NeighborWorks Network Expects Investment in Multifamily Portfolio to Approach $700 Million in 2009

WASHINGTON, DC--(Marketwire - January 14, 2009) - Today NeighborWorks® America announced that it anticipates continued growth in investment in its portfolio of owned and managed multifamily rental housing, forecasting the total investment in the portfolio to grow by more than $50 million, or just over eight percent of the investment made in the year ended Sept. 30 2008. Last year, NeighborWorks® organizations invested in excess of $644 million in multifamily properties. The expected growth in 2009 translates into approximately 5,000 additional units of quality, affordable and increasingly environmentally sustainable housing.

"The residential housing market is going through turbulent times," said Ken Wade, CEO of NeighborWorks America. "But in the midst of this turbulence, NeighborWorks organizations around the country plan to work harder and smarter to continue to provide affordable and sustainable rental housing opportunities."

As of September 30, 2008, the end of the NeighborWorks America fiscal year, the NeighborWorks network owned and managed more than 66,000 units of quality, affordable and increasingly environmentally sustainable housing.

Wade noted that while tax credit projects are likely to continue to come under pricing pressure, he is confident that NeighborWorks organizations and other developers of quality, affordable and sustainable housing will create the innovative financing structures necessary to increase and preserve the supply of affordable rental housing.

"NeighborWorks America is expanding its outreach to new business partners in 2009 in an effort to establish new collaborations that will help keep rental housing affordable," said Wade.

Toward that goal, 2009 marks the first year that NeighborWorks America will have a presence at the International Builders Show, taking advantage of the opportunity to tell its affordable housing development story to one of the largest gatherings of builders, suppliers, financing sources and potential project development partners.

"We're excited about 2009 and the challenges that the rental industry faces, as well as the opportunities to further the types of private, public and non-profit partnerships that will produce great housing for thousands of America's families," said Howard Lewis, Director of National Real Estate Programs for NeighborWorks America.

About NeighborWorks® America

NeighborWorks America creates opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. Since 1991, we have assisted nearly 1.2 million low- to moderate-income families with their housing needs. Much of our success is achieved through our support of the NeighborWorks network -- more than 230 community development organizations working in more than 4,400 urban, suburban and rural communities in all 50 states, the District of Columbia and Puerto Rico. In the last five years, NeighborWorks organizations have generated more than $15 billion in reinvestment in these communities. NeighborWorks America is the nation's leading trainer of community development and affordable housing professionals. www.nw.org.

Contact Information: Contact: Doug Robinson 202-220-2360 drobinson@nw.org Erin Angell Collins 202-220-6317 ecollins@nw.org