Tag Archives: NeighborWorks America

The National Housing Conference (NHC) awarded NeighborWorks America with the Annual Housing Person of the Year Award.

As June--National Homeownership Month--approaches, NeighborWorks America is putting a spotlight on the thousands of new (and well-prepared) homeowners created in 2012.

Housing organizations across the country will be able to receive funds through a $70.1 million award through the National Foreclosure Mitigation Counseling (NFMC) Program, NeighborWorks America announced Tuesday. According to a release, the funds will go to 30 state housing finance agencies (HFAs), 17 HUD-approved housing counseling intermediaries, and 72 community-based NeighborWorks organizations.

In order to further assist homeowners with its Making Home Affordable programs, the Obama administration announced the launch of three new housing initiatives designed to direct struggling homeowners to programs aimed at foreclosure prevention. In the first of the three initiatives, Treasury will work with NeighborWorks America to raise awareness about Making Home Affordable and assist homeowners in applying for assistance through its programs.

Nonprofits such as Rebuilding Together, Habitat for Humanity, NeighborWorks America and others play a critical role in the home improvement and repair industry, according to a study from the Harvard Joint Center for Housing Studies. The report found that while the private sector spends about $300 billion a year to improve and repair homes, nonprofits support the home remodeling industry by fulfilling a need unmet by the private sector. By maintaining and improving homes for vulnerable populations, nonprofits help groups such as the elderly and disabled by creating a safer residence for those who may not be able to undertake crucial home repair projects.

A HOPE NOW Alliance event in New Jersey on Saturday attracted over 550 families impacted by Super Storm Sandy. The event brought together large mortgage servicers, nonprofit housing counseling organizations, and insurance companies to help homeowners in need of mortgage and insurance assistance.

NeighborWorks America announced Thursday that borrowers who receive pre-purchase mortgage counseling and education from the organization are about one-third less likely to become seriously delinquent within the first two years of obtaining their mortgage loan compared to borrowers who do not receive counseling. Analysis from Neil Mayer and Associates and Experian found the probability of a homeowner becoming seriously delinquent within the first two years of their mortgage loan declined by about one-third for those who received pre-purchase counseling, with almost no difference between first-time and repeat buyers.

Nonprofit NeighborWorks America and Wells Fargo announced the one-year anniversary of NeighborhoodLIFT and CityLIFT programs and reflected on program achievements. Together, the initiatives have helped 1,624 moderate income buyers purchase homes with the support of $27 million in down payment assistance grants, along with homebuyer education training.

For homeowners who may have faced a foreclosure or obtained a modification in 2012, there may be free tax advice available through a NeighborWorks America organization. NeighborWorks announced several of its organizations provide free tax preparation services for low- and moderate-income clients.

After four and a half years, the National Foreclosure Mitigation Counseling (NFMC) program has assisted 1.5 million at-risk homeowners, according to a NeighborWorks America report. Consumers who received mortgage modification assistance from NFMC saw their monthly payments decrease by an average of $176 more per month compared to non-NFMC clients. In addition, homeowners who sought assistance from NFMC were nearly twice as likely to receive a modification.