Industry News

National program assists low-, moderate-income home buyers

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A national campaign that seeks to bring home ownership within reach for low-income and moderate-income families has generated more than $5.39 billion in new mortgage lending from Jan. 1, 2003, to March 31, 2006, and has assisted about 40,300 families. Since 1993 the campaign has assisted more than 100,000 families become homeowners, according to an announcement by NeighborWorks America, which supports a national network of about 4,500 communities. About 150 NeighborWorks organizations in 46 states, plus Washington, D.C., and Puerto Rico are participating in the campaign. About 89 percent of households assisted through the campaign are either low-income or moderate-income home buyers, while 91 percent are first-time home buyers. "The NeighborWorks Campaign for Homeownership has demonstrated that home ownership is not out of reach for low- and moderate-income families, many of whom are first-time home buyers," said Ken Wade, CEO of NeighborWorks America, in a statement. The campaign ha...