October 20, 2008
Contact: Douglas Robinson
202-220-2360
drobinson@nw.org
NeighborWorks COO Eileen Fitzgerald to Moderate Important National Discussion
of Community Stabilization Strategies during Federal Reserve Symposium
NeighborWorks Continues to Lead the Industry in Addressing Homes Left Vacant during National Foreclosure Crisis
Washington, D.C. –Today NeighborWorks America Chief Operating Officer Eileen Fitzgerald will moderate an important discussion on community stabilization strategies during the Federal Reserve System’s “Recovery, Renewal and Rebuilding” symposium series, which highlights the impacts of foreclosure and tackles community-level challenges of the current foreclosure crisis.
Fitzgerald will join other thought leaders during the session, which will address how communities can most effectively access and utilize new community resources outlined in the Housing and Economic Recovery Act of 2008 and the newly created National Community Stabilization Trust to deal with the increase in abandoned homes as a result of foreclosures. The panelists will highlight efforts to quickly develop scalable implementation and distribution strategies for taking control and disposing of vacant and abandoned properties.
NeighborWorks is leading the nonprofit housing industry in coordinating a national response to the local challenges that arise when foreclosed homes remain vacant and abandoned.
The centerpiece of NeighborWorks America’s Stable Communities initiative – www.StableCommunities.org – is a new online information hub for nonprofit organizations and their public and private partners working to stabilize communities launched in early October. StableCommunities.org will help prepare practitioners to use these resources while equipping them with the best tools and strategies available to stabilize communities.
In addition to the launch of StableCommunities.org, local NeighborWorks organizations are involved in innovative stabilization programs across the nation, including the use of New Markets Tax Credits to create permanently affordable housing, and bulk acquisition of vacant properties from lenders and servicers. Programs like these are working in cities from St. Paul to St. Louis, Phoenix to Orange, N.J., at organizations that include:
- NHS of Phoenix
- Beyond Housing (St. Louis, Mo.)
- Columbus Housing Partnership (Columbus, Ohio)
- NHS of Chicago
- Self-Help Enterprises (Visalia, Calif.)
- Dayton’s Bluff (St. Paul, Minn.)
- United Housing (Memphis, Tenn.)
- St. Ambrose Housing Aid Center (Baltimore, Md.)
- Chelsea Neighborhood Developers (Chelsea, Mass.)
- CAPC/HAND (Orange, N.J.)
- Los Angeles NHS
Practitioners: For more information about community stabilization and NeighborWorks’ efforts, please visit www.StableCommunities.org, or e-mail stablecommunities@nw.org.
Media: For more information about NeighborWorks’ community stabilization efforts, please contact Erin Angell Collins, ecollins@nw.org or 202-220-6317.
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.
