Partners (Summer 1999)

Taking Note of Annual Reports

Neighborhood Reinvestment Corporation (NRC) 1998 Annual Report features "The Business of Building Communities." Through the use of expressive photographs and narratives, the report highlights the redevelopment initiatives of the NeighborWorks network of 184 nonprofit organizations throughout the country.

Total investment in NeighborWorks communities was $819.3 million in 1998, up $266 million from 1997. During 1998, the network created or preserved 13,769 affordable housing units for families and repaired 12,702 units. The Neighborhood Housing Services of America is a secondary market serving the NeighborWorks network, and its annual loan activity also grew during 1998 from $37.5 million to $42.8 million. The NeighborWorks network launched an aggressive campaign last year to bring 35,000 lower-income families into homeownership by year-end 2002.

The chairman of NRC is Laurence H. Meyer, member of the Board of Governors of the Federal Reserve System. Other notable members of the NRC board include Ellen Seidman, director of the Office of Thrift Supervision; Andrew C. Hove, Jr., vice chairman of the Federal Deposit Insurance Corporation; John D. Hawke, Jr., vice chairman of the Comptroller of the Currency; and Andrew Cuomo, secretary of the U.S. Department of Housing and Urban Development.

The Enterprise Foundation 1998 Annual Report provides an in-depth overview of this nonprofit's mission to ensure that all low-income people in the United States have the opportunity for fit and affordable housing and to move up and out of poverty into the mainstream of American life. The Enterprise Network consists of over 1,100 nonprofit community-based organizations in 400 locations. Enterprise is helping to build a national movement to promote housing and community development in low-income neighborhoods by partnering with nonprofit organizations and state and local governments.

In 1998, Enterprise helped to create more than 880 home ownership opportunities and to bring more than 3,400 rental homes to market. In addition, Enterprise committed more than $24 million in short-term loans and provided almost $6 million in grants to 117 organizations. In 1998, Enterprise received an $8 million grant from the U.S. Department of Labor for its Community Employment Alliance initiative to help secure jobs for 1,525 welfare recipients in seven cites. Other sources of funding include corporate contributions, grants and contracts received, and investment and interest income.

Enterprise trained more than 700 community residents and police in community crime prevention and collaborative problem solving. In addition, Enterprise graduated more than 4,300 volunteers and AmeriCorps members from the Enterprise Volunteer and Leadership Institute this past year. Furthermore, Enterprise offered 55 training events for nearly 1,900 participants, not to mention a host of other accomplishments that were achieved with other organizations.

Local Initiatives Support Corporation (LISC) 1998 Annual Report features the initiative of helping to provide better housing, vibrant commercial areas, safer streets, and more job opportunities by knitting private investment and the work of volunteers, entrepreneurs, government, churches, professionals, and families. Founded in 1979, LISC channels grants, investments, and loans into Community Development Corporations (CDCs) - the nonprofit organizations that develop housing and businesses, perform essential neighborhood services, and assemble whole communities out of the individual energies of residents, entrepreneurs, volunteers, and government agencies.

Through thousands of CDCs in 41 states and metropolitan areas, plus 59 rural communities, LISC helps communities create safe, attractive environments where markets can function effectively and families find the goods and services they need, close to housing they can afford. Three affiliated organizations supplement LISC's work by attracting additional private capital for CDCs, tailored to particular investment goals: The National Equity Fund, The Local Initiatives Managed Assets Corporation, and The Retail Initiative. In 1998, LISC committed a record $605 million for community building, a $65 million increase over 1997. Primary sources of funding include contributions and grants, plus interest and income from investments.

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