The supply of affordable rental homes is at a crisis point in communities across America, with millions of renters paying one-third or even half of their income on rent. The cost of homeownership is climbing too, as national median home prices ratchet higher, and mortgage rates stay stubbornly close to 7%.

In 2024, NeighborWorks Capital launched a new lending program to deploy low-cost, long-term capital to NeighborWorks network organizations to empower them to expand their homeownership initiatives in communities across the country. Wells Fargo provided $8.5 million for the launch of this program, and network organizations were selected for funding through a competitive invitation-only application process.