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In 2007, the NeighborWorks Multifamily Initiative (MFI) was incorporated into a new program area called National Real Estate Programs (NREP). This was done in recognition of the need to better serve more network and non-network organizations in all areas relating to real estate development including single family subdivision, single family infill, multifamily, shared equity and commercial. National Real Estate Programs features many programs which were once available only to members of the MFI:
- Real Estate Grants
- Strength Matters
- Asset Management (including Portfolio Strengthening)
- Consortium of Housing and Asset Management (CHAM) Courses and Clinics
- Resident Services
- Insurance Programs, including ongoing Builder’s Risk (this is only for those organizations reporting multifamily operations data to the Compass system)
In FY 2008, the National Real Estate Programs team, assisted by the Real estate Management Consultants in each District, began an effort to reach out to all network members that had control over more than 100 rental units and bring them into the Compass reporting system. This is the reporting system used to collect property level data on apartment properties owned by network organizations. The data is compiled in a fashion that allows information about the profitability of the entire portfolio of the network organization to be assessed. This information is very valuable to the property owners and critical to improving their management of these valuable assets. The data can help them make adjustments at specific properties that improve the bottom line performance of the property as well as the operation of the entire portfolio.
Our outreach extended to new incoming groups as well as to groups that in the past had chosen not to participate in the Initiative. Now, all groups with over 100 units are required to report to NeighborWorks America about the operations of the properties in their rental portfolio using the database maintained by Compass. These groups will then be eligible for all of the services (including the insurance) and grants provided through the NREP efforts. The Multifamily initiative has been phased out, but the grant program targeted at supporting multifamily development efforts and the asset management and portfolio strengthening efforts designed to improve the performance of the multifamily portfolios continues. In addition, the grants process has been opened to applications for assistance with commercial and mixed-used developments. As we progress in our efforts, we anticipate that capital grants for real estate will be available to support efforts by network organizations that are in the Real Estate line of business to develop single-family homes as well as those who develop multifamily properties.
The National Real Estate Programs staff will continue to work with the districts, through the Real Estate Specialty Team, to reach out to NeighborWorks organizations with a real estate line of business to ensure that the organizations are aware of the various services, training, and reporting requirements. The NREP team is part of NeighborWorks National Initiatives and Applied Research Division (NIAR), which is led by Nelson Merced.
Howard Lewis directs our National Real Estate Programs efforts with the support of a four-person team. Frances Ferguson focuses her efforts on NeighborWorks cooperative efforts to enhance the strength of the affordable housing development industry through the Strength Matters initiative and provides strong support to our resident services efforts. Harold Nassau leads our efforts relating to improving Asset management including CHAM and the portfolio strengthening and Elaine Covert coordinates all of our activities in regards to grant making and coordination with GrantWorks and other internal tracking monitoring and reporting systems and coordinates closely with the Real Estate Management Consultants in each District. Lindsay Wells coordinates our administrative activities and communications.
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