New Orleans, LA – December 23, 2008 – (RealEstateRama) —This month NeighborWorks America helped Lower Ninth Ward homeowners celebrate a special holiday homecoming. Ken Wade, CEO of NeighborWorks America, Don Phoenix, Director, NeighborWorks America Southern District, James Ross, Rebuilding Communities Management Consultant, and Donna Tally, Senior Program Coordinator for Gulf Rebuilding, toured Make It Right’s Lower Ninth Ward community and met with several new homeowners, who for the last year had been working closely with Tally on their road back to homeownership.
NeighborWorks America, a Make It Right partner, is providing prospective Make It Right homeowners with homeownership and financial education that helps Lower Ninth Ward property owners through the complex rebuilding process. The homeownership education Tally provides prospective Make It Right homeowners includes assistance with their financial needs, job training and employment guidance, increased knowledge about home maintenance, and a tutorial on neighborhood leadership. The six new homeowners have completed this training and moved into their new homes in time for the holidays.
“This effort with Make It Right is just one of the partnerships in NeighborWorks America’s Gulf Coast rebuilding strategy, active since Hurricane Katrina,” said Wade. “Many other groups in Louisiana and Mississippi have partnered with NeighborWorks to provide this valuable homeownership education that is necessary to sustain homeownership and re-create stable communities. We look forward to welcoming many more homeowners back to their communities across the Gulf Coast region.”
“Thanks to the expertise and dedication of the staff at NeighborWorks, Make It Right has been able to implement an innovative and successful homeownership counseling program designed to help former residents of the Lower 9th Ward return home. We are incredibly grateful for their generosity and support,” said Tom Darden, executive director of Make It Right.
Homeownership education is the foundation of a stable community. According to NeighborWorks America analysis, loan performance of mortgages made to low-income homeowners who have participated in homeownership education programs through NeighborWorks organizations show they have a 20 times less severe foreclosure start rate than subprime borrowers who have not received homeownership education. This figure is also three times better than prime market homebuyers, demonstrating homebuyer education leads to healthy, stable communities.
“A prepared homebuyer is a long-term homeowner. Homeownership and financial education should be an integral part of every home purchase. Through our education and guidance, we are helping families achieve their housing goals, and rebuilding communities in the Gulf and across the nation,” said Tally.
For more information about NeighborWorks America and the importance of homeownership education, please contact Erin Angell Collins, 202-220-6317, ecollins (at) nw (dot) org, or Lynn Long, 504-669-0576, l2media (at) cox (dot) net.
For more information about NeighborWorks’ Gulf Coast recovery efforts visit nw.org/gulfrecovery.
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.
Contacts:
Erin Angell Collins, 202-220-6317, ecollins (at) nw (dot) org
Lynn Long, 504-669-0576, L2media (at) cox (dot) net
