By Jose R. Villanueva
Chair of the Board
This newsletter celebrates several areas of our success, community engagement and new initiatives. It is a good snapshot of our current work in Waco and Central Texas.
Despite the disfunction of federal appropriations, NeighborWorks Waco is doing great things. We are launching our endowment fund to plan for the day when we can no longer rely on government appropriations to fund part of our work. Our goal is to raise $1M within the next ten years so that our work can continue even if there is no appropriation in a given year. I want to thank our fundraising committee for its continuing work on this important endeavor.
One of the new projects which is not highlighted in this newsletter, but which is very important to the future of NeighborWorks Waco, is the creation of our LLC to build multi-family rental housing. This project will provide a great housing option for moderate income families while also maximizing the leveraging of our assets. The units to be built by the LLC will be the first in our portfolio which will not be available for purchase by the tenant. While this marks a departure from our previous practice, market conditions coupled with the uncertainty of continued government funding, require that we shore-up our operations. Building strong communities requires providing safe and affordable housing for every income level, and everyone.
Here’s to another 25 years and great things to come!