For Immediate Release
May 26, 2006
Contact: Sherry Saunders, NeighborWorks America, (202) 220-2360; ssaunders@nw.org
NeighborWorks® America Receives Social Compact 2006 Partnership
Visionary Award
WASHINGTON, DC, May 26, 2006 – The nonprofit research group Social Compact presented the winners of the organization’s 2006 Visionary Awards on May 25, 2005 at a gala Washington, DC event attended by policy, corporate, and community leaders.
Ken Wade NeighborWorks America CEO accepted the Partnership Award, which recognized NeighborWorks for providing strong, forward-thinking support at the national level for projects like the “DrillDown” that have a demonstrated track record of revitalizing communities. Social Compact's DrillDown uses tools to measure the demographics of inner-city neighborhoods to develop a more comprehensive approach to attracting retail businesses and other crucial development.
In accepting the award on behalf of NeighborWorks America, Ken Wade said, “We have supported Social Compact because of the critical role that their work has played in demonstrating that there is much more economic vitality in underserved communities than traditional market research efforts illustrates."
“We are particularly gratified to be recognized with the Partnership Award because 28 years after Congress created NeighborWorks America the partnership model is still the heart of our work and our NeighborWorks network demonstrates this in more than 240 communities across the country,” he added.
Social Compact’s DrillDown methodology reveals the hidden strengths of traditionally undervalued neighborhoods, adapting to the unique geography and demography of inner city neighborhoods to identify hidden populations, economies, and micro-market opportunities that traditional market information sources miss.
Federal Reserve Governor and NeighborWorks America Board member Mark W. Olson, in the evening’s keynote speech, noted “Hard data on results are important in establishing the credibility of projects. With data, and results, investments can also serve as catalysts for additional private investment in underserved areas.”
He recognized that there were a variety of measures available but as a member of the NeighborWorks America board he said he was most familiar with the Success Measures Data System, which allows NeighborWorks to measure success not just quantitatively but qualitatively, looking beyond the numbers to detect sustainable positive change.”
In addition, he concurred that partnerships were essential to neighborhood improvement saying, “Effective partnerships with local officials and community leaders are another key element of the revitalization process. At the state and local levels, public officials contribute to the attractiveness of investment conditions by maintaining sound fiscal policies.”
John Talmage, president and chief executive of Social Compact, said, “The organizations and individuals honored here tonight have played leading roles in improving the economic health of America’s underserved communities. We’re very proud to recognize them.”
State Farm and the Chicago Brain Trust – a diverse group of business and community leaders– received Social Compact’s Innovation award and The Impact award went to the Washington, DC Economic Partnership.
About NeighborWorks America
NeighborWorks America provides financial support, technical assistance and training for communities across the nation, including the NeighborWorks network – a nationwide network of more than 240 community development organizations working in more than 4,400 urban, suburban and rural communities across America. These organizations engage in revitalization strategies that strengthen communities and transform lives. In the last five years alone, NeighborWorks organizations have generated more than $10 billion in reinvestment and helped more than 780,000 families of modest means purchase or improve their homes or secure safe, decent rental or mutual housing.
About Social Compact
Social Compact is a coalition of business leaders from across the country who are promoting successful business investments in underserved communities. Social Compact leverages its leadership’s combined business expertise to address key impediments to private investment in inner-city communities: negative stereotypes, poverty and deficiency data, a lack of dependable business-oriented market information and an absence of effective inner-city market analysis models. Through its research and analysis, Social Compact aims to fuel the long-term competitive strength of lower-income communities by attracting needed capital. For more information: www.socialcompact.org
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