NeighborWorks America Announces Top Financial Contributors

Posted by Patrick Barnard on April 07, 2014 No Comments
Categories : Residential Mortgage

NeighborWorks America has given its private-sector awards, with financial institutions and their related foundations sweeping all categories and awardees investing more than $127 million in the organization in the fiscal year ended Sept. 30, 2013.

It says 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 funds supported NeighborWorks America's work across several initiatives, including affordable housing development and mortgage lending, nonprofit training programs, community building and engagement efforts, and an increased emphasis on health-related community initiatives, says the organization.

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 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, the organization explains. 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,’ says NeighborWorks America CEO Eileen M. Fitzgerald.

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