Strategic Spinoff allows CHW to Sharpen Focus, Amplify Impact, and Reach More Families
San Diego – September 28, 2015 – Community HousingWorks (CHW), a non-profit organization dedicated to helping people find home stability and move up in the world, today announced the spinoff and transfer of their homebuying programs to Springboard, a national consumer financial services nonprofit. With this move, CHW will be able to embrace its rapid growth and statewide expansion, through a sharpened focus on developing and operating beautiful and safe apartment communities and delivering supportive services on site at these thriving communities.
For nearly 30 years, CHW has provided working families, individuals, and seniors with the foundation of a stable home, through either its affordable apartment communities or its homebuying and lending services for low-to-moderate-income, first-time homebuyers. In recent years, demand for both these services has increased dramatically as working families struggle to recover from the economic downturn amid rising rents and skyrocketing home prices.
As each side of the organization reached a critical turning point in growth, CHW’s leadership made the bold decision to transfer the organization’s homebuying operations to Springboard, which has the technology and scalable platform needed to support the expansion of these complex and tightly regulated services. Building on Springboard’s existing call center and technology platform, Springboard CDFI will be able to scale quickly, broaden its reach nationally, and help more underserved families buy homes and build equity. CHW’s current homeownership center staff will be retained by Springboard CDFI and continue providing mortgage lending programs for first-time homebuyers.
With these operations transferred to a highly capable partner, CHW now can focus exclusively on expanding its multifamily communities and services across the state, strengthening its robust presence in San Diego, and continuing to operate with the highest standards of excellence as it grows. “We believe that with a stable home, powerful tools and community support, people can move themselves up in the world,” said Sue Reynolds, President and CEO of CHW. “But as rents continue to rise, obtaining a quality, affordable apartment is becoming even more of a struggle for low-wage Californians. By sharpening our focus, we can both grow with the needs of the people we serve and expand statewide, while deepening our presence here in San Diego.”
This year alone, CHW has grown its apartments by 25%, reaching as far north as Fresno, and deepened impact through resident services. This aggressive growth underscores the need for dedicated skills, resources and capital to fuel statewide expansion. CHW recently acquired a 366-apartment community in Fresno, adding to 2015 previous acquisition and new construction developments in San Diego, Vista, Escondido and National City. The organization now brings a safe and stable home to more than 7,000 people, and delivers transformative services that help adults achieve financial security, youth achieve academic success, and youth and adults alike gain the leadership skills and confidence to shape their communities for the better.
Community HousingWorks (CHW) is a nationally-recognized 501(c)(3) non-profit organization that helps people and communities move up in the world by providing a stable home they can afford and opportunities to achieve their dreams. CHW has nearly 30 years of success developing new and renovating existing multi-family, affordable rental apartments in urban, suburban and rural communities in California. With nearly 2,500 rental apartments in 34 communities statewide, CHW proudly serves more than 7,000 children and adults each year. CHW delivers onsite programs to residents to give people the knowledge, tools, and motivation to achieve their goals and dreams. As a result, many adult residents are able to get out of debt, improve their credit, and start a practice of saving for the future; and youth have a safe place to learn and grow, improve reading ability, and succeed at school. CHW is an Exemplary-ranked member of the national NeighborWorks Network®, a founding member of the Housing Opportunities Collaborative, an award-winning affiliate of the National Council of La Raza, and member of the prestigious Housing Partnership Network.
SPRINGBOARD® Nonprofit Consumer Credit Management is a 501(c)(3) nonprofit personal financial education and counseling organization founded in 1974 with the mission of improving the financial wellbeing of individuals and families. Springboard is a U.S. Department of Housing and Urban Development approved housing counseling agency and a member of the Financial Counseling Association of America and the National Foundation for Credit Counseling; the nation’s longest serving nonprofit financial counseling organization. Through its affiliate Springboard CDFI, the organization offers first mortgage and down payment loans tailored to the first-time homebuyer. Springboard is also a proud member of the Hope Now Alliance, a cooperative effort between the U.S. government and mortgage market participants to help struggling homeowners. Springboard offers personal financial education and assistance in credit counseling, housing counseling, reverse mortgage, debt and money management, pre-bankruptcy counseling and debtor education through educational programs and confidential coaching. Springboard is accredited by the Council on Accreditation, signifying the highest standards for agency governance, fiscal integrity, counselor certification and service delivery policies. Counseling is available by telephone nationwide or in-person at office locations in California, Arizona, Florida, Massachusetts, Nevada, New Mexico, South Carolina and Texas. For more information on Springboard, please call 800-449-9818 or visit their website at www.springboard.org or www.springboardcdfi.org.