Community development group invests $1.3 billion for affordable housing in 2011

    
 

Monday, Jan 16 2012 2:07PM

The federal government is trying to sell its considerable share of real estate-owned properties to investors for conversion to affordable rental properties.

The federal government is trying to sell its considerable share of real estate-owned properties to investors for conversion to affordable rental properties.

NeighborWorks America invested more than $1.3 billion in affordable rental housing nationwide during fiscal year 2011, helping create thousands of new apartments.

"In one of the toughest markets for securing capital for quality, affordable rental housing, the NeighborWorks network pushed ahead and found the partners they needed to create great housing for families," said NeighborWorks America CEO Eileen Fitzgerald.

She added that the organization's work in creating rental housing has provided low-income housing options for many Americans, while also putting thousands of residents to work.

Fitzgerald said that more can be done to provide more homes and jobs for Americans in need this year, but that budget cuts by the government could hamper affordable housing construction.

Additionally, NeighborWorks stated it is trying to lure more investors to purchase properties to offer as rentals for low-income residents.

More affordable rental housing could come onto the market soon. The federal government is attempting to sell its high inventory of real estate-owned properties to investors to convert foreclosed homes into rentals.

For further information, check out this source: NeighborWorks America

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