West Palm Beach, Florida- On May 3, 2010, Neighborhood Renaissance, Inc. received a donation of a vacant REO property from the Chase Bank Community Revitalization Program that will contribute towards the agency's efforts to stabilize Northwood's neighborhoods from the foreclosure crisis. The 3 bedroom single-family home will be fully rehabilitated for sell to a first-time homebuyer. Funding for the property's renovation is being provided through a revolving line of credit obtained from the Florida Community Loan Fund, a Florida based non-profit Community Development Finance Institution.

As part of our mission to build and preserve healthy neighborhoods, we have been working with lenders like JP Morgan Chase to identify vacant and distressed properties in the Northwood community that could be acquired and rehabilitated to increase homeownership opportunities for area residents. This effort was also undertaken to arrest further decline of the area due to an increase in absentee landlords caused by the large number of foreclosures. Neighborhood Renaissance is providing training and housing counseling to potential homeowners. This free service includes assisting potential first-time homebuyers in accessing down payment/closing cost assistance or matched savings programs they may qualify for. The house that Chase Bank donated is located in the historic Northwood Hills neighborhood.

Founded in 1992, Neighborhood Renaissance is a nonprofit community development corporation dedicated to creating and preserving strong neighborhoods and homes within the financial reach of low and moderate-income working families in Palm Beach County. We have helped over 65 first-time buyers to purchase homes and have provided housing counseling to over 1,000 individuals. In addition, we have built and substantially renovated over 35 affordable homes for an investment of over $8 million in the revitalization of Northwood's residential neighborhoods. In partnership with the Westgate-Belvedere Community Redevelopment Agency, Palm Beach County Housing and Community Development Dept., and the Florida Community Loan Fund we are also in the process of building 13 new affordable single family homes for purchase in the West Gate neighborhood. For information about purchasing an affordable home please call Christina Hewitt, Neighborhood Renaissance Housing Manager at (561) 832-6776 or email at chewitt@neighborhoodrenaissance.org.