Each year, 7.6 million renters face the threat of eviction and nearly 1 million homeowners face the threat of foreclosure. NeighborWorks America's Keeping People Housed Initiative, with support from Wells Fargo, assists renters and homeowners facing financial hardships that put them in jeopardy of eviction or foreclosure. NeighborWorks will fund 11 NeighborWorks network organizations in 10 states and Puerto Rico to stabilize at-risk renters and homeowners by developing household crisis budgets, connecting to legal and community resources, as well as providing technical assistance and peer-learning opportunities to better support renters and homeowners facing financial crisis.
"Now more than ever, stakeholders throughout the housing affordability space consider closing the racial equity gap through homeownership as a priority," says Connie Wright, senior vice president of Housing Access and Affordability, Philanthropy and Community Impact at Wells Fargo. "Equally important is a concerted effort to keep people housed. Whether it is foreclosure or evictions, we recognize that housing instability could negate any progress made on the homeownership front."
In NeighborWorks' last round of funding (from August 2022 through July 2023), Keeping People Housed grant recipients helped 1,060 renters and 1,403 homeowners keep their homes, and 61% of these residents were people of color. These specialized programs and services create a formidable formula for improving financial and housing stability.
"The Keeping People Housed Initiative has allowed NeighborWorks America to continue to support housing counseling agencies in the NeighborWorks network, which serve renters and homeowners facing housing instability," says Noelle Melton, NeighborWorks' vice president of Homeownership Programs & Lending. "These funds have supported organizations which serve as a vital resource in their communities, helping people avoid foreclosure and eviction and connecting residents with legal aid and resources. These problems are not behind us. Many COVID-era restrictions are ending, and inflation and the cost of housing remain high. These programs serve a critical need for people in distress."
As families and individuals seek the safety and stability of a place to call home, amid waning eviction and foreclosure protections, the collaboration between NeighborWorks and Wells Fargo makes a difference across the country.
10/12/2023
