Working Together for Strong Communities

Annual Report 2011

Table of Contents

2 Letter from the Board Chairman and the CEO 3 2011 Highlights 4 Working Together for Strong Communities 6 Education and Training 8 Affordable Homeownership 10 Rental Housing 12 Community Stabilization 14 Foreclosure Solutions 16 Building Impact 18 Measuring Impact 20 2011 Donors and Partners 24 NeighborWorks Organizations 26 NeighborWorks District Offices 27 Officers and Directors 28 2011 Audit

1 From the Board Chairman and the CEO

Dear Friends,

Once again, we put our shoulders to the wheel and were gratified by the results. Our work in communities around the country is more important than ever. NeighborWorks continues to play a vital role in our communities. Our efforts are bolstered by a great team of partners, and the more than 235 local and regional nonprofit organizations that make up the NeighborWorks network.

This was a year in which we celebrated several key milestones, including the successful completion of our five year strategic plan for 2007 to 2011. We were heartened by our achievement, particularly in light of the recent economic environment.

In 2011, NeighborWorks America and the NeighborWorks network generated $4.2 billion in public and private investments, and assisted 263,000 low- and moderate-income families with their housing needs. Through the National Foreclosure Mitigation Counseling Program, we continued to provide counseling to thousands of homeowners at risk of foreclosure. We have assisted 1.24 million families since the program’s inception. The value of our efforts was reaffirmed by an independent study by the Urban Institute, which found that homeowners who receive counseling are more likely to receive better loan modifications, cure a serious delinquency or foreclosure and stay current, and avoid a foreclosure completion altogether.

We also focused on stabilizing and growing communities – keeping people in their homes, restoring communities hard hit by foreclosure, and preparing people to manage their economic futures wisely and independently. We led efforts to provide training and best practices to community development professionals serving the nation.

2011 marked the opening of our 100th HomeOwnership Center. HomeOwnership Centers promote sustainable homeownership by providing new homebuyers and current homeowners access to counseling, education, and a range of services at one-stop locations. And, in an era of increasing demand for affordable rentals, we can report that 90,000 affordable rental homes are under the ownership or management of NeighborWorks organizations, providing safe, decent, rental housing for the families and individuals who live in them.

We would be remiss if we did not acknowledge outgoing Board Chair Thomas Curry, and sincerely thank him for his dedication and commitment to NeighborWorks America’s mission and vision as a board member for seven years and Chairman from June 2005 through April 2012. He was instrumental in our efforts to prevent foreclosures where possible, create more affordable housing and stabilize communities around the country.

As we look to the future with a new and ambitious strategic plan already underway, we know that there remains much to be done and we are energized by the possibilities that lie ahead. With your support and partnership we will continue with the challenging and rewarding work to build and restore communities that all are proud to call home.

The Honorable Christiane Gigi Hyland Eileen M. Fitzgerald Chairman, NeighborWorks America Board of Directors Chief Executive Officer Board Member, National Credit Union Administration NeighborWorks America

2 2011 Highlights

NeighborWorks America believes in the power of community development to provide opportunities to change lives. Combining energy, passion, and expertise, NeighborWorks America’s efforts create opportunities for people to live in affordable homes, improve their lives and strengthen their communities throughout all 50 states, the District of Columbia and Puerto Rico.

NeighborWorks America Impact:

Families assisted by Training certificates awarded NeighborWorks Network to Community Development organizations in 2011: Professionals in 2011: 263,000 22,085

Local investment leveraged by Families counseled through NeighborWorks Network organizations National Foreclosure in 2011: Mitigation Counseling $4.2 billion (2008-2011): 1.24 million

Social Media growth by the numbers for FY11:

NeighborWorks Alert NeighborWorks e-newsletter America channel Twitter followers YouTube views Facebook fans 33% 83% 169% 200%

3 Working together for strong communities

Seacliff Highlands, South County Housing, Gilroy, California

4 NeighborWorks® America is one of the nation’s leaders in affordable housing and community development.

Our mission is to create opportunities for people to live in affordable homes, improve their lives and strengthen their communities.

In the last five years, with the support of our nationwide NeighborWorks network of more than 235 community development organizations, we have assisted nearly one million low- to moderate-income families in purchasing, preserving or improving their homes and finding secure, safe, affordable rental housing. During that same time, NeighborWorks organizations have leveraged more than $16 billion to invest in America’s communities through their work in more than 4,400 urban, suburban and rural communities in all 50 states, the District of Columbia and Puerto Rico.

NeighborWorks organizations deliver proven and innovative solutions efficiently and effectively. We strive to be responsive to local needs and to leverage public and private sector resources to better the lives of millions of families.

Seacliff Highlands, South County Housing, Gilroy, California

5 Education and Training

“NeighborWorks training has given me the tools to lead my organization. The success of my organization is, in large part, a result from the training I have received through NeighborWorks. It has helped us better serve our community.”

– Kelly Walters, Executive Director, Parkway Senior Center, Utica, NY NeighborWorks America is one of the largest providers of training for professionals in the affordable housing and community development field. In FY11 our trainings offered housing and community development education to more than 13,000 housing and community development leaders and practitioners.

NeighborWorks provides intensive core and specialized training in affordable housing development, finance and management, homeownership counseling and community lending, nonprofit management and finance, community engagement and revitalization, green building and more.

In FY11, NeighborWorks America: h Awarded more than 22,000 training certificates to practitioners from more than 3,400 nonprofit organizations, municipalities and other government entities. h Offered four five-day Training Institutes where nearly 8,000 community development and affordable housing professionals received vital professional development and skill building and attended cutting edge symposia. h Provided professional certification in eight content areas that raise the bar for excellence in affordable housing, as well as specialized training for underserved populations including certification through the NeighborWorks Center for Home Ownership Education and Counseling (NCHEC) for nonprofit home ownership education and counseling and foreclosure mitigation counseling. h Offered 20 e-learning courses with more than 5,800 certificates awarded. h Conducted more than 150 courses in a range of topics integral to community development and affordable housing. h Hosted a successful Community Leadership Institute with more than 800 community based volunteers attending from across the country.

6 Education and Training

NeighborWorks America Training Institutes, held around the country, have become widely acknowledged as the nations leading source of training and information for professionals in the housing and community development field.

7 8 Affordable Homeownership

In 2011, Erika Graves followed her dream and became a homeowner. Erica attended homebuyer education classes and counseling to assess her readiness for homeownership and the steps necessary to achieve her goal. And when homes renovated by NeighborWorks Great Falls under the Neighborhood Stabilization Program became available, Erica qualified for a first mortgage and found a home that met her family’s needs.

NeighborWorks America is committed to strengthening communities by creating opportunities for low- and moderate-income families to purchase, maintain and retain their own homes. We believe that homeownership gives families a vested stake in their communities and provides them with an asset-building tool that is critical to achieving economic prosperity.

The NeighborWorks network works to ensure the long-term success of the families we serve. To strengthen their chances to achieve success, the NeighborWorks Full Cycle Lending approach consists of a comprehensive set of pre-purchase and post-purchase services. It includes homeownership education and counseling for potential buyers and assistance to the borrower at every step of the loan process. Financing opportunities include property rehabilitation, technical assistance with property inspectors and rehabilitation services, post-purchase counseling and early intervention delinquency counseling.

To assist in this process, NeighborWorks has several areas of support, including our HomeOwnership Centers. In FY11 NeighborWorks America celebrated the opening of our 100th HomeOwnership Center. The Cen- ters were developed across the country to provide quality education and counseling services to help homeowners understand the complex buying process. The efforts of this program result in performing loans, successful homeowners and thriving communities.

Erika Graves, proud homeowner, Great Falls, Montana. 9 10 A Rural Ulster (New York) LEED certified project seen in its initial development stage. Rental Housing

The NeighborWorks network owns and manages more than 90,000 units of quality, sustainable rental housing — affordable, secure, healthy homes for low- and moderate-income families, and important assets to communities around the nation. In FY11 the network acquired, developed or preserved more than 10,700 rental units. NeighborWorks organizations are committed to developing, owning and managing rental properties that have long-term sustainability, and operate as assets to the communities in which they are located; maintain strong portfolio performance and asset management practices and serve low- and moderate-income families, veterans, the elderly, and people with special needs.

NeighborWorks America is an industry leader in nonprofit Asset Management — operating an innovative program to help nonprofit housing organizations maintain healthy rental housing portfolios in changing markets. NeighborWorks America provides a comprehensive set of asset management services, including: clinics on business practices and tactics; one-on-one technical assistance; strategic portfolio interven- tions; and applied analytics that improve health of properties and/or portfolios to ensure quality asset management practices of rental real estate portfolio managers are adhered to by NeighborWorks organizations.

Rural Ulster Preservation Company, a NeighborWorks affiliate in Upstate New York, is building one of the first LEED certified affordable housing projects in the region. The new development will include 8 two-story, walk-up buildings with 32 townhouse-style family apartments, three additional buildings with 20 senior units and a community building. The project uses geothermal design for affordable housing which means it will be completely independent of fossil fuels for its heating, cooling and domestic hot water production.

Southwest Solutions in Detroit, Michigan participated in one of NeighborWorks America’s intensive portfolio management programs to help them improve performance for their rental properties. In 2011, using the analysis and portfolio correcting techniques offered at the clinic and with $344,000 in investment from NeighborWorks, Southwest Solutions was able to restructure and retrofit their properties. Over a period of ten years these changes will result in a $1 million improvement to cash flow. The restructuring and retrofit allow Southwest Solutions to ensure that their rental properties are affordable and sustainable in the long run, having invested in energy efficiency and other needed improvements to the properties that reduce energy bills and keep rents affordable. This way the residents who live there have high quality, safe, affordable housing for years to come.

A Rural Ulster (New York) LEED certified project seen in its initial development stage. 11 Community Stabilization

NeighborWorks America’s Stable Communities Initiative provides training, technical assistance, tools, and resources to help community development organizations and their partners stabilize communities in the aftermath of the foreclosure crisis. The initiative has been critical in helping the more than 235 local NeighborWorks organizations around the country, and the community development field.

NeighborWorks America and our network believe in the power of communities and work to help them grow stronger, healthier, more stable and more prosperous. In 2011, Neighborworks America continued to play a significant role in the effort to stabilize communities by partnering with a variety of organizations and businesses to better serve communities and the families that live in them and to keep housing affordable.

In FY11, NeighborWorks America: h Reached more than 1,400 practitioners through a variety of webinars and workshops; h Provided more than $1.9 million in grants and technical assistance to NeighborWorks organizations’ community stabilization projects; h Created the case study series “Implementing the Neighborhood Stabilization Program (NSP): Community Stabilization”; and h Provided technical assistance and support to NeighborWorks organizations who worked with the National Community Stabilization Trust to acquire foreclosed properties.

Community building is central to effective community development and foundational to the NeighborWorks network. In 2011, NeighborWorks organizations supported building healthy communities by developing resident leadership, strengthening resident-led associations, and sponsoring community building activities that enhance relationships among neighbors and spur efforts leading to positive community change.

12 Neighborhood Housing Services of New Haven CT staff and residents work on the Stevens Street community garden in New Haven, Connecticut.

13 Foreclosure Solutions

National Foreclosure Mitigation Counseling Program (NFMC) Throughout our country’s unprecedented foreclosure crisis, NFMC, created by Congress in 2007 and admin istered by NeighborWorks, has helped more than 1.24 million struggling homeowners access foreclosure counseling. In FY11 NeighborWorks awarded $67.7 million to state housing finance agencies, HUD-approved housing counseling intermediaries, and community-based NeighborWorks organizations to provide counseling to families and individuals facing the threat of foreclosure. According to independent research from the Urban Institute, homeowners who seek a mortgage modification as a way to avoid foreclosure do demonstrably better when working with a NFMC counselor than do homeowners seeking a modification without an NFMC counselor’s help.

NFMC counseled homeowners: h Obtain mortgage modifications that save them nearly $2,100 more annually compared to homeowners who didn’t work with a NFMC counselor h Are nearly twice as likely to obtain a modification cure h Are sixty-seven percent more likely to remain current nine months after the modification

Loan Modification Scam Alert With foreclosures remaining high, distressed homeowners continue to be vulnerable to loan modification scams. NeighborWorks America and its partners have worked relentlessly to get the word out to homeowners struggling to pay their mortgages each month. Our partners include federal and local government agencies, national industry organizations, nonprofits and attorneys generals. As a result of these partnerships, we have developed and coordinated national outreach strategies – attention-grabbing grassroots-level outreach that quickly spread the word. And, the search engine marketing field has adapted to be more protective of con- sumers seeking foreclosure intervention assistance.

h 12,000 homeowners reported scams to the Loan Modification Scam Prevention Network database h Overall awareness of scams grew from 78% in 2009 to 83% in 2011 h 908,000 collateral materials distributed h Reached more than 400,000 people at local events

14 With NeighborWorks America’s assistance, Foreclosure Alert teams have been assisting homeowners in events held around the country.

1315 Transforming Organizations

Achieving Excellence The NeighborWorks Achieving Excellence in Community Development Program is designed to support organizational transformation, helping community development organizations to reach the next level of success and have greater impact in their communities. The program continues to prove an innovative and high impact experience for participant organizations across the country.

In 2011, the fifth class of executive leaders is taking part in Achieving Excellence. Partway through the program, we can report already impressive results: h One group implemented organizational capacity improvements for greater business viability and sustainability that generated $400,000 in new unrestricted revenue. h One established a new $5 million permanent fund to support its mission and is on track to grow the fund to $20 million in the next ten years. h One organization doubled private sector fundraising from $1.5 million/year to $3 million/year. h Another improved the physical condition of more than 83% affordable and supportive housing residential buildings.

Achieving Excellence is revolutionizing the community development field by stimulating great leaders to transform their organizations, communities and the field to a strategic and tactical focus on results.

Board Excellence In FY11 NeighborWorks America, in partnership with BoardSource, introduced an Excellence in Governance initiative. This pilot program, designed to help nonprofit boards become exceptional, is based on BoardSource’s “Twelve Principles of Governance that Power Exceptional Boards.” Thirteen organizations explored characteristics of effective board governance and the board’s role in improving organizational health, performance and sustainability through self-assessment, coaching, one-on-one consultations and workshops.

16 Transforming Organizations

Developing America’s housing professionals for the coming era is a critical component of NeighborWorks America’s mandate. 17 Achieving Impact

Success Measures Success Measures is an outcome evaluation resource for community development organizations, intermediaries and funders, assisting nonprofits and funders to plan evaluation strategies, collect and analyze data and communicate results. Since its inception in 2005, more than 350 organizations have used Success Measures tools to evaluate their community development programs.

Financial Capability In 2011 NeighborWorks continued its focus on expanding the scale and scope of nonprofit capacity to provide financial capability programs that support low- and moderate-income individuals in their efforts to gain greater economic stability and assets. Financial capability moves beyond traditional financial education to provide individuals with a variety of financial tools that they can use to make sound financial decisions and achieve greater financial security through debt reduction and asset building strategies such as homeownership and attaining a college education.

The Financial Capability Demonstration Project taps Neighbor- Works America’s training, technical assistance and evaluation expertise to improve the financial capability of con- sumers and deepen understanding of effective financial education strategies in the process. This effort was made possible by a grant from the Citi Foundation.

18 Training and analysis are integral components of NeighborWorks America’s efforts to strengthen the community development field.

19 2011 Donors and Partners NeighborWorks America receives a direct annual appropriation from Congress as well as public- and private-sector support. Local member organizations also receive direct contributions. We gratefully acknowledge all the organizations and institutions that partnered with us and our local NeighborWorks organizations.

The Dorothy Richardson Society ($1 million - $4,999,999)

Foundation

The Atlantic Philanthropies • Bank of America • Citi Foundation The Ford Foundation • Wells Fargo Housing Foundation

CEO Circle ($500,000 - $999,999) Fannie Mae

The 1978 Society ($250,000 -$499,999) Citi • JPMorgan Chase Foundation

George Knight Society ($100,000 - $249,999) The F.B. Heron Foundation • JPMorgan Chase • MacArthur Foundation TD Charitable Foundation • Wells Fargo Regional Foundation

Community Benefactors ($50,000 - $99,999) Altisource Portfolio Solutions • BB&T • E*TRADE FINANCIAL HSBC USA, Inc. • MetLife Foundation • Morgan Stanley • US Bank • Wells Fargo

Friends of NeighborWorks (up to $49,999) Federal Home Loan Bank of Dallas • Federal Home Loan Bank of Topeka • Flagstar Bank Institute of International Education • Local initiatives Support Corporation Mary Reynolds Babcock Foundation • National Association of Realtors • The Skillman Foundation

20 Donors to the NeighborWorks Network

ABC Trust • Abell Foundation • Access Strategies • Adams Mastrovich Foundation • Adirondack Bank • Adobe Systems Incorporated • AECOM • Aflac Alabama Power Foundation • Alden & Vada Dow Family Foundation • Alexander M. & June L. Maisin Foundation • Alexander, Aronson, Finning & Co., P.C. • Alfred Bersted Foundation • Alfred Bersted Foundation • Alfred E. Chase Charitable Foundation • Alliance Data • Allstate • Allstate Foundation • Ally Bank • Ally Financial • Alpha Phi Fraternity • Alvin B Cross Trust • Alvin Goldfarb Foundation Amalgatmated Bank • Amboy Foundation • AMD • Amelia Peabody • American Electric Power • American Electric Power Foundation • American Express American Family Insurance • American House Foundation • American Savings Bank Home Loans • Ameriprise Financial Ameriprise Foundation • Ameriquest Amerprise • Amgen Foundation • Anchor Bank • Anne E Casey Foundation • Applied Materials ARCTURUS Fund • ARRA • Arrowhead Foundation Associated Bank • Association for Neighborhood Housing and Development Fund • Athwin Foundation • Atlantic Philanthropy • Attorney Cheryl Fletcher • Attorney Kathryn Gailey • Aurora Health Care • Austin Community Foundation • Avance • Babcock Foundation • Baltimore Equitable Insurance Foundation • Baltimore Neighborhood Collaborative • Bank Midwest NA • Bank of America • Bank of America Charitable Foundation, Inc. • Bank of Baroda • Bank of Hawaii • Bank of India • Bank of New York Mellon • Bank of Oklahoma • Bank of Texas • Bank of the West • Bank of Tokyo-Mitsubishi UFJ Trust, Ltd • Bank of Utica • BankUnited • Baptist Community Ministries • Barr Foundation • Bay Area Community Resources Baylake Bank • BB&T • BBVA • BBVA COMPASS BANK • Bed, Bath and Beyond • Benedum Foundation • Berry Dunn • Beveridge Foundation • Bickimer Construction • Bingham McCutchen • Blue Cross/Blue Shield • BMO Harris Bank NA • BOA Philanthropic Management • Boeing Employees Credit Union • Bohemian Foundation • Borntrager, Inc. • Boston Department of Pubic Health • Boston Redevelopment Authority • Boston Rising • Brown Forman • Brown Foundation • Building Industry Association of South East Michigan Foundation • Building Performance Institute, Inc. • Bush Foundation • Bushrod H. Campbell and Adah F. Hall Charitable Fund • Cafritz Foundation • Cahill Contractors, Inc. • California Bank and Trust California Endowment • California Municipal Finance Authority • Camden • Campion Foundation • CAPACD • Capital Area Council of Governments Capital Magnet Fund • Capital One Bank • Capital One Foundation • Capitol Federal Foundation • Carroll Foundation • Carval Investors • Case Construction • Catalyst Fund • Cathay Bank • CDBG • CDBG Auburn • CDBG Lewiston • Cedar Valley United Way • Celestial Capital Center for New York City Neighborhoods • Center on Budget and Policy Priorities • CFED • CHAPA • Chapman Foundation • Charles Farnsworth Trust • Charles Schwab Foundation • Charles Stewart Mott Foundation • Charter One Bank • Charter One Foundation • Chase Bank • CHDO • Chelsea Collaborative Chemical Bank • Chesapeake Energy Corp. • Chevron • CHFA - HTCC HS • Chicago Community Trust • Cincinnati Bell • Citi • Citi Foundation • Citigroup Citigroup Foundation • Citizen Bank Foundation • Citizens Bank • City of Aurora • City of Austin Health & Human Services Department • City of Battle Creek • City of Birmingham • City of Boston • City of Columbus • City of Hamilton • City of Houston • City of Lawrence • City of New Albany Redevelopment Commission • City of Toledo • City of Waterbury • City of Woonsocket • City of Worcester Civic Engagement Initiative • Clark- Winchcole Foundation • Clear Channel Communications • Clipper Ship Foundation • Codilis & Associates • Colbert Nation Gulf of America Fund Cold Clean, Inc. • Collins Foundation • Colo. Division of Housing • Colonel Robert H. Morse Foundation • Columbia Gas • Columbia Gas of Ohio Columbus Board of Realtors • Columbus State University • Columbus Technical College • Comcast Comerica Bank, Inc. • Commerce Bank Foundation • Commonwealth of Massachusett’s Attorney General’s Office • Community Design Collaborative • Community Development Finance Authority-Housing Futures Fund • Community Development Financial Institutions Fund • Community Development Support Collaborative Community Foundation • Community Foundation for Southeast Michigan • Community Foundation of Greater Birmingham • Community Foundation of Greater New Haven • Community Foundation of Louisville • Community Foundation of Northern Illinois • Community Foundation of Southern Arizona • Community Fund • Community Fund of Darien • Community Stabilization Fund of the Hawaii Community Foundation • Compass Bank Con Edison • Conn Memorial Foundation • Conrad N. Hilton Fund for Sisters • Cook Construction • Cornerstone Foundation of Northeast Wisconsin Country Financial Service • Cox Communications • Credit One Bank • CT Community Foundation • Cummins Power Generation • Daisy Marquis Jones Foundation • Daniel Foundation • Daniels Fund • David & Barbara Hirschhorn Foundation • David & Lucille Packard Foundation • David W. Simpson, PA • Dean & Margaret Lesher Foundation • Delta Bank • Department of Health & Human Services • Department of Housing and Urban Development Deshpande Foundation • Detroit Revitalization Fellows Program • Deutsche Bank • Dime Savings Bank • Discover Bank • Donald W. and Nancy E. Kelley Fund of the Columbus Foundation • Dr. Norman Thom Family Foundation • Dresher Foundation • Driehaus Foundation • Dunham Fund E*Trade Financial • E*Trade Savings Bank • East Bay Community Foundation • East Boston Foundation • Eastern Bank Charitable Foundation Ecolab Foundation • Edison Properties LLC • EFS Foundation • Elkhart County Community Foundation • Emerson Electric Company • Energy Coordinating Agency • English for New Bostonians • Enterprise Community Partners • Enterprise Foundation Entrepreneurs Foundation of Central Texas • Ernst & Young • Escondido Charitable Foundation • Evelyn & Walter Haas, Jr. Fund • Excel Beyond the Bell Innovations Fund • F.B. Heron Foundation • Fairfield County Collaborative Fund for Affordable Housing • Fairfield County Community Foundation • Family Housing Fund • Family Resources Community Action • Family Service Center of South Carolina • Family Service League • Fannie Mae Corporation • Fannie Mae Foundation FDC Foundation • Federal Home Loan Bank • Federal Home Loan Bank of Atlanta • Federal Home Loan Bank of Chicago • Feldhake and Associates

21 Fifth Third Bank • Fireman Foundation • First County Bank Foundation • First Independence Bank • First Interstate Bank • First Lutheran Endowment Fund • First Niagra Bank • First Source Bank • Five Bridges Foundation • Fletcher Foundation • Flushing Savings Bank • Ford Family Foundation • Ford Foundation • Ford Motor Company • Forest City Development • Foundation for the Mid South • Fox Foundation • Fox Valley United Way • France Merrick Foundation • Fraser Foundation • Freddie Mac • Frost Bank • Full Gospel Baptist Fellowship • Fund for Public Health in New York • Garfield Foundation • Gates Foundation • Gateway • GE Money • Genworth • George Frederick Jewett Foundation • George Kaiser Family Foundation • George S. Dolores Eccles Foundation • Gibson Family Foundation • Gina and Marty Richardson • Gisela B. Hogan • GNOF • Goldman Sachs • Goldseker Foundation • Goulston & Storrs • Grandom Foundation • Granite United Way • Great Neighborhoods Initiative • Greater Austin Chamber of Commerce • Greater Kansas City Community Foundation • Greater Milwaukee Foundation • Greater New Orleans Foundation • Greater Worcester Community Foundation • Growth Capitol • Guaranty Bank • H&R Block Foundation • Habib American Bank • Hagedorn Fund • Hall Family Foundation Hampden Bank • HarborOne Credit Union • Harmon Foundation • Harold Simmons Foundation • Harris Bank • Hartford Foundation for Public Giving Hauck Charitable Foundation • Head Start Body Start • Hearst Foundations • Helis Foundation • Help the Homeless Fund • Herbert & Grace Upjohn Foundation • Heritage United Way • Herman T. and Phenie R. Pott Foundation • Home Depot • Home Depot Foundation • Home Trust Bank Homefree USA • Homesafe • HomeStreet Bank • Honolulu Board of Realtors • Horizon Advertising • Horseshoe Foundation • Housing Opportunities Made Easier • Housing partnership Network • Houston Endowment • HSBC Bank USA • Hunt Foundation • Huntington Bank • Huntington National Bank • Hyams Foundation • Hyde and Watson Foundation • Hyde Family Foundation • IBERIABANK • IBM Employee Services Center • Idaho Partners Homebuyer Education • Idaho’s News Channel 7 - KTVB • Independence Blue Cross • ING Direct • Internal Revenue Service • Iowa Institute for Community Alliances • Irving Gilmore Foundation • IU Health Goshen • J.M. Kaplan Fund • Jack Hall Hawaii Housing Corporation • Jacobson Family Foundation • Jan and Jody Ward • Jane and George Mifflin Memorial Fund • JDD Holdings LLC • Jefferson County • John & Engrid Meng, Inc. • John and Helen Murphey Foundation • John M Simpson Foundation • John Stevenson • Johns Hopkins Neighborhood Fund • Johnson Madison Lumber Company • Journal Broadcast Group, Inc. • JPMorgan Chase & Co. • JPMorgan Chase Foundation • Junior League of Austin • Kaiser Foundation Kalamazoo Community Foundation • Kane County Riverboat Fund • KDK-Harman Foundation • Kentucky Bank • Key Foundation • KeyBank • King Foundation • KLE Foundation • KLN Foundation • Knight Foundation • Korean American Community Foundation • Kresge Foundation • Kwal Paint L.G. Wood Foundation • Lakes Region United Way • Latino Community Foundation • Liberty Mutual • Liberty Mutual Foundation • Limited Foundation Linden Foundation • Local Initiatives Support Corporation • Lois Stevenson • Lola Wright Foundation • Longbrake Family Foundation • Longwood Foundation • Looker Foundation • Louisiana Disaster Recovery Foundation • Louisville Metro Council Members • Lowe Foundation • Lowell Community Health • M&I Marshall & Ilsley Bank • M&T Bank • M&T Bank Foundation • Mabel Louise Riley Foundation • MacArthur Foundation Macomber Foundation • Maggie George Foundation • Maine Health Access Foundation • Marguerite Casey Foundation Marisla Foundation Marjorie Cook Foundation • Mary Borden Foundation • Mary Reynolds Babcock Foundation • Maryland Energy Administration • Maryland Legal Services • MASCO Foundation • Massachusetts Attorney General • Massachusetts Department of Public Health • Massachusetts Deptartment of Housing and Community Development • Massachusetts Division of Banks • Massachusetts Housing Investment Corporation • Massachusetts Small Business Enterprises • Massachusetts Smart Growth Alliance • Massachusetts Smart Growth Alliance • MassDevelopment • MassHousing MassMutual • MAZON • MB Financial Bank • McCormick Tribune Foundation • McGregor Fund • McIninch Foundation • McKnight Foundation McMaster-Carr Supply Company • McMichael Family Foundation • Meadows Foundation • Memorial Hospital & Health System • Mercantile Commerce Bank • Merrimack County Savings Bank • Mesa County • Metlife Foundation • Metro United Way • Metropolitan Life Insurance • Meyer Foundation • Meyer Memorial Trust • MFI Foundation • MHFA-CRV • MHFA-HECAT • Michael & Susan Dell Foundation • Microsoft Community Affairs Miles McClellan • Miller Foundation • Miller’s Surplus • Milton Foundation • Mimi and Peter Haas Fund • Minnesota Homeownership Center Minnesota Housing Finance Agency • Mississippi Low-Income Child Care Initiative • Mizuho Corporate Bank • Morgan Stanley • Morris & Gwendolyn Cafritz Foundation • Moseley Foundation • Myra Fox Skelton Foundation • Nathaniel Development Corp. • National Council of La Raza • National Credit Union Foundation • National Federal Credit Union • National Foreclosure Mitigation Counsel • National Fund for Enterprise Development (NFED) • Nationwide Foundation • Naugatuck Savings Bank Foundation • NCI • Neighborhood Opportunities Fund • Neighborhood Partners 11 Neighborhood Partnerships • Neil and Louise Tillotson Fund • Nesseralla and Company • New Alliance Foundation • New Economy Initiative/ Community Foundation • New England Grassroots Environmental Fund • New Hampshire Community Development Finance Authority • New Hampshire Housing • New Hampshire Housing Finance Authority • New Jersey Association of Realtors Housing Opportunity Foundation, Inc. • New Mexico Mortgage Finance Authority • New York Community Bancorp • New York Community Trust • New York Mortgage Coalition • NewAlliance Bank/First Niagara • Nexus Community Partners • NH CHaritable Foundation • NH Housing Finance Authority • Nicklaus Children’s Health Care Foundation • Nina Mason Pulliam Charitable Trust • NIPSCO • Nordstrom FSB • North Suburban Consortium • Northeast Community Bank Northeast Utilities • Northland Foundation • Northstar Fund • Northwest Ohio Affiliate of Susan G. Komen for Cure • Northwestern Mutual • Norwich Public Utilities • Oak Hill Foundation • OCAM • Oceanic Time Warner • Ocwen • Ocwen Loan Servicing LLC • Ohio Capital Corporation for Housing Ohl Foundation • Omni American Bank • One West Bank • OnPoint Credit Union • Open Society Foundations • Open Your Heart to the Hungry &

22 Homeless • Orange County United Way • Oregon Community Foundation • Oregon Heat • Oregon Homeowner Stabilization Initiative • Oshkosh Area Community Foundation • Otto Bremer • Pacific Gas & Electric • Palmer Hill • Pathstone SCEP • Paul & Phyllis Fireman Foundation • Paul Allen Foundation • Paul Long • Pennsylvania Horticultural Society • People Fund • Peoples Gas • People’s United Bank • People’s United Community Foundation • PGE Foundation • Pierce & Associates • Pillsbury • PNC Bank • PNC Bank Foundation • Polk Brothers Foundation • Polk County Housing Trust Fund • Porter Law Firm In Kind • Powell Foundation • Price Family Charitable Fund • Pritchard Charitable Trust • Proctor and Gamble • Project Discovery • Promise Neighborhoods - The Community Group • Promontory Financial Group • Prudential Foundation • PSEG • PyraMax Bank Quantum Foundation • Rabobank • Rachael & Ben Vaughan Foundation • RAISE Texas • RBC Bank • RCAC • Realtors Charitable Foundation • Reclass SF Foundation • Regions Bank • Reznick Group, PC • RGIS Inventory Specialists • RGK Foundation • Rhode Island Housing • Richmond Community Foundation • Richmond County Savings Bank • Rivendell • RJ Taylor General Contractors, Inc. • RK Mellon Foundation • Robert J. Weiler Family Fund of The Columbus Foundation • Robert Wood Johnson Foundation • Rochester Area Community Foundation • Rogers Family Foundation • Rohrer Foundation • Rose Badgeley Charitable Trust • Roslyn Foundation • Ross Foundation • Rouse Company Foundation • Roxbury Trust Fund • Rural Community Assistance • Rural Local Initiatives Support Corporation • Ruth Brown Foundation • S.E. Gateway Development Corp • S.H. Cowell Foundation • Safe Kids Worldwide • Sagebrush Classic, Inc. • Sailor’s Snug Harbor of Boston • Saint Gobain • Salvation Army • Samuel P. Hunt • San Francisco Foundation • San Jacinto Holdings, L.P. • Santa Barbara Foundation • Santa Fe Community Foundation • Sara and Dick Rathgeber Sarkey’s Foundation • Schreiber Foods, Inc. • Schulman Rogers • Schumann Fund for New Jersey • Schusterman Foundation • Scranton Area Foundation • Seattle Foundation • Seawell Elam Foundation • SeedCo • Seedlings Foundation • Sherwood Foundation • Side by Side Foundation Silicon Valley Community Foundation • Silver Spring Interfaith Housing Coalition • Silverton Foundation • Simmons Foundation Sisters of Mercy of North Carolina • Skillman Foundation • Smart Regs • South Dakota Community Foundation • Southern California Edison • Spirit Mountain Community Fund • St. John’s Church • St. Christopher’s Foundation • St. David’s Foundation • St. John’s Community Foundation • State Farm Foundation • State Farm Insurance Company • State Farm Mutual Automobile Insurance Co. • State of California • State of Colorado • State of Ohio • State Street Bank State Street Foundation • StateFarm • Staten Island Foundation • Stevens Foundation • Still Water Foundation • Stimson Lumber • Strasburger & Price LLP • Stryker Johnston Foundation • SunTrust Bank • Synovus Trust Company • Target Foundation • TCF Foundation • TD Bank • TD Bank Charitable Foundation • Telemundo • Texas Department of Housing and Community Affairs • Texas Education Agency • Texas State Affordable Housing Corporation • The Altman Foundation • The Biltmore Company • The Boone Family Foundation • The Boston Foundation • The California Endowment • The Campbell Foundation • The Clear Light Fund • The •Collins Foundation • The Equitable Bank • The Food Bank • The Foundation to Promote Open Society • The Frey Family Foundation • The Henry F. Chaddick & Elaine Chaddick Foundation • The Herman & Frieda L. Miller Foundation • The Hyams Foundation • The Louis R. Lurie Foundation • The Miami Foundation • The Minneapolis Foundation • The Morris Stulsaft Foundation • The Northern Trust Company • The Outhwaite Foundation • The Parker Foundation • The PrivateBank and Trust Company • The Prudential Foundation • The San Francisco Foundation • The Seattle Foundation • Third Federal • Tibor & Anna Doby Veterans Support Foundation Toledo Edison/ First Energy • Topfer Family Foundation • Traditional Bank • Trapp Foundation • Travelers • Travis County • Trident United Way • Trio Foundation • Tucson Electric Power • Tuktawa Foundation • Tulsa Area United Way • Tulsa Children’s Coalition • Turner Foundation • Tyler Little Foundation • U.S. Bank • Union Bank • Union Bank Foundation • Union Bank of California Foundation Union Savings • United States Environmental Protection Agency • United Way • United Way - Lawrence Saves • United Way - VITA • United Way Capital Area Grants • United Way Larimer County United Way of Androscoggin County • United Way of Central Massachusets • United Way of Central Ohio • United Way of Coastal Fairfield County United Way of Greater Milwaukee • United Way of Greater St. Louis • United Way of Massachusetts Bay & Merrimack Valley • United Way of Metropolitan Dallas • United Way of Miami • United Way of Palm Beach County • United Way of San Diego • United Way of Stamford • United Way of Tarrant County • United Way of the MidSouth • University Neighborhood Preservation Association • University of Texas • University of Wisconsin Milwaukee • US Bank • US Bank Foundation • U.S. Department of Health and Human Services • USAA • USDA Rural Development • USDA/RD UWSEM • Valley Cabinet • Vermont Community Foundation • Victoria Foundation • Virginia Department of Education • Vorys Sater Seymour and Pease LLP • W.K. Kellogg Foundaton • Wachovia Bank • Wachovia Foundation • Wachovia Wells Fargo • Wachovia Wells Fargo Foundation • Wal-Mart Foundation • Walter & Elise Haas, Sr. Fund • Washington Area Women’s Foundation • Washington Gas • Washington Mutual • Waste Management Waterbury Development Corporation • Waterfall Foundation • Webber Family Foundation • Webster Bank • Weingart Foundation • Weitz Fund • Wells Fargo • Wells Fargo Bank • Wells Fargo Foundation • Wells Fargo Home Mortgage • Wells Fargo Home Mortgage Foundation • Wells Fargo Housing Foundation • Wells Fargo Regional Foundation • White & Case • Willamette Neighborhood Housing • William G. Gilmore Foundation • William Penn Foundation • Williamsburg Community Health Foundation • Winn Residential • Winter Park Health Foundation • Winthrop Rockefeller Foundation Women’s Foundation of Southern Arizona • Working Poor Families Project • World Changers 2011 • World Financial Network National Bank • Wright- Patt Credit Union • Wyoming Community Development Authority • Xerox Corporation • Y & H Soda Foundation • Yardi Systems Inc. • Youth Resident Program • Zions 1st National Bank • Zuckerman Community Outreach Foundation Thank you to all of our donors, partners and friends.

23 NeighborWorks organizations (as of 4/1/12) Alabama Community Action Partnership of North Alabama, Inc. Decatur Com- munity Service Programs of West Alabama, Inc. Tuscaloosa Neighborhood Housing Services of Birmingham, Inc. Birmingham Alaska Fairbanks Neighborhood Housing Services, Inc. Fairbanks NeighborWorks Anchorage Anchorage Arizona Comite de Bien Estar, Inc. San Luis Neighborhood Housing Services of Phoenix, Inc. Phoenix Neighborhood Housing Services of Southwestern Maricopa County, Inc. Avondale The Primavera Foundation, Inc. Tucson Arkansas Argenta Community Development Corporation North Little Rock Universal Housing Development Corporation Russellville California Cabrillo Economic Development Corp. Ventura Chinatown Community Development Center San Francisco Coachella Valley Housing Coalition Indio Community Housing Development Corporation of North Richmond Richmond Community HousingWorks San Diego Los Angeles Neigh- borhood Housing Services, Inc. Los Angeles Neighborhood Housing Services of Orange County, Inc. Anaheim Neighborhood Housing Services of the East Bay Richmond Neighborhood Housing Services of the Inland Empire, Inc. San Bernardino Neighborhood Housing Services Silicon Valley San Jose Neighborhood Partnership Housing Services Ontario NeighborWorks HomeOwnership Center Sacramento Region Sacramento Peoples’ Self-Help Hous- ing Corporation San Luis Obispo Rural Communities Housing Development Corporation Ukiah Sacramento Mutual Housing Association, Inc. Sacra- mento Self-Help Enterprises Visalia South County Housing Gilroy Tenderloin Neighborhood Development Corporation San Francisco The Unity Council Oakland Colorado Community Resources and Housing Development Corporation Westminster Housing Resources of Western Colorado Grand Junction Neighbor to Neighbor, Inc. Fort Collins NeighborWorks of Pueblo Pueblo Rocky Mountain Communities Denver Thistle Communities Boulder Tri-County Housing & Community Development Corporation Fowler Connecticut Housing Development Fund, Inc. Stamford Mutual Housing Association of Greater Hartford, Inc. Hartford Mutual Housing Association of Southwestern Connecticut, Inc. Stamford Neighborhood Housing Services of New Britain, Inc. New Britain Neighborhood Housing Services of New Haven, Inc. New Haven Neighborhood Housing Services of Waterbury, Inc. Waterbury NeighborWorks New Horizons New Haven Delaware Interfaith Community Housing of Delaware, Inc. Wilmington National Council on Agricultural Life and Labor Research Fund, Inc. Dover District of Columbia Manna, Inc. Washington Florida Centro Campesino Farm- worker Center, Inc. Florida City Clearwater Neighborhood Housing Services, Inc. Clearwater Corporation to Develop Communities of Tampa Tampa Housing Partnership, Inc. Riviera Beach Neighborhood Housing & Development Corporation Gainesville Neighborhood Housing Services of South Florida, Inc. Miami Orlando Neighborhood Improvement Corp. Orlando Rural Neighborhoods, Incorporated Florida City Tallahassee Lenders’ Consor- tium Tallahassee Tampa Bay Community Development Corporation Clearwater Georgia Cobb Housing, Inc. Marietta NeighborWorks Columbus (GA) Columbus Resources for Residents and Communities of Georgia, Inc. Atlanta Hawaii Hawaii HomeOwnership Center Honolulu Mutual Housing Association of Hawaii, Inc. Honolulu Idaho Neighborhood Housing Services, Inc. Boise Pocatello Neighborhood Housing Services, Inc. Pocatello Illinois Joseph Corporation of Illinois, Inc. Aurora Mid Central Community Action Bloomington Neighborhood Housing Services of Chicago, Inc. Chi- cago Neighborhood Housing Services of Freeport, Inc. Freeport Indiana LaCasa, Inc. Goshen Pathfinder Services, Inc.Huntington South Bend Heri- tage Foundation South Bend Iowa Community Housing Initiatives Spencer Neighborhood Finance Corporation Des Moines Kansas CHWC, Inc. Kansas City Kentucky Community Ventures Corporation Lexington Federation of Appalachian Housing Enterprises Berea Frontier Housing, Inc. Morehead New Directions Housing Corporation Louisville The Housing Partnership, Inc. Louisville Louisiana Neighborhood Housing Services of New Orleans, Inc. New Orleans Providence Community Housing New Orleans Southern Mutual Help Association New Iberia Maine Avesta Housing Development Corporation Portland Community Concepts, Inc. South Paris Kennebec Valley Community Action Program Housing Services Waterville Maryland Cumberland Neighborhood Housing Services, Inc. Cumberland Montgomery Housing Partnership, Inc. Silver Spring Neighborhood Housing Services of Baltimore, Inc. Baltimore Salisbury Neighborhood Housing Services, Inc. Salisbury St. Ambrose Housing Aid Center Baltimore Massachusetts Cambridge Neighborhood Apartment & Housing Services, Inc. Cambridge Chelsea Neighborhood Developers, Inc. Chelsea Coali- tion for a Better Acre Lowell Codman Square Neighborhood Development Corp. Dorchester HAP, Inc. Springfield Lawrence CommunityWorks, Inc. Lawrence Madison Park Development Corporation Roxbury Neighborhood Housing Services of the South Shore, Inc. Quincy Neighborhood of Afford- able Housing, Inc. East Boston Nuestra Comunidad Development Corp. Roxbury Oak Hill Community Development Corp. Worcester Springfield Neigh- borhood Housing Services, Inc. Springfield Twin Cities Community Development Corp. Fitchburg Urban Edge Housing Corporation Roxbury Michigan Kalamazoo Neighborhood Housing Services, Inc. Kalamazoo Lighthouse of Oakland County Pontiac Neighborhoods Inc. of Battle Creek Battle Creek Southwest Solutions Detroit Minnesota Aeon Minneapolis Community Neighborhood Housing Services, Inc. St. Paul Dayton’s Bluff Neighborhood Housing Services, Inc. St. Paul Midwest Minnesota Community Development Corporation Detroit Lakes Neighborhood Housing Services of Duluth, Inc. Duluth Neighborhood Housing Services of Minneapolis, Inc. Minneapolis Southwest Minnesota Housing Partnership Slayton Mississippi Hope

24 Enterprise Corporation Jackson Missouri Beyond Housing / Neighborhood Housing Services of St. Louis St. Louis Neighborhood Housing Services of Kansas City, Inc. Kansas City North East Community Action Corporation Bowling Green Westside Housing Organization, Inc. Kansas City Montana NeighborWorks Great Falls Great Falls NeighborWorks Montana Great Falls Nebraska NeighborWorks Lincoln Lincoln NeighborWorks Northeast Nebraska Norfolk NeighborWorks Omaha Omaha Nevada Neighborhood Housing Services of Southern Nevada, Inc. North Las Vegas New Hampshire Affordable Housing Education and Development, Inc. Littleton CATCH Neighborhood Housing Concord Laconia Area Community Land Trust, Inc. Laconia NeighborWorks Greater Manchester Manchester New Jersey Affordable Housing Alliance, Inc. Eatontown Brand New Day, Inc. Elizabeth Housing and Neighborhood Development Services, Inc. Orange Housing Partnership for Morris County Dover La Casa de Don Pedro, Inc. Newark New Jersey Community Capital Trenton St. Joseph’s Carpenter Society Camden New Mexico Homewise, Inc. Santa Fe Navajo Partnership for Housing, Inc. Gallup Tierra del Sol Housing Corporation Anthony New York Arbor Housing and Development Bath Asian Americans for Equal- ity, Inc. New York City Chautauqua Home Rehabilitation and Improvement Corporation Mayville Community Development Corporation of Long Island, Inc. Centereach Home HeadQuarters, Inc. Syracuse Housing Assistance Program of Essex County, Inc. Elizabethtown Housing Resources of Columbia County, Inc. Hudson Hudson River Housing, Inc. Poughkeepsie Ithaca Neighborhood Housing Services, Inc. Ithaca Neighborhood Housing Services of New York City, Inc. New York City Neighborhood Housing Services of South Buffalo, Inc. Buffalo NeighborWorks Home Resources Olean Neighbor- Works Rochester Rochester Niagara Falls Neighborhood Housing Services, Inc. Niagara Falls North Country Housing Council Canton Opportunities for Chenango, Inc. Norwich PathStone Rochester Rural Ulster Preservation Company, Inc. Kingston Syracuse Model Neighborhood Corporation Syracuse Troy Rehabilitation & Improvement Program, Inc. Troy UNHS NeighborWorks HomeOwnership Center Utica West Side Neighborhood Housing Services, Inc. Buffalo North Carolina Charlotte-Mecklenburg Housing Partnership, Inc. Charlotte DHIC, Inc. Raleigh Durham Community Land Trustees Durham Mountain Housing Opportunities, Inc. Asheville North Dakota CommunityWorks North Dakota Mandan Ohio Columbus Housing Partnership, Inc. Columbus East Akron Neighborhood Development Corporation Inc. Akron Home Ownership Center of Greater Cincinnati, Inc., The Cincinnati Neighborhood Development Services Ravenna Neighborhood Housing Partnership of Greater Springfield, Inc.Springfield Neighborhood Housing Services of Greater Cleveland, Inc. Cleveland Neighborhood Housing Services of Hamilton, Inc. Hamilton Neighborhood Housing Services of Toledo, Inc. Toledo St. Mary Development Corporation Dayton Oklahoma Community Action Project of Tulsa County Tulsa Little Dixie Community Action Agency Hugo Neighborhood Housing Services of Oklahoma City, Inc. Oklahoma City Oregon NeighborImpact Bend Portland Housing Center Portland REACH Community Development, Inc. Portland Umpqua CDC Roseburg Willamette Neighborhood Housing Services Corvallis Pennsylva- nia Neighborhood Housing Services of Greater Berks, Inc. Reading Neighborhood Housing Services of Lackawanna County Scranton Neighborhood Housing Services of the Lehigh Valley, Inc. Allentown NeighborWorks Western Pennsylvania Pittsburgh New Kensington Community Development Corporation Philadelphia Puerto Rico Ponce Neighborhood Housing Services, Inc. Ponce San Juan Neighborhood Housing Services, Inc. Santurce Rhode Island CommunityWorks Rhode Island Providence NeighborWorks Blackstone River Valley Woonsocket West Elmwood Housing Develop- ment Corp. Providence South Carolina Family Services, Inc. North Charleston Spartanburg Housing Development Corporation Spartanburg South Dakota NeighborWorks Dakota Home Resources Deadwood Northeast South Dakota Community Action Program Sisseton Tennessee Affordable Housing Resources, Inc. Nashville Chattanooga Neighborhood Enterprise, Inc. Chattanooga Knox Housing Partnership, Inc. Knoxville United Housing, Inc. Memphis Texas Affordable Homes of South Texas, Inc. McAllen Alamo Area Mutual Housing Association, Inc. San Antonio Avenue Community Development Corporation Houston BCL of Texas Austin/Dallas Fifth Ward Community Redevelopment Corporation Houston Foundation Communities Austin Laredo-Webb Neighborhood Housing Services, Inc. Laredo Neighborhood Housing Services of Dimmit County, Inc. Carrizo Springs Neighborhood Housing Services of San Antonio, Inc. San Antonio NeighborWorks Waco Waco Nueces County Community Action Agency Corpus Christi Tejano Center for Community Concerns Houston Utah NeighborWorks Provo Provo NeighborWorks Salt Lake Salt Lake City Vermont Central Vermont Community Land Trust, Inc. Barre Champlain Housing Trust Burlington Gilman Housing Trust, Inc. Lyndonville NeighborWorks of Western Vermont West Rutland Windham & Windsor Housing Trust Brattleboro Virginia AHC Inc. Arlington Community Housing Partners Corporation Christiansburg Washington Central Area Development Association Seattle Community Frameworks Spokane HomeSight Seattle NeighborWorks of Grays Harbor County Aberdeen West Virginia CommunityWorks In West Virginia, Inc. Charleston HomeOwnership Center, Inc. Elkins Wisconsin Housing Resources, Inc. Milwaukee Neighborhood Housing Services of Beloit, Inc. Beloit Neighborhood Housing Services of Richland County, Inc. Richland Center Neighborhood Housing Services of Southeast Wisconsin, Inc. Racine NeighborWorks Green Bay Green Bay Select Milwau- kee, Inc. Milwaukee Wyoming Wyoming Housing Network Casper

25 NeighborWorks District Offices

National Headquarters Midwest Region Northeast Region Pacific District 1325 G Street NW North Central District Northeast District 2400 East Katella Avenue One Main Plaza 80 Pine Street Suite 440 Suite 800 4435 Main Street, Suite 700 32nd Floor Anaheim, CA 92806-5929 Washington, DC 20005 Kansas City, Missouri 64111 New York NY 10005 Phone: (714) 940-0144 Phone: (816) 931-4176 Phone: (212) 269-6553 Fax: (714) 940-0973 Phone: (202) 220-2300 (800) 823-1428 Fax: (212) 269-4017 Fax: (202) 376-2600 Fax: (816) 714-1291 Rocky Mountain District www.nw.org New England District One Cherry Center Great Lakes District 855 Boylston Street 501 South Cherry Street, Suite 400 2368 Victory Parkway, Suite 210 6th Floor Denver, Colorado 80246-3326 Cincinnati, OH 45206-2810 Boston, MA 02116-4802 Phone: (303) 782-0299 Phone: (513) 221-4260 Phone: (617) 450-0410 Fax: (303) 782-5568 Fax: (513) 221-4425 Fax: (617) 450-0427 Southern District 260 Peachtree Street, Suite #1000 Atlanta, GA 30303 Phone: 404-526-1270 Fax: 404- 526-1271

26 Board of Directors Officers

Chair Eileen M. Fitzgerald Jeffrey T. Bryson The Honorable Christiane Gigi Hyland Chief Executive Officer General Counsel/Secretary Member, Board of Directors National Credit Union Administration Chuck Wehrwein Michael L. Forster Chief Operating Officer Chief Financial Officer Vice Chair The Honorable Julie L. Williams First Senior Deputy Comptroller and Chief Counsel, Division and Office Directors Office of the Comptroller of the Currency Rebecca Bond Paula King Financial Planning, Human Resources The Honorable Maurice Jones Analysis and Contracts Deputy Secretary Thomas Lyons Robert Burns Information Management U.S. Department of Housing and Field Operations Urban Development Christina McHenry Leila Finucane Public Relations The Honorable Sarah Bloom Raskin National Initiatives Member, Board of Governors and Applied Research Barbara Richard Federal Reserve System Corporate Planning, Jeanne Fekade-Sellassie Performance and Strategy The Honorable Jeremiah O. Norton National Foreclosure Mitigation Member, Board of Directors Counseling Program Zewdneh Shiferaw Federal Deposit Insurance Controller, Finance Corporation Tayna Frett Administrative Services Steven Tuminaro and Facilities Public Policy and Legislative Affairs Ron Johnston (as of 7/1/12) Organizational Assessment Frederick Udochi Internal Audit Paul Kealey Training

Regional and District Directors

Deborah Boatright, John Santner, Director, Northeast Region Director, Midwest Region

Margaret Frisbee Gary Wolfe Director, Pacific District Director, Rocky Mountain District

Donald R. Phoenix Director, Southern District (as of 7/1/12)

27 2011 Financial Summary Neighborhood Reinvestment Corporation (d.b.a. NeighborWorks® America) Condensed Statement of Financial Position and Statement of Activities Period ended September 30, 2011

Assets Revenues, gains and other support Current assets Congressional appropriations $ 238,150,856 Cash and cash equivalents $ 76,023,913 Contributions 22,555,563 Restricted cash 1,184,265 Grant and contracts 2,957,781 Training registration fees 2,546,068 Receivables: Investment income 190,984 Contributions receivable 3,140,332 Other income 718,668 Grant and contract receivables 6,414,946 Other receivables- Total revenue, gains and other support 267,119,920 net of allowance for doubtful accounts of $22,122 115,042 Expenses Travel advances 6,342 Grants and grant commitments 190,775,521 Prepaid expenses and other assets 894,108 Personnel 36,162,879 Total current assets 87,778,948 Professional services 16,064,989 Other operating costs 7,955,249 Noncurrent assets Occupancy 4,644,328 Cash held for long-term investments 2,500,000 Travel 2,593,725 Contribution receivable, net of current portion 1,000,000 Conferences and workshops 2,795,023 Property and equipment, net 6,895,260 Depreciation and amortization 2,099,706 Total non-current assets 10,395,260 Total expenses 263,091,420 Total assets $ 98,174,208 Change in net assets 4,028,500 Liabilities and Net Assets Current Liabilities Net assets, beginning of year 27,267,273 Accounts payable and accrued expenses $ 8,208,763 Net assets, end of year $ 31,295,773 Grant commitments: Foreclosure prevention 48,323,262 Core 28,000 Deferred revenue: Foreclosure prevention 8,276,744 NeighborWorks America is pleased to report that it has not only received its Annual Audit Core 223,695 Report with the expected unqualified (or “clean”) audit report, but also, for six consecutive Total current liabilities 65,060,464 years, did not receive a management letter. An audit management letter contains observations and recommendations related to internal controls where improvements should be made that Noncurrent liabilities are not required to be contained in the audit report. This is a great testament to the diligence, Accounts payable and accrued expenses 500,000 detail orientation and efforts of NeighborWorks’ leadership and financial team in ensuring that Deferred rent liability 1,317,971 the organization complies with all of the policies, standards and regulations that govern its Total noncurrent liabilities 1,817,971 operations and financial reporting. Total liabilities 66,878,435 The 2011 Financial Summary was compiled from the annual audit of Commitments and contingencies Neighborhood Reinvestment Corporation (d.b.a. NeighborWorks America). Net assets Unrestricted net assets 16,406,445 Audited financial statements are available at www.nw.org Temporarily restricted net assets 12,389,328 Permanently restricted net assets 2,500,000 Total net assets 31,295,773 Total liabilities and net assets $ 98,174,208

28 NeighborWorks 2007-2011 Strategic Goals:

Goal 1: NeighborWorks America creates and preserves housing opportunities that are sustainable and affordable.

Goal 2: NeighborWorks America advances comprehensive community development and resident engagement to achieve positive community impact.

Goal 3: NeighborWorks America supports a Network of Excellence of strong, sustainable NeighborWorks organizations that collectively leverage expertise and effective business models.

Goal 4: NeighborWorks America strengthens the knowledge, skills, and effectiveness of the community development and affordable housing ﬁeld.

Goal 5: NeighborWorks America optimizes its organizational performance to achieve its strategic goals. NeighborWorks America 1325 G Street NW • Suite 800 • Washington, DC 20005 202.220.2300 • www.nw.org

NeighborWorks® is a registered service mark for the neighborhood revitalization and educational services offered by NeighborWorks America, its related capital corporations, and a national network of private/public partnerships, including neighborhood housing services, mutual housing associations, and similar community-based development organizations. It identifies the provider of those services as a member of the national NeighborWorks network. NeighborWorks America is the trade name for the Neighborhood Reinvestment Corporation.