WASHINGTON--(BUSINESS WIRE)--NeighborWorks® America reported today that 2006 was the NeighborWorks® network’s most successful year for multifamily development and ownership, with more than 6,100 new units added to the network’s portfolio. That is up sharply from more than 4,563 units in 2005 and a 400 percent increase from the 1,187 units added in 2002. At December 30, 2006, there were more than 63,000 apartment units owned or managed within the NeighborWorks® network, up from 59,581 apartment units at the end of 2005. The strong showing in 2006 is the result of continued high demand for affordable housing around the country and NeighborWorks® network members’ ability to work creatively with local government, business and financial institutions to keep housing affordable in today’s tight markets. “The NeighborWorks® Multifamily Initiative is now in its tenth year and is going stronger than ever,” said Frances Ferguson, national director for NeighborWorks® America. “Members coast-to-coast are finding ways to bring decent, attractive and low-cost housing to thousands of families.” Ferguson noted that NeighborWorks organizations use a variety of development tools to make their projects work, including aggressively bidding for tax credit projects, mixing market-rate units with below-market rate units and even mixing light commercial use within residential projects. “Affordable housing cannot be cookie cutter,” said Ferguson. “Developers and managers in the NeighborWorks® network know this and are among the leaders in applying new financial approaches to keep costs down, rents low and families in great affordable housing.” About NeighborWorks® America NeighborWorks America provides financial support, technical assistance and training for communities across the nation through the NeighborWorks network of over 235 nonprofit organizations covering nearly 4,500 urban, suburban and rural communities. These organizations engage in revitalization strategies that strengthen communities and transform lives. In the last five years alone, NeighborWorks organizations have generated more than $12 billion in reinvestment and helped more than 845,000 families of modest means purchase or improve their homes, or secure safe, decent rental or mutual housing.
