Contact Information: Contact: Doug Robinson 202-220-2360 drobinson@nw.org Erin Angell Collins 202-220-6317 ecollins@nw.org
NeighborWorks Network Expects Investment in Multifamily Portfolio to Approach $700 Million in 2009
| Source: NeighborWorks America
WASHINGTON, DC--(Marketwire - January 14, 2009) - Today NeighborWorks® America announced
that it anticipates continued growth in investment in its portfolio of
owned and managed multifamily rental housing, forecasting the total
investment in the portfolio to grow by more than $50 million, or just over
eight percent of the investment made in the year ended Sept. 30 2008. Last
year, NeighborWorks® organizations invested in excess of $644 million in
multifamily properties. The expected growth in 2009 translates into
approximately 5,000 additional units of quality, affordable and
increasingly environmentally sustainable housing.
"The residential housing market is going through turbulent times," said Ken
Wade, CEO of NeighborWorks America. "But in the midst of this turbulence,
NeighborWorks organizations around the country plan to work harder and
smarter to continue to provide affordable and sustainable rental housing
opportunities."
As of September 30, 2008, the end of the NeighborWorks America fiscal year,
the NeighborWorks network owned and managed more than 66,000 units of
quality, affordable and increasingly environmentally sustainable housing.
Wade noted that while tax credit projects are likely to continue to come
under pricing pressure, he is confident that NeighborWorks organizations
and other developers of quality, affordable and sustainable housing will
create the innovative financing structures necessary to increase and
preserve the supply of affordable rental housing.
"NeighborWorks America is expanding its outreach to new business partners
in 2009 in an effort to establish new collaborations that will help keep
rental housing affordable," said Wade.
Toward that goal, 2009 marks the first year that NeighborWorks America will
have a presence at the International Builders Show, taking advantage of the
opportunity to tell its affordable housing development story to one of the
largest gatherings of builders, suppliers, financing sources and potential
project development partners.
"We're excited about 2009 and the challenges that the rental industry
faces, as well as the opportunities to further the types of private, public
and non-profit partnerships that will produce great housing for thousands
of America's families," said Howard Lewis, Director of National Real Estate
Programs for NeighborWorks America.
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. 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 230 community development organizations
working in more than 4,400 urban, suburban and rural communities in all 50
states, the District of Columbia 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. www.nw.org.