The $119 million that will be distributed in 2010 is a $38 million increase from 2009, and reflects the increased need for community development as the foreclosure crisis and recession continue to make headlines in 2010.“The need for nonprofit community development organizations has never been greater,” said Ken Wade, CEO of NeighborWorks America. “Communities are challenged by high foreclosure rates and near-record unemployment at a time when municipal and state budgets are stretched thin and private resources are growing scarce. These grants provide critical funding that strengthens local NeighborWorks organizations’ ability to serve their communities during this difficult economic time."
The 2010 grants will help NeighborWorks organizations:Provide quality counseling for struggling homeowners at risk of foreclosure;Stabilize communities hard-hit by the current crisis by putting vacant properties back into productive use;Empower consumers through financial and homeownership education and counseling;Create homeownership opportunities for low- and moderate-income families; andProduce and manage affordable, high-quality rental properties.
For more information about the 2010 grants, visit the NeighborWorks newsroom.