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Grant Will Help Fund Long Island Affordable Housing

Affordable Housing Long Island

Affordable Housing Long IslandCommunity Development Corporation of Long Island (CDC), a member of the national NeighborWorks® network, announced that it received $461,175 in flexible grants from NeighborWorks® America, which will support CDC’s affordable housing and community development activities at a time when communities need investment most.

“We are grateful to the Long Island congressional delegation for their steadfast support of

the NeighborWorks network, which brings significant resources to Long Island residents through CDC’s programs,” said Marianne Garvin, President & CEO of CDC. “These funds will help to stabilize communities, improve people’s lives and inject capital into the local economy. Funds will be used to invest in rental housing, foreclosure prevention, and financial and homeowner education.”

“CDC of Long Island supports our local economy, but also improves the lives of so many,” said Rep. Steve Israel. “This NeighborWorks America grant will help Long Islanders find affordable housing and pursue responsible home ownership so hard-working families can get back on their feet. This type of community development is what we need to rebuild our economy.”

In 2012, NeighborWorks America will provide nearly $50 million in grants to its national network of more than 230 nonprofit organizations operating in over 4,400 rural, urban, and suburban communities, including Long Island. The grants will be used to revitalize and strengthen communities by providing counseling for homeowners on the brink of foreclosure; increasing the number of certified foreclosure and homeownership counselors through training; stabilizing areas hard-hit by the foreclosure and economic crisis by putting vacant properties back into productive use; empowering consumers through financial and homeownership education and counseling; creating homeownership opportunities for low- and moderate-income families; and producing and managing affordable, high-quality rental properties.

“In FY 2011 alone, NeighborWorks America and its affiliated NeighborWorks network leveraged nearly $4.2 billion in direct investment—a ratio of $25 for each core funding dollar appropriated,” said Eileen Fitzgerald, NeighborWorks® America. “As good stewards of taxpayer dollars, NeighborWorks® ensures our investments are working in ways that truly make a difference.”

This past year, CDC has served more than 18,500 Long Islanders investing nearly $91 million into their communities, including:

  • 3,898 rental units subsidized, allowing nearly 10,000 individuals, including over 5,000 children, to live in affordable, safe and secure housing.
  • 109 units of new affordable housing.
  • 209 families established homeownership action plans. 107 closed on homes.
  • 626 homeowners received default and foreclosure prevention counseling services.
  • 2,128 homes received rehabilitation and energy conservation improvements, reducing energy use by 20-35% and investing $7.2 million.
  • 790 small business owners and entrepreneurs received technical assistance in operating a successful business.

 

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