www.nw.org/network/newsroom/pressReleases/030503.asp -
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Published on: 3/5/2003
Last Visited: 2/14/2008
Testifying before the House Committee on Financial Services, Ellen Lazar, executive director of Neighborhood Reinvestment, outlined a five-year goal for the national NeighborWorks Campaign for Home Ownership, which has already helped more than 60,000 families become homeowners.
Over the next five years, the Campaign will help an additional 50,000 families attain homeownership, while helping an additional 50,000 residents with the support needed to remain in and improve their homes.Homebuyer education, which enhances the long-term success of homebuyers, will be provided to more than 500,000 families during the next phase of the Campaign, Lazar told the committee.
Celebrating its 25th anniversary this year, Neighborhood Reinvestment is a national, public nonprofit intermediary created by Congress to support and expand revitalization of lower-income communities throughout America.The Corporation founded and supports the NeighborWorks network of 226 community-based nonprofits serving more than 2,300 urban, suburban and rural communities nationwide.These organizations revitalize neighborhoods by mobilizing public, private, and resident-led partnerships and tailoring affordable housing, economic development, and resident leadership activities to meet specific community needs.
The Bush Administration has proposed a $115 million budget in FY 2004 for Neighborhood Reinvestment.Additionally, private-sector investment related to NeighborWorks® activities could top $2.2 billion in FY 2004, generating approximately $18 for every $1 provided through congressional appropriation, Lazar said.
The full text of Ellen Lazar's testimony is available here.