NeighborWorks America announces private sector partner awards Awardees invested more than $127 million to support stronger communities
WASHINGTON, April 4, 2014 /PRNewswire-USNewswire/ -- NeighborWorks America announced its private sector awards today with financial institutions and their related foundations sweeping all categories. NeighborWorks America is a nonprofit corporation that supports a network of more than 240 community-based nonprofits in fifty states, the District of Columbia and Puerto Rico. It said that the Wells Fargo and the Wells Fargo Housing Foundation, Citi and the Citi Foundation and PNC received top national partner honors. Specifically, Wells Fargo and the Wells Fargo Foundation invested $61.8 million; Citi and the Citi Foundation invested $1.5 million and PNC provided $1 million of support. The investments came in the fiscal year ended September 30, 2013.
The funds supported NeighborWorks America's work across several initiatives, including affordable housing development and mortgage lending, the nation's largest nonprofit training programs, community building and engagement efforts and an increased emphasis on health related community initiatives.
In addition to national partner awards, NeighborWorks America announced honors for supporters to the NeighborWorks network. The three honorees – Wells Fargo and the Wells Fargo Foundation, JPMorgan Chase and the JPMorgan Chase Foundation, and PNC Bank and the PNC Foundation -- provided $11.8 million, $4.9 million and $3.1 million, respectively, to NeighborWorks organizations in 2013.
Top social investor honors went to Morgan Stanley, Deutsche Bank and Bank of America for their support to Community Housing Capital and NeighborWorks Capital, two community development financial institutions (CDFI) that provide competitive lending products to members of the NeighborWorks network. The loans to NeighborWorks organizations by the two CDFIs are important low-cost capital that helps the development of affordable housing. Morgan Stanley was recognized for its $20 million investment; Deutsche Bank for investing $15 million and Bank of America for investing $8 million.
"NeighborWorks America is proud to be able to collaborate with these institutions in efforts to strengthen the lives of tens of thousands of people every year and to help build more resilient communities," said NeighborWorks America CEO Eileen M. Fitzgerald.
About NeighborWorks America
For 35 years, NeighborWorks America has created opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. In the last five years, NeighborWorks organizations have generated more than $19.5 billion in reinvestment in these communities. NeighborWorks America is the nation's leading trainer of community development and affordable housing professionals.
SOURCE NeighborWorks America