Pipeline of New Rental Homes Remains Robust
WASHINGTON, Jan. 30, 2025 (GLOBE NEWSWIRE) — NeighborWorks America announced today that the total of owned and managed rental homes of the NeighborWorks network grew to 211,856 in Fiscal Year 2024, an increase from 204,563 at the end of year Fiscal Year 2023. The total number of rental homes owned by the NeighborWorks network organizations grew to 198,889 from 192,562 in the prior year, while rental homes managed increased to 12,967 from 12,001 the prior year.
“The NeighborWorks network is focused on the construction, development and preservation of affordable rental homes nationwide aided by a range of support services from NeighborWorks America,” said Vice President of Real Estate programs Lisa Getter. “NeighborWorks America’s real estate team prioritizes expanding access to capital and provides programmatic support and technical assistance to network organizations with real estate lines of business. The NeighborWorks network plays a critical role in addressing our country’s shortage of quality, affordable rental housing that focuses on the needs of residents. NeighborWorks America is committed to continuing to support the sustainability of this work.”
In addition to growing their owned rental portfolio, NeighborWorks network organizations grew their management-for-others portfolio by nearly 1,000 apartments. This line of business is a source of organizational revenue, strengthening the overall financial stability and flexibility of the NeighborWorks network.
“NeighborWorks America’s support of network organizations that own and or manage real estate in the areas of asset management, property management and resident services is critical to ensuring the sustained strong physical and operational health of the properties, and the health, wellness and prosperity of the residents,” said Getter.
The NeighborWorks network delivered portfolio growth in 2024 amidst strong headwinds that will continue in 2025. Insurance and other operating costs spiked sharply, putting pressure on operating income, while rent delinquencies grew.
“Last year was a challenging one for the affordable housing industry and for our network and there is little relief in sight,” explained Getter. “NeighborWorks America remains steadfast in our goal to support our network’s commitment to continuing to create and preserve quality rental housing and their focus on meeting the needs of renters and communities, as they manage a robust pipeline of affordable and accessible projects, despite the challenges.”
About NeighborWorks America
For more than 45 years, Neighborhood Reinvestment Corp., a national, nonpartisan nonprofit known as NeighborWorks America, has strived to make every community a place of opportunity. Our network of excellence includes nearly 250 nonprofits in every state, the District of Columbia, Puerto Rico, and on Native lands. NeighborWorks offers grant funding, peer exchange, technical assistance, evaluation tools and access to best-in-class training as the nation’s leading trainer of housing and community development professionals. NeighborWorks network organizations provide residents in their communities with affordable homes, owned and rented; financial counseling and coaching; community building through resident engagement; and collaboration in the areas of health, employment and education.
Contact: Douglas Robinson
drobinson@nw.org
