NCB Capital Impact Addresses District's Housing Needs at One-Day Clinic for Cooperatives
WASHINGTON, March 17 /PRNewswire-USNewswire/ -- NCB Capital Impact today hosted its first-ever clinic to identify strategies for successfully managing and marketing affordable housing cooperatives (AHC) in Washington, D.C. With the support of Delegate Eleanor Holmes Norton and City Council Chairman Vincent C. Gray, NCB Capital Impact worked with 32 local community groups and representatives from 1,220 housing units to address and provide solutions for the challenges facing the District's AHCs. Currently, the 65 AHCs totaling 3,012 units within the District present a unique opportunity for home ownership among the city's lower-income residents, but similar to other local housing options, co-ops still face complex challenges. Many of these AHCs have not had reliable access to training, technical assistance and management support, all of which are critical to maintaining good standing. Taking a proactive step toward solving these problems, NCB Capital Impact provided access to valuable training services and information resources at its first-ever D.C. Co-op Clinic. "Helping working families to better understand and become involved with affordable cooperative housing in our nation's capital has been an important part of our work for more than 25 years. The Co-op Clinic represents a big step in our efforts to assist Washington, D.C. in creating long-term sustainable and affordable housing in this increasingly unaffordable market," said Terry Simonette, president & CEO of NCB Capital Impact. A 2004 study of the District's affordable housing cooperatives found that of 30 co-ops surveyed, 42 percent had a need for significant building repairs, 36 percent had difficulty in managing delinquencies and 20 percent reported being in poor financial condition. Solutions and action items were presented at the D.C. Co-op Clinic for dealing with the primary issues that housing cooperatives face, such as cooperative legal responsibilities, management, building rehabilitation and refinancing. "I am delighted to take part in the first D.C. Co-op Clinic. Today's tremendous turnout signifies the important role that cooperative housing plays in providing homeownership opportunities for working families in the District of Columbia. I commend NCB Capital Impact and its partners for providing this much-needed forum to our residents. Their efforts to provide affordable housing complement the popular $5,000 D.C. homebuyer credit that has attracted many first time homebuyers to the city since I first got it through Congress in 1997," said Congresswoman Norton. The clinic provided a forum for tenant-owner groups to holistically address issues and gain access to professional networks that will help to keep their cooperatives in good standing. "An inclusive affordable housing plan allows those that provide some of the most important services to our city -- teachers, police officers, counselors and nurses -- to contribute to the education of our children and the safety and well-being of our citizens, while offering them an opportunity to live and work in the community that they serve," said Chairman Gray. "The D.C. Co-op Clinic is an ideal venue for bringing together key components to realize a winning outcome for all involved." To learn more about NCB Capital Impact or about the role of cooperatives in meeting the affordable housing needs of low- to moderate-income individuals, visit www.ncbcapitalimpact.org. NCB Capital Impact, formerly known as NCB Development Corporation, is the non-profit affiliate of NCB. NCB Capital Impact provides financial services and technical assistance to create more affordable cooperative homeownership, assisted living, housing and services for the frail and elderly, and facilities for healthcare centers and charter schools. Headquartered in Washington, D.C., NCB Capital Impact has offices in California and New York.
SOURCE NCB Capital Impact
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