NeighborWorks America expects its network to reach 100,000 rental units mark this year.
The organization, one of the largest sources of community development capital in the nation, reported that its members invested more than $1.3 billion into rental housing in the fiscal year that ended Sept. 30, 2011. The total investment represents more than 2,800 new apartments built and more than 5,100 homes purchased or significantly rehabbed.
At the end of fiscal 2011, the total rental homes owned or managed by network members exceeded 90,000.
The group’s $1.3 billion investment in rental housing last year was an increase over the approximately $700 million invested in the prior fiscal year, said Tom Deyo, deputy director of national initiatives, focusing on real estate and green building.
Group leaders expect the network to hit a total of 100,000 units this year through a combination of new member affiliations, new construction, and acquisitions.
“We feel it will be another good performance year for them,” Deyo said.
Despite the forecast for continued growth, officials are concerned that much will hinge on the availability of subsidy programs in federal, state, and local budgets. “All are under stress and that translates to how much capital is available,” Deyo said.
The network is made up of about 235 independent, community-based nonprofits. More than one-third of the organizations serve rural communities. NeighborWorks provides grants, training, and technical assistance to its members.
The organization provides roughly $15 million in real estate capital to members each year.
In the past several years, there’s been a substantial growth in the number of units that meet various green building standards. Deyo estimated that approximately 70 percent of the recent new construction units meet Energy Star or higher standards, up from roughly 30 percent four years ago.