NeighborWorks, a confederation of 230 community-based non-profit organizations from throughout the country, generated more than $1.4 billion in affordable housing and community development activity during fiscal year 2001, which ended Sept. 30.

Local NeighborWorks members revitalize neighborhoods by mobilizing public, private and resident-led partnerships and tailoring their affordable housing, economic development and resident leadership activities to meet specific community needs. Together, their efforts involve thousands of residents, business people, government officials and others.

"The level of investment through the NeighborWorks organizations is tremendous, and reflects the commitment of partners, particularly in the financial services industry, who understand the benefit of investing in the strength and vitality of America's communities," said Ellen Lazar, executive director of the Neighborhood Reinvestment Corp.

NRC, which created the NeighborWorks network, is a public non-profit company created by Congress in 1978 to create models for sustained revitalization of lower-income communities.

The 230 local groups directly invested $90.2 million from the organizations' revolving loan funds, the corporation said in its annual report to Congress. The money helped more than 33,600 lower-income families purchase, improve, and maintain their homes in fiscal year 2001.

In addition, 71,300 families nationwide received pre- and post-purchase counseling during the year. Local NeighborWorks organizations also owned or managed more than 29,000 multi-family dwellings during the year.

More than $1.1 billion of the 2001 investment supported home ownership efforts, resulting in 12,400 new ownership units. "Residents moving into the economic mainstream are helping secure their financial future, while taking part in the revitalization of their communities," said Lazar.

The average price of homes purchased through the network last year was about $90,000. By comparison, the national average cost of homes purchased through conventional means was $168,000.

Also, ethnic minorities comprised 52 percent of the first-time buyers, compared to just 15 percent of all buyers who purchased homes through conventional means.

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Published: January 9, 2002

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When Lew Sichelman first started writing about housing in 1969, he was the youngest real estate writer in the country. Now, 37 years later, he's one of the oldest -- and most decorated. He has been rated the top housing columnist in the country by the National Association of Realtors as well as by his peers in the National Association of Real Estate Editors. Indeed, NAREE has recognized his work on numerous occasions. One year - due to his advancing age, he can't recall which one - he earned top honors in the annual NAREE Journalism Contest in three out of the four major writing categories. It was the first time one writer has won so many NAREE awards in a single year. Known for his ability to make even the most difficult topics understandable, Sichelman also has been honored by the National Association of Home Builders and the Mortgage Bankers Association. He began providing in-depth coverage of and consumer-oriented information about housing and housing finance at the Washington Daily News, where he was real estate editor. He held that same position for nine more years at the Washington Star, which purchased the News in 1972. The Star, a so-called "writer's newspaper" which also had the misfortune of being an evening paper, was put out of its misery in 1981, and Sichelman, who had begun self-syndicating his column in 1978, decided to become a full-time columnist. Today, his column, "The Housing Scene," is distributed by United Media to newspapers throughout the country. He also is on the staff of National Mortgage News, an independent newspaper which is considered the bible of the mortgage business. And he writes for numerous other publications, including MarketWatch.com, where he answers readers questions once a week, Sports Illustrated (don't ask), RealtyTimes.com, BigBuilder and others. Sichelman is married, the father of five and grandfather of eleven.