A single mother of two disabled children receives help to untangle her credit problems, obtains down payment assistance and a 30-year mortgage to buy her first home. A couple with good jobs is trapped with a high-interest home mortgage and too much debt. With the help of a credit counselor, they put together a financial plan that allowed them to pay off old debts, improve their credit rating, and refinance their home at a much lower interest rate. These are just two examples of the thousands who have been helped from a long-standing partnership.
| |
|
|
|
| |
State Farm Received Award for Being One of the
Most Generous Social Investors to the NeighborWorks System in 2006
|
|
|
| |
 |
|
|
| |
(l-r)Todd Pittman, NeighborWorks Corporate Partnership Development Director; Veronica Aboyer, State Farm; Jack Gilbert, Neighborhood Housing Services of America; Clayton Adams, State Farm; Ken Wade, NeighborWorks CEO |
|
|
| |
|
|
|
This year marks the 30th anniversary of a remarkable community revitalization partnership between State Farm and the NeighborWorks® system. With the support of State Farm, NeighborWorks has helped thousands of families of modest means purchase or improve their homes, strengthen their communities and learn to make informed financial decisions.
State Farm Insurance Companies has contributed and invested nearly $258 million to NeighborWorks, supporting efforts to promote affordable homeownership and community development nationwide. State Farm Bank® also invested $85 million in NeighborWorks to support homeownership.
“State Farm was a pioneer in corporate support for community development, working with us to help lower-income homeowners access affordable property and casualty insurance,” said NeighborWorks America CEO Kenneth D. Wade. “As our work expanded to include affordable rental housing, economic development, and environmentally sustainable housing, State Farm’s support has grown with us. We look forward to working with them for another 30 years.”
“State Farm knew from the beginning that an investment in NeighborWorks was a sound investment,” said Clayton Adams, vice president of community development for State Farm. “Through this partnership, we have provided quality financial literacy education, solid homeownership education, home safety resources, foreclosure prevention, mortgage loans for working families, and much more.”
State Farm is one of the largest private-sector investors in the NeighborWorks system. In addition to financial support, State Farm employees and agents serve on national and local boards and committees across the country, contributing ideas, encouraging other businesses to participate, and even providing physical labor for neighborhood beautification projects.
“State Farm has allowed NHSA to be a leader in community development lending as well as to provide innovative technology support to improve the efficiency and effectiveness of nonprofit lending services nationally,” said Mary Lee Widener, president of NHSA.
The 30-year investment by State Farm Insurance Companies and State Farm Bank, totaling $342,905,000 to date, supported the following programs and activities:
- $12 million in national and local grants to NeighborWorks America and individual NeighborWorks organizations across the country to support homeownership and loss mitigation education for homeowners.
- $80,000 to the NeighborWorks Insurance Alliance (NIA, formerly the National Insurance Task Force), a coalition of insurance industry representatives, regulators and community development organizations. The group’s Loss Prevention Partnerships program improved home safety and reduced claims through consumer education and loss mitigation.
- $325,000 for financial education to support two major initiatives: an online financial fitness course for community educators, and the NeighborWorks Center for Foreclosure Solutions, a program touted by President George W. Bush.
- $245 million to Neighborhood Housing Services of America (NHSA), the NeighborWorks System’s secondary market for community development financing.
- $85 million made by State Farm Bank to Neighborhood Housing Services of America to support mortgage lending
- $500,000 to the NeighborWorks Training Institute, the nation’s leading trainer for community development professionals.
More information about State Farm is available at www.statefarm.com
Previous Partner Spotlight Articles:
