June 10, 2008
Contact:
Douglas Robinson
202-220-2360
drobinson@nw.org
Citi Foundation Awards $250,000 to NeighborWorks America
Grant Supports the NeighborWorks Center for Homeownership Education & Counseling
WASHINGTON–Today, Citi and the Citi Foundation announced a $250,000 grant to NeighborWorks America to support the NeighborWorks Center for Homeownership Education and Counseling (NCHEC).
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| Left to right: Eileen Auld, Citi Community Relations, NY State Director; Jayna Bower, NeighborWorks America, Director of NCHEC; Eileen Fitzgerald, COO, NeighborWorks America; Natalie Abatemarco, Citi Community Relations, Director North America Community Programs; & Hala Farid, Citi Community Relations, Deputy Director Office of Homeownership Preservation. |
"Citi and NeighborWorks America will work together to create new opportunities and build an infrastructure for residents to preserve, improve and revitalize communities," said Natalie Abatemarco, Director of Office of Homeownership Preservation, Community Relations, Citi. "Homeownership is a way that Americans build wealth. We believe the Center for Homeownership Education and Counseling will help many families preserve and maintain the American Dream of homeownership."
NeighborWorks America intends to use the grant funds to increase the number of trained and certified homeownership counselors nationwide, and develop tools and best practices to maximize program efficiencies. Housing counselors will be trained at local and regional training events around the U.S. Importantly; a portion of the funds from the grant will enable a number of scholarships for persons employed by non-profit organizations who could not finance attendance to the NCHEC training events.
"The benefits from the Citi Foundation grant will be felt in communities all across the country," said Jayna Bower, director of the NeighborWorks Center for Homeownership Education and Counseling. "By supporting local training and the availability of counseling tools and services, Citi is strengthening the capacity of non-profit organizations large and small to improve their neighborhoods and is encouraging the adoption of national industry standards for quality, effective housing counseling."
NeighborWorks America believes that homeownership education and counseling is vitally important to the sustainability of neighborhoods. Research shows that homeowners who receive quality pre- and post-purchase homeownership counseling are less likely to default than similar homeowners who don't receive counseling. Moreover, foreclosure intervention counseling is at the heart of the nationwide effort to slow the existing pace of home foreclosures.
In May, more than 1,950 certificates of completion will be issued to non-profit staff who took at least one homeownership and community lending course from NCHEC. By the end of 2008, it's expected that more than 10,000 training certificates will have been issued to counseling professionals will have taken at least one homeownership counseling course from NCHEC to build skills and enhance learning.
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About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
About Citi Foundation
The Citi Foundation is committed to enhancing economic opportunities for underserved individuals and families in the communities where it works throughout the world. Globally, the Citi Foundation is focusing its giving on Microfinance and Microentrepreneurship, which helps individuals become economically self-sufficient; Small and Growing Businesses leading to economic expansion and job creation; Education, which prepares young people for personal and professional success; Financial Education, which helps individuals make informed financial decisions; and the Environment with a focus on sustainable enterprises that generate jobs and stimulate economic growth while preserving the environment. In the U.S. and Canada, the Citi Foundation supports Community Development programs that help build and revitalize neighborhoods and Education programs that prepare students for college and careers. Additional information can be found at http://www.citigroupfoundation.org/.
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. NeighborWork America is the nation’s leading trainer of community development and affordable housing professionals. www.nw.org.
