Since the start of the financial crisis, NID Housing has become one of the major affordable housing and community development partners of NeighborWorks America
NID Housing has been a grantee of the National Foreclosure Mitigation Program (NFMC), run by the Congressionally-funded NeighborWorks America, since 2009. Responding to the greatest national financial crisis since the Great Depression took incredible planning, resources, and expertise. NID Housing utilized its decades-old experience in community development, housing counseling, and policy advocacy to bring the plan from Washington, D.C., into our low-to-moderate income communities, in a culturally sensitive and cost-effective manner.
According the NeighborWorks America, the following can be attributed solely to the impact of the NFMC Program:
- 2,044,553 homeonwers assisted in all 50 states;
- 89% of NFMC counseling has occurred in Areas of Greatest Need, while 63% of the counseling has been in Areas of Extraordinary Need;
- NFMC Program clients are nearly three times as likely to receive a loan modification cure compared to non-counseled homeowners;
- NFMC Program-counseled homeowners were 70% more likely to remain current on their mortgages after receiving a loan modification cure;
- NFMC Program-counseled homeowners who received a modification achieved an average reduction in payment of $4,890 per year;
- Annual savings resulting from loan modification for NFMC Program clients was approximately $518 miliion.
NID is proud, as one of the largest grantees of the NFMC Program, to have substantially contributed to these statistical successes. As the housing market emerges from the crisis and returns to investment in homeownership, NID Housing takes the experiences from the financial crisis and NFMC Program participation to help create responsible and sustainable homeownership in its communities.
When Congress established the NFMC Program in the wake of the financial crisis, NID Housing stepped up and immediately mobilized its experience and resources to make the program a resounding success.
— Leslie Bellamy, NID Housing, Board of Directors Chairperson