PROVIDENCE, RI – U.S. Senator Jack Reed (D-RI) today announced that three Rhode Island non-profit housing assistance organizations will receive $564,235 to help preserve and develop affordable rental housing and counsel struggling homeowners.

The federal NeighborWorks America program is awarding federal grants to Rhode Island’s NeighborWorks affiliates in Providence and Woonsocket:

•             West Elmwood Housing Development Corporation (Providence) - $296,000

•             NeighborWorks Blackstone River Valley (Woonsocket) - $211,835

•             CommunityWorks Rhode Island (Providence) - $56,400

The grants will be used to help stabilize neighborhoods in Providence and Woonsocket hard-hit by the foreclosure and economic crisis; provide counseling for homeowners on the brink of foreclosure; acquire vacant and foreclosed properties and convert them into affordable rental or for-sale housing units; provide financial and homeownership education and counseling to first time homebuyers; and produce and manage affordable, high-quality rental properties.

Reed, a member of the Senate Appropriations Committee who helped secure this funding as part of the Consolidated Appropriations Act of 2012, stated: “These federal funds will be leveraged to provide an array of affordable housing services and help build stronger neighborhoods and communities.  From revitalizing neighborhoods to rehabbing existing homes and building new affordable housing, Rhode Island’s NeighborWorks partners have been leaders in innovative housing and community development projects.”

Senator Reed is working hard to help stabilize the real estate market for homeowners, renters, and businesses so our economy can recover.

Reed has long championed efforts to make affordable rental housing options available to more Americans, and wrote the law creating an affordable housing trust fund to build, preserve, and rehabilitate affordable rental homes.

NeighborWorks America, a public non-profit organization, established by Congress in 1978, is the nation’s leading trainer of community development and affordable housing professionals.  NeighborWorks creates opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing.  A recent study shows that in fiscal year 2010, NeighborWorks leveraged its federal appropriation by a factor of approximately $30 to $1 (the amount of investment generated in communities, per dollar of federally appropriated funds).