NeighborWorks® America is a smart investment for our country. We are rigorously focused on building and preserving homes, strengthening communities and improving the lives of individuals and families in urban, suburban and rural settings – in all 50 states, the District of Columbia, Puerto Rico and on Native lands. For every dollar of federal appropriation, NeighborWorks and its network attracted an additional $71 of public and private sector direct investment in communities.
We employed these resources, in our network and beyond, to support creating homes and building America.
Creating Homes
431,600
individuals and families assisted with affordable housing and counseling
$4.6 billion
invested in creating new homeowners
211,900
affordable rental homes owned and/or managed
Building America
48,900
jobs created/supported
$1.6 billion
invested in commercial lending
16,300
training certificates earned by affordable housing and community development professionals
Creating Homes, Building America
“The NeighborWorks network continues to be one of the top builders of affordable rental and for-sale homes,” said Michael Butchko, vice president of Business Intelligence at NeighborWorks. “They are a critical part of this country’s infrastructure.”
In 2024, NeighborWorks’ nearly 250 network organizations constructed 5,700 rental homes and 750 for-sale homes, for a five-year total of 23,700 rental homes constructed and 3,400 for-sale homes constructed. “Looking forward, over the next three years, the NeighborWorks network expects to construct an additional 29,200 rental homes and 6,100 for-sale homes,” Butchko said.
That’s especially important given the number of homes that are needed in this country: Freddie Mac estimates a national housing shortage of 3.7 million. Last year, Affordable Homes of South Texas, Inc. was the leader in the network, constructing 261 new affordable homes in the Rio Grande Valley. “It’s a priority because housing should do more than provide shelter; it means building homes that people can truly afford to live in, not just on day one, but every single month after that,” Robert “Bobby” Calvillo, former president and CEO of the NeighborWorks nonprofit, said in April.
In Minnesota, network organizations are working to curb the housing shortage: Both Aeon and Southwest Minnesota Housing Partnership (SWMHP) created, acquired or preserved more than 1,100 homes in fiscal year 2024.
For Aeon, the homes were part of multifamily developments, including a development for seniors. For Southwest Minnesota Housing Partnership, the homes included both multifamily homes and single-family homes, particularly those that became a part of the organization’s community land trust (CLT).
“A significant project last year was the acquisition and rehabilitation of 10 properties at one time, across seven different communities,” said Chad Adams, SWMHP’s chief executive officer. Acquiring those properties took seven years and a combination of federal, state and local dollars. “NeighborWorks America flexible funding was a key part of securing partner commitments.”
NeighborWorks America provided capital dollars for the project, Adams said, in addition to steady operational dollars that the organization provided during the years the project was underway. Meanwhile, for the land trust, SWMHP was able to “use NeighborWorks dollars to leverage state funding, federal new market tax credits, private foundation funding and local donations in the community.” The result of all these dollars and partnerships, of course, is homes.
“Our mission statement is that we partner with communities to develop places for people to call home,” Adams said. “That’s what we’re doing through the CLT model.”
The land trust properties have brought homeownership to people who once thought they’d never be able to buy a home of their own; the multifamily properties have brought stability to individuals and families. The properties, once in financial distress and dotted with vacant units, are now full, Adams said. “We’ve got waiting lists now. I think it demonstrates our goal to create quality, stable housing units that are healthy homes for families. It’s rewarding and fulfilling to see those achievements come to fruition.”
In Montana, NeighborWorks Great Falls is helping clients build homes of their own, allowing sweat-equity to offset the price of new homes through the Owner-Built Home Program.
“It’s really hard for people to get financed if they can only afford a $200,000 house and the average house in Montana is $366,000,” said Keith Nelson, director of construction. “That’s quite a gap. With owner-built, we’re doing really well filling it.”
“The best thing about it is just getting people in those homes,” said Brenda Kukay, Self-Help Program Coordinator. “We’ve had 18-year-olds and 65-year-olds – seeing people from all different walks of life get into a home that they’d otherwise never be able to – it’s so exciting to see. If you saw the people – how hard they work, how long they work and how they feel when they’re done and have their own home – you can’t even describe that reward.”
Lori Bonifay knows that feeling well. After a divorce that ended in foreclosure, she worked hard to find a new path to homeownership. She spent years trying to get her credit in order and create a new start for herself and her children. “I didn’t want to live on government assistance anymore,” she shared. “With the market the way it was, there was no way I could afford to purchase a house on my own. I didn’t want to continue to rent.”
When she learned about the Owner-Built Program, she decided it was the way to go. After she qualified, she started working 30 volunteer hours a week, all while receiving financial coaching and homebuyer education.
Through the program, NeighborWorks Great Falls puts up one neighborhood at a time. Homeowners work side by side and all move in together when the last home is complete.
“I’ve always enjoyed working with my hands and building – I was quite excited to put my hands to work going through this process,” Bonifay said. “I feel excited to know we’re doing this. It’s going to be ours.”
Robert “Bobby” Calvillo, former president and CEO, Affordable Homes of South Texas and a true leader in the NeighborWorks network, talked to us in April for this story. Sadly, he recently passed away, but the legacy of his work lives on.
Building leaders at all levels
Tanya Westmoreland is known as “Big Mama” in Green Bay, Wisconsin. Kids in her community stop and tell her about their day. They stand a little straighter when she’s around and they want her to be proud. She is proud – of the kids and of the community she has called home for 24 years. She’s a leader in her community as well as a board member for NeighborWorks Green Bay.
For NeighborWorks® America, part of the “secret sauce” to working alongside communities is having community members serve on the boards of the nearly 250 network nonprofits. In fact, 33% of each nonprofit’s board must be made up of residents. It’s part of a model that centers leadership and it is rooted in the law that created NeighborWorks.
NeighborWorks believes that one strategic way to center leadership is to help build it. The Congressionally chartered nonprofit does this by helping community leaders hone their skills, offering a variety of training programs to help leaders grow – at all levels. Westmoreland, for instance, is part of the Excellence in Governance (EIG) Academy, a governance certification program for community development-focused nonprofits.
“It’s part of who NeighborWorks is,” explains Jen Christian, senior director of Network Leadership Development.
NeighborWorks also offers leadership programming for top-level executives through the NeighborWorks Achieving Excellence Program. In fiscal year 2024, 48 individuals completed the 18-month, professional development program, allowing each participating organization to address a challenge or opportunity critical to their success. The program includes executive coaching, a leadership curriculum and lots of peer learning, all focused around that critical issue.
Meanwhile, Advancing Leaders in Real Estate, funded by JPMorganChase, launched in 2022. In FY24, 14 leaders graduated from the program created for real estate professionals employed at network organizations. The program continues this year with a new cohort of 17 participants from 17 network organizations representing each of NeighborWorks’ four regions. The program includes training, one-on-one mentoring and peer engagement. Several of the 2022 cohort have been promoted since completing the program.
And of course, each year, NeighborWorks offers its flagship Community Leadership Institute (CLI), which in FY24 saw more than 300 resident leaders complete training in San Francisco, California, in courses that help them develop their voice, reach volunteers and lead community projects. FY25’s institute, held in Baltimore, Maryland, also reached more than 300 residents.
Each community team leaves the NeighborWorks Community Leadership Institute with seed money for their projects, which have included everything from mural-making to starting a fitness program or food bank.
“Resident leaders are the equivalent of role models,” says Diosselyn Tot-Velasquez, senior manager, of Community Building & Engagement. “They carry lived experience, cultural knowledge of their community or area of expertise, and are most likely the ones who are helping pave the way for themselves, for ourselves and for generations to come.”
It’s important to provide training, she says, and NeighborWorks is able to provide an introduction to the nonprofit world and show people how to navigate as resident leaders. The CLI “gives them exposure to new skills, development of their current expertise, and access to a wide range of networks across the nation.”
James Page, a previous recipient of the Dorothy Richardson Award for Resident Leadership, says that being at the CLI “motivated me 100 times more. I was able to see all these people doing things that I could relate to. That experience was something that makes you really want to invest more. I can’t fix my community by myself, but I can be a part of it.”
NeighborWorks invests in communities and their leaders, delivering programs that expand leadership pipelines and retain talent. The programs enable leaders at all levels to catapult their skills – skills that are needed as NeighborWorks and the network create homes and opportunities, building America.
Building community
NeighborWorks® America and the network have always focused on community, and 2024 showed a continued reach to creating places of opportunity – places people are proud to call home.
Place, after all, is the common denominator that brings so many aspects of our lives together; it has an impact on our health, education, economy and futures.
NeighborWorks has a comprehensive approach when it comes to working with communities. Over the past three years, we have invested $3.1 million in helping communities develop a comprehensive community development framework – a place-based and intentional approach aimed at improving lives and strengthening communities through a unified strategy that’s built on a foundation of inclusive resident engagement.
Over the past 45 years, NeighborWorks and the network have learned how to do place-based work well. Whether it’s business in St. Louis, a block makeover in Chattanooga, or a community newspaper linking people in Oakland, NeighborWorks and the network are building communities and businesses alongside the people who live there.
In St. Louis, the framework started with a desire for improved workforce development – and vibrant commercial corridors within the community, allowing residents to shop, work, dine, and play locally. Beyond Housing, a NeighborWorks network organization, took action, implementing a targeted workforce development strategy. The team knew that nurturing a thriving entrepreneurial environment would help revitalize their community by creating opportunities for residents and attracting new investments for sustainable growth.
“St. Louis is a great city to be a startup,” said Tabatha Kittrell, Beyond Housing’s Senior Director of Transformative Services. “But when we were working with community members, we found that with many opportunities, there was a disconnect.”
The Biz Smart Start program provided the tools and resources to empower business owners to launch and grow their businesses. Through the program, Latricia San Nicolas opened Maccabees Family Barkery, a dog treat business, and is now working towards establishing a commercial kitchen, while Terence Payton transformed his small-scale cleaning operation into an established cleaning business.
“Housing, economic development, and community building are all inextricably linked, and addressing them holistically is necessary to building a strong foundation and developing sustainable, effective strategies,” said Elizabeth Druback Celaya, NeighborWorks America’s Director of Community Initiatives. “The comprehensive community development framework that NeighborWorks organizations across the network are using is building that strong foundation for stronger, more vibrant communities.”
Earning trust, building partnerships
NeighborWorks® creates homes and builds America, but to do that work more effectively, the national nonprofit also focuses on building something else: partnerships. NeighborWorks America’s chief partner, of course, is the U.S. Congress, which chartered the organization in 1978 to revitalize neighborhoods and help solve the country’s affordable housing crisis.
NeighborWorks has earned the trust of Congress, and continues to be a stalwart steward of Congressional funding, providing training and technical assistance, and awarding grants to its network of vetted, efficient organizations in urban, suburban and rural communities in every state, the District of Columbia and Puerto Rico, and on Native Lands.
Other partnerships are also key to delivering on NeighborWorks’ mission: partnerships with funders, partnerships with the nearly 250 network organizations and partnerships that those organizations build in their communities, with support from NeighborWorks America.
Courtney Howard Hodapp, Head of Community Engagement for JPMorganChase, says successful partnerships can amplify a nonprofit’s impact – and that was certainly true for fiscal year 2024. Corporate partnerships offer nonprofits access to resources, expertise and networks that can enhance their capacity to serve communities.
NeighborWorks and JPMorganChase have partnered together for more than 20 years. That support has extended to the NeighborWorks Training Institute, capacity building, workforce development and leadership training, heirs property and wealth preservation, and programmatic support across the homeownership continuum.
Trust forms the cornerstone of any fruitful relationship, Hodapp says, and that includes the organization’s relationship with NeighborWorks. The work of the organizations engaging in partnerships should align, she said, adding that partnerships are about more than funding: They’re about shared vision and impact.
Community Action of North Alabama (CAPNA) is just one NeighborWorks network organization that has learned what it means to cultivate true partnerships. The nonprofit has found these partnerships with a number of organizations, said Tim Thrasher, executive director of CAPNA. A partnership with The Bennett Group, a for-profit developer, has been especially impactful. The two organizations partnered on many projects, including The Village at DuPont Landing, which includes 46 homes for seniors age 55 and older, and Freedom Village, which resulted in even more apartment homes for the same age group.
“They’ve been a big help for us over the years to develop a lot of LIHTC [Low-Income Housing Tax Credit] developments,” said Thrasher, referring to the federal program that aids private organizations in building and developing rental housing for people with limited financial resources. Often, for-profit and nonprofit organizations compete for projects, and even for staff, Thrasher said. But the two organizations in Alabama became so in-sync over the years that they developed a succession plan when the long-time head of the Bennett Group prepared to retire. The new head of the group worked for a number of years with CAPNA. “We continue to build strategies together,” Thrasher said. “We have retreats with them and we have worked with them to double our portfolio. It’s been a great learning experience and partnership.”
Thrasher believes true partnerships take time and involvement. “A good partner will involve you in the decision-making, in the thought process,” he said. “We support one another’s work. A good partner really cares about the outcomes. We look for partners that have the same kind of focus we have. Together, we’ve been able to build capacity – for our staff as well as theirs.”
NeighborWorks America has helped as CAPNA has worked to cement partnerships, Thrasher said. Becoming a NeighborWorks chartered member – and an exemplary organization – “changed the way we thought about housing. It amplified what we do and we learned new skill sets through NeighborWorks training. Those skills helped us be recognized throughout our area for our work.”
This has led to more people reaching out to partner with the organization, he said. “Being part of the network helps us attract partnerships because of the leverage we have, the funding that we have as a NeighborWorks network organization.”
Learn more about the effective programs that strengthen our communities by diving into
NeighborWorks Programs: Building Community Impact
“When you find the right nonprofit partner, you create impact that lasts for generations.”
“NeighborWorks [partners] with both consumers and our counseling professionals to ensure that our work together is best in class and makes a difference in every community we serve.”
“With the help of NeighborWorks America, we were able to save 43,851 residents from losing their homes to foreclosure between 2008 and 2011. Recently, PHFA received an award from NeighborWorks America to participate in the Housing Stability Counseling Program where we helped families all over Pennsylvania. We are so grateful for this partnership that has lasted a span of more than 15 years.”
“Being able to partner with NeighborWorks and all the organizations that are members with it, it takes that village to truly be able to give back to the community, to support the community, getting people on the right ground so that those building blocks of having that sustainable future, of building that generational wealth and making sure they feel the support from all the arms surrounding them and bringing them in. We’re really proud to support NeighborWorks and all of the organizations across our footprint.”
Report from the Executive Vice President & Chief Financial Officer
As the Executive Vice President and Chief Financial Officer of NeighborWorks® America, I am pleased to share our annual financial update, reflecting a year of continued fiscal discipline and mission-driven impact.
NeighborWorks America, a Congressionally-chartered nonprofit organization, has remained steadfast in its commitment to building stronger communities across the United States. Now in our 46th year, we continue to leverage our national footprint and technical expertise to build the capacity of local and regional nonprofits, creating meaningful and measurable outcomes in housing and community development.
Our network of nearly 250 nonprofit housing and community development organizations spans all 50 states, the District of Columbia, and Puerto Rico. In fiscal year 2024, our support helped these organizations advance the construction, rehabilitation, and preservation of affordable homes; promote sustainable homeownership; and provide safe, service-enriched rental housing. These efforts are critical in stabilizing communities affected by economic challenges or natural disasters and in rebuilding access to credit, savings, and long-term housing security.
Financial stewardship remains a cornerstone of our operations. I am proud to report that NeighborWorks America received clean audits for fiscal year 2024, including an unmodified opinion on both our financial statements and federal awards audit. These results affirm our continued commitment to transparency, accountability, and compliance with standards established by the Comptroller General of the United States. We submit comprehensive annual reports to the Office of Management and Budget (OMB) and Congress, and we maintain a robust internal audit function to ensure adherence to financial and operational controls year-round.
I have had the privilege of leading a skilled and dedicated finance and accounting team for the past four years. Together with our program staff and partners, we ensure that every dollar entrusted to us is used efficiently to expand access to safe, affordable housing and to support the resilience of communities nationwide.
We look forward to continuing our work in fiscal year 2025 and beyond with the same level of diligence, transparency, and purpose that has guided us throughout our history.
Welcome to our financial overview for the year.
We are proud to share our progress and how we are positioned for a strong future.
Learn more about:
Federal Appropriations
Core Appropriation
In FY2024, the U.S. Congress gave NeighborWorks a core appropriation of $158 million, a $8 million decrease from FY2023. In FY2024, this funding supported nearly 250 NeighborWorks network organizations, provided flexible and strategic training and capital grants. It also funded two Virtual Training Institutes and two in-person NeighborWorks Training Institutes, as well as other critical programming to promote the creation, preservation and investment in affordable housing and wealth building, organizational assessments to strengthen the capacity and sustainability of our network organizations, and general operations support.
Housing Stability Counseling Program
The Housing Stability Counseling Program (HSCP) is part of the American Rescue Plan (ARP) Act of 2021 that provided $100 million to NeighborWorks to design and administer a housing counseling grant program. In September 2021, NeighborWorks awarded 128 grants to organizations serving every state, the District of Columbia, Puerto Rico and Guam, with initial grant payments disbursed in December 2021. In addition, NeighborWorks developed 35 HSCP-specific training courses to build counselor competency in serving renters and homeowners facing housing instability. As of FY2024, agencies counseled 92,960 unique households. In FY2024, NeighborWorks recognized over $20 million in support of grants and programming for HSCP.
Shared Equity
Shared equity housing models are a specific type of housing strategy designed to create permanently affordable homes, build wealth for families, and create vibrant and inclusive communities. Between FY2019-2023, Congress appropriated $12 million for a shared equity housing initiative to build the capacity of nonprofit organizations to ensure long-term affordability for their communities through shared equity approaches, including community land trusts, deed-restricted homes, limited-equity housing cooperatives and resident-owner manufactured housing communities. In FY2024, NeighborWorks recognized over $2 million in support of shared equity work.
Other Fund Sources
Contributions & Grants
Contributions and grants are additional funds received from private corporations, foundations and federal agencies for specific programming and, at times, for general operational support. Contributions may come with restrictions or conditions that must be met before funds can be recognized. During FY2024, NeighborWorks received over $12 million in contributions and grants, a decrease from FY2023 primarily due to a large, one-time donation received that year.
Other Revenue Sources
In FY2024, NeighborWorks earned nearly $9 million from additional sources, including training registration fees, publication sales, subscriptions, and interest income.
Uses of Funds
In FY2024, NeighborWorks had available $201.9 million with all funding sources combined. NeighborWorks network organizations leveraged these funds to create 16,300 new homeowners, own and/or manage 211,900 rental homes, repair 84,000 homes, and provide counseling and education services for 105,000 individuals and families across the country while maintaining or creating 48,900 jobs in local communities. Our network leveraged the impact of the congressional appropriation at a ratio of $71:1. This work was made possible through investments of $185.3 million in program services, $11.7 million in general and administrative support, and $1.8 million in resource development activities. The following outlines each major program and the related investments made in FY2024
Capacity Building
Capacity building is the practical assistance NeighborWorks provides to strengthen the performance of its network organizations. The assistance is provided by way of grants and onsite technical assistance. NeighborWorks also promotes increased access to capital markets by supporting Community Housing Capital and NeighborWorks Capital. These corporations play a critical role in meeting the capital needs of NeighborWorks network organizations by providing low-cost, flexible, private-sector capital and innovative loan products to network members. These products help meet the financing needs for housing rehabilitation, homeownership, and real estate development. During FY2024, NeighborWorks invested $94.9 million in capacity building inclusive of $59.8 million in grants and $35.1 million in programmatic support.
Housing Stability Counseling
The American Rescue Plan (ARP) provided funding to NeighborWorks to design and administer the Housing Stability Counseling Program (HSCP). This program provided grants to support housing counseling for households facing housing instability, such as eviction, default, foreclosure, loss of income or homelessness. During FY2024, NeighborWorks funded $17.4 million HSCP grants and $4 million in programmatic support.
Creating & Preserving Affordable Housing
Creating and preserving affordable homes is a key component of the NeighborWorks mission. NeighborWorks helps network organizations construct new homes, repair and renovate existing homes, promote homeownership and provide affordable housing opportunities. Network organizations also provide hazard abatement, energy conservation, post-purchase counseling, and foreclosure prevention services and programs. During FY2024, NeighborWorks funded grants totaling $40.6 million in support of the creation and preservation of affordable housing.
Training & Informing
NeighborWorks disseminates critical and emerging trends, data analysis and best practices through research, publications and training events that target both network organizations and the broader housing and community development field. During FY2024, NeighborWorks held two large, in-person training institutes and continued offering a mix of in-person and virtual opportunities for housing and community development professionals to learn from peers and faculty. NeighborWorks invested $20 million in training and peer learning opportunities during FY2024 to build the capacity of its network organizations and strengthen the broader industry, issuing 16,300 training certificates during the fiscal year.
Organizational Assessments
As part of our stewardship, and to strengthen the sustainability of the network, NeighborWorks closely monitors the capacity and performance of each network organization. We conduct organizational assessments to evaluate each network organization’s impact, financial sustainability, board governance, and other critical health factors. Assessments recognize achievements in performance and identify and help mitigate and manage risk. In FY2024, NeighborWorks invested $8.4 million in 61 organizational health assessments, 398 audit analyses, and 247 compliance assessments. Through these assessments, 47 network organizations resolved over 123 unique issues to improve their health by addressing areas for improvement and other critical health/risk concerns raised in the assessment process.
NeighborWorks
Network
NeighborWorks America
Leadership
Thank you!
Thank you to the United States Congress and to our generous supporters.
Amazon Web Services
American Express
Citizens
Fannie Mae
First National Bank
Key Bank
Morgan Stanley
Ocwen Financial
Pennsylvania Housing Finance Agency
PNC
Learn more about our internal audit process:
Internal Audit
Internal Audit
In fiscal year (FY) 2024, NeighborWorks America® focused internal audit resources towards implementing the Government Accountability Office (GAO) recommendations (GAO-23-105944, June 14, 2023), and in particular, undertaking an external Quality Assurance Review (QAR), which is required every five years as part of the Institute of Internal Auditors (IIA) Standards. We completed a total of four (4) internal audit projects.
During FY24, the Internal Audit Division achieved four (4) signature accomplishments that advanced the integrity, quality, and transparency of our work:
- We successfully addressed and implemented all three GAO recommendations related to the internal audit function, meeting the FY24 completion timelines and reinforcing our commitment to accountability and continuous improvement.
- We completed an independent, external Quality Assurance Review (QAR), which evaluated our conformance to the IIA Standards. We examined a total of 44 attributes with each resulting in a “Generally Conforms” (GC) rating – the highest level of conformance rating possible based on the IIA rating scale. This achievement underscores the strength and maturity of our audit practices.
- We initiated the development of our first semiannual report to Congress, laying the groundwork for enhanced transparency and visibility into our audit operations and impact.
- We formally instituted a comprehensive Quality Assurance Improvement Program (QAIP), which combines ongoing internal monitoring with periodic reviews. This effort included the issuance of a formal QAIP policy, mandatory staff training and the implementation of quarterly reporting to the Board and Audit Committee. This initiative positions the Internal Audit Division to maintain the highest standards of professionalism and effectiveness.
These accomplishments reflect our continued dedication to excellence, transparency, and the advancement of a value-added internal audit function that delivers meaningful insight to our stakeholders.