Latest News
NeighborWorks Waco Awarded $325,000 Affordable Housing Grant
Written by Chad Klawetter Tuesday, 16 August 2011 16:59
Waco, TX – NeighborWorks® Waco announced that it was awarded a $325,000 affordable housing grant to acquire, rehab, and lease 13 properties to low and moderate-income tenants working towards homeownership. NeighborWorks® Waco is one of 115 local NeighborWorks organizations to receive $34.9 million in Capital Funding for the Rehabilitation of Affordable Housing (CFRAH) grants to rehabilitate or finance the rehabilitation of affordable housing nationwide, including smaller and rural communities with affordable housing needs.
“These capital grant funds are very helpful, as they will allow us to acquire 13 distressed homes in Waco and surrounding communities,” said Roy Nash, President and Chief Executive Officer of NeighborWorks® Waco. “The funds are then used as leverage funding to rehabilitate these homes and then lease them with an option for the tenant to later purchase them, as their financial condition improves. Homes will be acquired for both low and moderate income budgets.”
The Capital Funding for the Rehabilitation of Affordable Housing (CFRAH) grants enable NeighborWorks® Waco and other local small- and medium-size nonprofit businesses to develop, or continue to fund:
- Revolving loan funds for rehabilitation lending for owner-occupied property;
- Rehab of residential rental housing currently owned by local NeighborWorks organizations;
- Rehab of residential rental housing that is newly acquired or will be acquired by local NeighborWorks organizations;
- Rehab of single family homes that will be acquired or have been recently acquired by local NeighborWorks organizations and will be sold to homeowners.
As part of a total project investment of $1.5 million, the CFRAH funds are restricted to property rehabilitation - but will be the catalyst for the acquisition of 13 vacant properties in Waco over the next 9 months, stabilizing these neighborhoods, putting residents into otherwise vacant properties, and creating approximately 13 new jobs in the struggling construction market.
About The Capital Funding for the Rehabilitation of Affordable Housing Grants
The Capital Funding for the Rehabilitation of Affordable Housing grants were made possible through the Public Laws 111-142, 111-290, 111-317, 111-322, 112-4, 112-6 and 112-10 the final bill signed into law on April 15, 2011. Just four months after the CFRAH funds were appropriated to NeighborWorks America, communities across our country are able to put the funds to immediate use.
Demand for these funds far exceeded the amount of funds available; eligible applicants requested over $53,000,000 in grant funds. A cap was placed on the amount of funds any one applicant could request; without this cap, the requested amount would have been much higher.
For more information about the capital grant please contact Chad Klawetter of NeighborWorks® Waco at 254-752-1647 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
About NeighborWorks Waco
NeighborWorks® Waco is a local non-profit organization dedicated to assisting Waco and McLennan County families in purchasing their first home. Since its inception in 1993, NeighborWorks® Waco has worked to fulfill its mission to build stronger neighborhoods through homeownership by providing more than $1.8 million in down payment loans, assisting over 2,000 families in becoming homeowners, providing homebuyer and credit counseling for families, and spending more than $12 million in the Waco community to build or rehabilitate over 200 homes. The organization is a chartered member of the nationwide NeighborWorks® Network, which is made up of more than 230 organizations that engage in revitalization strategies that strengthen communities and transform lives across the country. For additional information on NeighborWorks® Waco, visit www.nw-waco.org.
EHLP Pre-Application Deadline Approaching
Written by Chad Klawetter Monday, 18 July 2011 16:36
Waco, TX –The deadline for homeowners to qualify for the Emergency Homeowners’ Loan Program (EHLP) is rapidly approaching with all Pre-Applicant Screening Worksheets due by Friday, July 22, 2011. And fewer than 50 homeowners have applied for assistance from the program thus far.
The EHLP, launched by the U.S. Department of Housing and Urban Development (HUD) in conjunction with NeighborWorks® America in June, is designed to help homeowners who are at risk of foreclosure in 27 states across the country and Puerto Rico. The program assists homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment or underemployment, due to economic conditions or a medical condition. Under EHLP guidelines eligible homeowners can qualify for an interest free loan which pays a portion of their monthly mortgage for up to two years, or up to $50,000, whichever comes first.
The EHLP funds will pay a portion of an approved applicant’s monthly mortgage in cluding missed mortgage payments or past due charges including principal, interest, taxes and insurance. EHLP is expected to aid up to 30,000 distressed borrowers, with an average loan of approximately $35,000.
“With July 22nd right around the corner, we want as many people as possible to apply for this program and potentially help save their homes. We realize this program won’t help everybody out there, but we also don’t like the idea of leaving these funds on the table unused,” said Roy Nash, President and CEO of NeighborWorks® Waco.
Only participating EHLP agencies found on www.FindEHLP.org are approved to accept Pre-Applicant Screening Worksheets. Homeowners should beware of scams. It is free to submit a worksheet or get assistance with completing the worksheet. Any company asking for money to assist homeowners with the EHLP application process is a scam. Contact information for participating agencies, the Pre-Applicant Screening Worksheet and more information on the EHLP assistance and its eligibility requirements can be found at www.FindEHLP.org or by calling toll free at 855-FIND-EHLP (346-3345).
NeighborWorks Homeownership Efforts Get a Boost from $15 Million in CDFI Funds
Written by Doug Robinson, NeighborWorks America, 202-220-2360, drobinson@nw.org Friday, 04 February 2011 17:30
Washington, D.C. – Efforts to increase sustainable homeownership got a boost recently when 25 members of the NeighborWorks network received nearly $15 million as part of grants made by the U.S. Treasury department’s Community Development Financial Institution program.
Combined with grants from NeighborWorks America, local governments, foundations and the private sector, these NeighborWorks organizations and others affiliates in the network plan to continue making sustainable, affordable homeownership available in communities across the U.S.
Roy Nash, president and CEO of NeighborWorks Waco said, “CDFI funds are a major tool in our work to safely increase homeownership in our market. Being able to help homeowners secure a low-cost, fixed-rate mortgage and a home that is right for their needs is part of what these grants do and do very successfully.”
Read more: NeighborWorks Homeownership Efforts Get a Boost from $15 Million in CDFI Funds
