NeighborWorks Capital has received a $1 million grant from JPMorganChase to support affordable housing initiatives in communities across the country. With this grant, NeighborWorks Capital will provide members of the NeighborWorks network with access to capital to develop and rehabilitate affordable housing properties. This initiative will expand economic opportunities and empower local resident leadership to create thriving, resilient communities.
“Access to housing is a pillar of any healthy community and local economy”, said Abigail Suarez, Head of Neighborhood Development for Corporate Responsibility at JPMorganChase. “Addressing the housing supply crisis is critical and requires a multi-sector approach that leverages innovative strategies and financing solutions. We’re proud to support NeighborWorks in their efforts to increase housing supply and boost the capacity of housing practitioners to benefit neighborhoods and drive economic growth.”
The funding will enable NeighborWorks Capital to assist NeighborWorks organizations in advancing their real estate development projects with a focus on low-income and disadvantaged communities. By providing flexible, affordable, and responsive loan products for rental, for-sale, and commercial real estate projects, NeighborWorks Capital aims to increase the capacity of these organizations to deliver affordable housing and support community-driven development
“Our goal is to create significant positive change in how communities access financial, intellectual, and human capital, bridging the gap between local communities, their residents, and national resources,” said Matt Glatting, Chief Financial Officer of NeighborWorks Capital. “This impactful investment by JPMorganChase will greatly support our efforts to address the shortage of affordable housing and expand economic opportunities in the communities that need it most.”
About NeighborWorks Capital
For more than 25 years, NeighborWorks Capital, a national non-profit, certified Community Development Financial Institution (CDFI), has served the NeighborWorks America network of nearly 250 strong, capable non-profit housing and community development organizations in every state, District of Columbia, and Puerto Rico. Since its inception, NeighborWorks Capital has deployed over $570 million in loan capital to support the affordable housing development, economic development, neighborhood revitalization, and community services work of NeighborWorks organizations across the country. S&P Global Ratings, the world’s leading provider of independent credit ratings, assigned NeighborWorks Capital an issuer credit rating of “A+/Positive,” citing key strengths in capital adequacy, profitability, liquidity, and financial management. NeighborWorks Capital is a member of the Federal Home Loan Bank of Atlanta, a cooperative of eligible commercial banks, credit unions, savings institutions, community development financial institutions (CDFIs), and insurance companies that offer competitively priced financing, as well as affordable housing and community development grants. NeighborWorks Capital has been Aeris-rated since 2011 and currently holds a three-star Impact Management rating, showing strong alignment of impact mission, strategies, activities, and data that guide lending, programs, and planning. The organization also holds an AA Financial Strength and Performance Rating, indicating strong financial capability, performance, and risk management practices. For more information about NeighborWorks Capital and its initiatives, please visit: https://neighborworkscapital.org/
