:00 +0000

With a grant from the NeighborWorks Innovations in Factory Built Housing program and assistance from other funding partners, NeighborWorks member NHS of South Florida has completed the first green, hurricane ready Royal Concrete house in Miami. The home is all concrete and can withstand up to a category five hurricane. It is energy efficient with heavy insulation built in, all Energy STAR appliances and a solar water heater. It took took just four hours to install.

Watch this brief, minute and a half video of the installation below. If you have trouble viewing it, go here.

NeighborWorks America and Partners Launch National Campaign to Help Homeowners Combat Loan Modification Scams

noreply@blogger.com (NeighborWorks America) — Mon, 26 Oct 2009 16:27:00 +0000

Today in Los Angeles, NeighborWorks America and a partnership of local, state and national government agencies, nonprofit organizations and financial institutions gathered at City Hall to launch a national public education campaign designed to help homeowners protect themselves against loan modification scams, find trusted help and report illegal activity to authorities. This was the first of several kickoff events scheduled to announce the “Loan Modification Scam Alert” campaign rollout in major cities across the country.

The national foreclosure rate has reached an all-time high of 7.97 percent, and millions more foreclosures are expected in coming years. “As the foreclosure rate grows, more and more homeowners are being deceived by scam artists who prey on their fears,” said Eileen Fitzgerald, Chief Operating Officer of NeighborWorks America. “This campaign is based on the belief that knowledge is the best defense, which is why the campaign equips homeowners with the tools they need to minimize their risk and stop scammers in their tracks.”

Los Angeles is one of several metropolitan areas in California to consistently rank among cities with the highest foreclosure rates. It has the highest number of homes in foreclosure in the nation. “Too many residents in Los Angeles, like homeowners nationwide, are losing thousands of dollars and their homes to scam artists who make big promises and then do little or nothing to help them save their homes,” said Los Angeles Mayor Antonio Villaraigosa. “Anyone can be a victim and the people of Los Angeles need to know what resources are available to them. They need to know that legal aid groups, financial institutions, and HUD-certified counselors are offering free services to anyone seeking help.”

NeighborWorks America will coordinate the nationwide effort through its 235 community-based affiliates and other local, state and national partner organizations, including the Department of Housing and Urban Development (HUD), the Federal Trade Commission, the U.S. Department of the Treasury, Fannie Mae, Freddie Mac and the Lawyers’ Committee for Civil Rights Under Law.

Together, the partners aim to reach thousands of distressed homeowners in hundreds of communities at high risk for fraud activity. The campaign will target all audiences, but its resources are focused sharpest on those groups that have already seen high levels of scam activity, including seniors, Hispanics, African Americans and Asian Americans.

As part of the campaign, information, resources and reporting capabilities are now available around the clock at http://www.loanscamalert.org/ and by calling 1-888-995-HOPE (4673). Community groups may also visit the Web site to access campaign materials available for download and distribution in their area.

The partnership has designated November as “National Loan Modification Scam Awareness Month” and will promote a variety of special events and initiatives throughout the month. In the coming weeks, the campaign will also travel to Miami (Oct. 29) and Columbus (mid-November). For more information about the campaign visit http://www.loanscamalert.org/.

A Webcast of the Los Angeles event will be available on-demand anytime after noon PST on Oct. 26 at: http://media.xfactorcom.com/loanmodificationscamalert/20091026/

NeighborWorks CEO Ken Wade Praises Resident Involvement in Local Redevelopment Plans

noreply@blogger.com (NeighborWorks America) — Tue, 20 Oct 2009 16:30:00 +0000

An effort to revitalize 10 of Milwaukee's low-income areas drew praise from NeighborWorks America CEO Ken Wade during a recent visit to the city. The plans to revitalize the Lindsay Heights and Clarke Square neighborhoods are part of a 10-year, $50 million commitment by local real estate developer and philanthropist Joseph Zilber to improve low-income neighborhoods.

But Wade’s praise was not delivered because of the scope of the Zilber Neighborhood Initiative. He was impressed with the level of resident involvement in developing the plans.

"Usually, it's professional planners, but engaging residents lets them present the vision for what they want, and professionals can then help the residents implement the plan," Wade said in an interview with the Milwaukee-Journal Sentinel.

The plans were presented in conjunction with the NeighborWorks America Community Leadership Institute, a gathering of 900 grassroots community leaders from across the country. They met in Milwaukee last week to improve their skills and knowledge of how to rebuild their own low-income neighborhoods.

According to the Journal Sentinel’s report, more than 1,000 residents from the two neighborhoods participated over the past 10 months to brainstorm how to create quality-of-life plans that will guide the program's development. The residents focused on creating new jobs and economic development and improving parks, education, health, public safety and housing. Read more at jsonline.com.

NeighborWorks News home.

Foreclosed Homes Turned into Lease-to-Buy Properties

noreply@blogger.com (NeighborWorks America) — Mon, 19 Oct 2009 19:12:00 +0000

NeighborWorks Waco is giving foreclosed homes a new purpose. Through the organization's PEARLS program, abandoned homes are being converted into lease-to-buy properties for renters. If you have trouble viewing the video below, go here. You can also read about it here.

CDFI Fund to Hold Informational Conference Calls on CDFI Certification

noreply@blogger.com (NeighborWorks America) — Mon, 19 Oct 2009 13:22:00 +0000

The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) will be conducting a series of conference calls regarding CDFI Certification. These calls will serve as a forum for potential certification applicants to ask questions of Fund staff about becoming a certified CDFI.

Schedule
Thursday, October 22, 1:30 - 2:30 p.m. EDT

Thursday, November 19, 1:30 - 2:30 p.m. EDT

Instructions
To access either of these conference calls, dial (202) 927-2255 and enter pin number 687434. No prior registration is necessary. The phone and pin numbers are the same for both calls.

For more information about CDFI Certification eligibility and the application process, or the CDFI Fund's programs, visit the Fund's Web site at http://www.cdfifund.gov or contact the Fund Help desk by emailing cdfihelp@cdfi.treas.gov or by calling (202) 622-6355.

Solar Village on the National Mall

noreply@blogger.com (NeighborWorks America) — Wed, 14 Oct 2009 16:45:00 +0000

Some 800 students from 20 universities in four countries (U.S., Canada, Germany and Spain) built the solar-powered village on the National Mall. Teams had until Wednesday, Oct. 7, to assemble the homes, and are competing in 10 contests from Oct. 8-16. The homes are open to the public from Oct. 9-13 and Oct. 15-18.

Each team got $100,000 from the Energy Department to design its home over the last two years, then transport it and assemble it on the National Mall. The department, for its part, hopes to get a payback over time: research that leads to reduced costs for solar technology.

MSNBC slideshow

Fannie and Freddie Help on Foreclosed Homes

noreply@blogger.com (Tom Austin) — Tue, 13 Oct 2009 14:18:00 +0000

Here is some good news for neighborhoods that have a lot of foreclosed properties and where potential home buyers are hard pressed to find financing. The New York Times reported that Fannie Mae and Freddie Mac are offering financing incentives for buyers of foreclosed homes that Fannie and Freddie own.

Home buyers have until October 30 to apply to take advantage of Freddie Mac’s SmartBuy program, which began in July and offers up to 3.5 percent of a home’s sale price to help cover closing costs. Through participating lenders, Fannie Mae will offer mortgages to buyers who make a down payment of 3 percent, and these buyers do not have to secure private mortgage insurance, as they would when doing business with nearly any other lender.

Also, in areas hit hardest by the economic downturn that have qualified for federal financing through the National Stabilization Program, which helps distressed communities, Fannie Mae may discount its foreclosed properties by up to 15 percent, The Times reported.

Most of Fannie Mae’s foreclosure incentives are offered to buyers who will use the property as their primary residence, or NeighborWorks or other local organizations that rehabilitate properties and sell them to owner-occupants. View article.

Social Investors Find ‘Silver Lining’ in Foreclosure Crisis by Partnering With Nonprofits

noreply@blogger.com (NeighborWorks America) — Fri, 09 Oct 2009 15:38:00 +0000

The Christian Science Monitor reported recently that affordable housing purchased by social investors is allowing low-income earners to find community-oriented housing in expensive markets from Marin County, Calif., to New York City. Areas where teachers, waiters, and receptionists typically can’t afford to live are now within reach, thanks to a growing number of partnerships between housing nonprofits and investors.

In Columbus, Ohio, NeighborWorks member Columbus Housing Partnership has forged a new partnership with regional lender Huntington Bank. Together, they formed the Huntington Homeownership Alliance, a three-year, $10 million effort that funds home buyer education workshops, online virtual foreclosure counseling, and loan products designed to help families buy houses from CHP’s inventory of affordable homes.

CHP President and CEO Amy Klaben pointed out to The Christian Science Monitor that despite the increase in socially responsible lending, sustainability is a challenge. Though CHP can now buy five homes for a relative bargain, if there are still 15 more vacant houses on the street, “you aren’t making a market impact,” Klaben said.

Report: States with Tough Anti-Predatory Lending Laws Post Lower Foreclosure Rates

noreply@blogger.com (NeighborWorks America) — Tue, 06 Oct 2009 18:30:00 +0000

States with strong anti-predatory lending laws fared better during the foreclosure crisis than states without these laws, according to a new study conducted by the University of North Carolina at Chapel Hill's Center for Community Capital.

The study also found that after the federal government exempted national banks from state anti-predatory lending laws in 2004, national banks increased their subprime lending, especially in states where other lenders remained subject to strict anti-predatory lending laws.

The study, “State Anti-Predatory Lending laws: Impacts and Federal Preemption,” found specifically that:

As of June 2008, the foreclosure rate was 12 percent higher in states without anti-predatory lending laws.
Mortgage loans made in states with strong anti-predatory laws were less risky. In these states, average credit scores were higher, and average debt to income ratios and loan-to-value ratios were lower.
National banks showed a marked increase in subprime lending following federal exemption. The biggest jump (from 9 percent to 20 percent) occurred in those states where national banks had been subject to stricter laws until 2004, but after that date, gained a competitive advantage against other lenders who remained subject to higher state standards.

The study was funded by the North Carolina Department of Justice and the National State Attorneys General Program at Columbia University. Read more findings in the news release.

Community Stabilization Photo Contest - Deadline October 30

noreply@blogger.com (NeighborWorks America) — Fri, 02 Oct 2009 17:53:00 +0000

NeighborWorks America’s Stable Communities Program is holding a photo contest in conjunction with the NeighborWorks Training Institute Symposium: “Rising to the Challenge: Stabilizing Communities in the Wake of Foreclosure,” which will be held on December 9, 2009 in the Washington DC metro area. Photos related to community stabilization and neighborhood revitalization efforts, particularly in areas impacted by foreclosure, will be accepted.

The contest is open only to NeighborWorks chartered organizations, and thus NeighborWorks America will not accept photo submissions from other organizations.

Prizes will be awarded as grants to the NeighborWorks organizations submitting the winning photos, as follows:

• First Prize: $2500 grant
• Second Prize: $1500 grant
• Third Prize: $1000 grant

The winning photos will be unveiled in a presentation at the Symposium. See how to enter and other rules.

NeighborWorks America Reaches Out to Vietnamese Community

noreply@blogger.com (NeighborWorks America) — Thu, 01 Oct 2009 20:18:00 +0000

NeighborWorks America supported a first-ever Vietnamese Community Leadership Institute (CLI) in Seattle in September. It was sponsored by NeighborWorks Community Building and Organizing Program, at the request of its member organization HomeSight, Inc. NeighborWorks sponsors national community leadership institutes each year, but this was the first time a NeighborWorks organization has held an in-language, culturally-based institute.

“Many local NeighborWorks organizations have created their own local CLI's upon return from one of our national events,” said Susan Naimark, acting director of NeighborWorks national CBO programs. “When Tony To, HomeSight's executive director, asked for support to do a bilingual CLI for the Vietnamese community, we were glad to offer our assistance.”

HomeSight hired one of NeighborWorks most seasoned community building and organizing trainers, Karimah Nonyameko, to work with a local Vietnamese trainer. This ensured the relevancy and cultural appropriateness of the training. Having the program in-language also made it a lot more personal for the people involved.

“I’ve been to a lot of leadership training in my line of work, but the VCLI gave me tools to reinforce my knowledge and it also renewed my passion to work in the community,” Thu-Van Nguyen, who works at Asian Counseling and Referral Services, told Northwest Vietnamese news.

“We look forward to sharing the materials and learnings from this event with other organizations across our network,” said Naimark.“It's a great model for working with non-English speaking communities, giving them tools to engage with each other and the broader community.”

View photos from the event.

NeighborWorks Spotlights Seven High-Impact Social Media Trends for Neighborhoods and Local Nonprofits

noreply@blogger.com (NeighborWorks America) — Wed, 30 Sep 2009 17:14:00 +0000

With all the talk about Facebook, Twitter and online social networks lately, it’s easy to lose sight of the impact of social media on neighborhoods and nonprofit community development efforts.

Here are seven trends worth noting.

NeighborWorks Discusses Foreclosure in Black Communities at Congressional Black Caucus Conference

noreply@blogger.com (NeighborWorks America) — Tue, 29 Sep 2009 14:05:00 +0000

On September 24, National Initiatives and Applied Research Director Nelson Merced was part of a Congressional Black Caucus panel discussion on the current economic recession that has destabilized rates of black homeownership and the economic fates of many African Americans. The panel examined the current scope of the housing and foreclosure crisis in the black community and implications for homeowners and renters, as well as policy solutions critical to fostering housing and economic security among African Americans. View talking points.

NeighborWorks COO Tells Congressional Committee That Working with Servicers Continues to be a Challenge for Counselors

noreply@blogger.com (NeighborWorks America) — Mon, 28 Sep 2009 14:05:00 +0000

NeighborWorks America COO Eileen Fitzgerald recently told the Congressional Committee overseeing the Troubled Asset Relief Program (TARP) that while a number of improvements are being made to the Making Home Affordable Program, counselors continue to face difficulty working with servicers.

In testimony before the committee on September 24, Fitzgerald described several factors that continue to limit the success of the program, including difficult and inefficient communications between servicers and counselors, servicers’ disregard for the guidelines of the program, and frustrations with the system as a whole.

Fitzgerald said, for example, that it can take as long as two hours to reach a mortgage servicer. Some homeowners send in documentation, but are asked to do so again. And at times, Fitzgerald said, mortgage servicers are reluctant to disclose the full terms of the new loan. Read AP coverage. View testimony.

Nearly 1.5 Million Take Advantage of the First-Time Homebuyer Tax Credit

noreply@blogger.com (NeighborWorks America) — Wed, 23 Sep 2009 14:51:00 +0000

With the help of NeighborWorks Green Bay, Lori Guns was one of nearly one-and-a-half million first-time home buyers nationwide who have taken advantage of the $8,000 federal tax credit. It took the Wisconsin resident nearly two years to achieve her dream of homeownership, but on September 22 she was handed the keys to her first home, according to local ABC news affiliate WBAY. The IRS estimates that the first-time homebuyer tax credit program, set to expire in November, has helped nearly 1.5 million people like Guns purchase their first home, and some are calling on Congress to extend the program. Read about and view video of Guns’ success story.

2009’s Most and Least Affordable Housing Markets

noreply@blogger.com (NeighborWorks America) — Mon, 21 Sep 2009 19:00:00 +0000

Throughout the housing boom and subsequent crash America’s most and least affordable housing markets have remained largely unchanged, according to a recent BusinessWeek report.

In 2009, America’s most affordable housing market was Kokomo, Indiana, and homes in other Midwestern cities remained on top of the affordable housing list. Likewise, most homes sold in pricey East and West Coast metros remain unaffordable for average earners.

But 2009 offers some hope for homeowners, whether they are modest or high-income earners. According to BusinessWeek, buying a home this year hasn’t been this affordable in a generation. Across the board, home prices have plunged, interest rates are at near historic lows and the government is kicking in as much as $8,000 to encourage first-time buyers to purchase a home.

Read more about where to find the nation’s most affordable housing and view these interesting photos of the ranked cities.

National Collaboration Turns Foreclosures Into Opportunities

noreply@blogger.com (NeighborWorks America) — Thu, 10 Sep 2009 15:51:00 +0000

In an unprecedented move, leaders from the nonprofit sector, philanthropic community, financial industry and government have joined forces in creating a highly innovative and effective approach to reclaim neighborhoods devastated by high concentrations of foreclosed and abandoned property.

The National Community Stabilization Trust (“Stabilization Trust”), a new nonprofit organization, will help re-knit the fabric of neighborhoods torn apart by the high levels of foreclosed and abandoned property, property disinvestment, plummeting housing prices, and low resident confidence.

This is being accomplished by providing local government and local housing providers with two critical services that are currently missing to effectively stabilize neighborhoods – easy access to foreclosed properties and access to flexible financing to renovate these properties.

The Stabilization Trust will facilitate the transfer of foreclosed property from the many financial institutions that own or manage these properties to locally designated community housing providers who will renovate the housing for new homeowners and renters. This effort will help speed use of $6 billion in new federal Neighborhood Stabilization Program resources that the U.S. Department of Housing and Urban Development (HUD) is making available to localities and public-private partnerships.

Under the Stabilization Trust’s popular First Look program, cities and counties can get access to foreclosed homes before they are made available to the general market, resulting in a more predictable and cost effective neighborhood revitalization strategy.

“Communities need a straight-forward and streamlined way to acquire foreclosed and abandoned homes,” said Craig Nickerson, president of the National Community Stabilization Trust. “The Stabilization Trust’s First Look program puts the local housing providers in the driver’s seat, able to strategically decide which properties are most important to their neighborhood revitalization plans.”

More than 100 hard hit communities in 35 states across the country have already signed up for this free service from the Stabilization Trust, which is now making its services available to localities nationwide and putting thousands of properties in the hands of local housing providers.

Six leading nonprofit organizations – Enterprise Community Partners, Housing Partnership Network, Local Initiatives Support Corporation, the National Urban League, National Council of La Raza, and NeighborWorks America – serve as the founding sponsors of the Stabilization Trust. They came together last year to form the new organization in the wake of the current housing crisis.

Funding from these organizations and from philanthropic leaders, including the MacArthur Foundation, Ford Foundation, Open Society Institute and Heron Foundation have helped capitalize the nationwide operation. Many of the nation’s major financial institutions are working with the Stabilization Trust to convey foreclosed property, including Bank of America, Citi, Fannie Mae, Freddie Mac, GMAC, JP Morgan Chase, Nationstar, Saxon, Wells Fargo and others.

Massachusetts Teens Honored for Their Work in Foreclosure Prevention

noreply@blogger.com (NeighborWorks America) — Thu, 10 Sep 2009 14:21:00 +0000

Denise Peterson, a 19-year-old from Worcester, Mass., thought she would work in a secretarial role when she took a summer youth position with NeighborWorks HomeOwnership Center of Worcester. Instead, she was trained in personal finance and budgeting, sustainable homeownership and foreclosure prevention. She then used that newfound knowledge to help homeowners struggling to meet their mortgage payments to avoid foreclosure and remain in their homes.

Peterson was one of three teenagers who served as summer youth workers at the center, through a collaboration of the center, the Oak Hill Community Development Corp., the Worcester Community Action Council and Worcester Credit Union. The three were honored for their service on September 8, during a visit by U.S. Rep. James P. McGovern. "Some come here because they’re afraid of losing their homes," McGovern said. "This organization is a model to the nation in how to involve young people in community service. Their work here has resulted in families keeping their homes." Read more about it in the Telegram.com.

Webinars on Neighborhood Stabilization Help Practitioners Optimize Their Programs

noreply@blogger.com (NeighborWorks America) — Tue, 08 Sep 2009 19:16:00 +0000

Across the country neighborhood stabilization efforts are already underway using the first round of Neighborhood Stabilization Program (NSP) funds. Practitioners involved should not miss Making it Work—Practical Information on How to Implement a Stabilization Plan, a webinar series that will cover new strategies and best practices to further enhance their programs.

The series will run four Tuesdays in a row — September 15, 22, 29 and October 6 — from 2-3p.m. EDT. Directly following each webinar, from 3-4p.m. EDT, presenters will be available to answer questions.

Topics include Program Design for Maximum Impact, Acquisition Strategies, Disposition Strategies and Performance Measurement. Learn more and register today!

The series is a collaboration between Enterprise Community Partners, Local Initiatives Support Corporation, the National Housing Conference, the National Community Stabilization Trust and NeighborWorks America.