The Agency
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NHS Board Meeting |
Since 1977, NHS of Reading has been a neighborhood based nonprofit
housing agency. We are governed by an elected Board of Directors,
which is comprised of neighborhood residents, business and government
representatives. Residents comprise the majority. We are a Community
Development Financial Institution (CDFI) under the U.S. Treasury, and
a certified Community Housing Development Organization (CHDO), under
the Federal HOME Program.
NHS accomplishes its mission primarily through several core programs.
We are a “Full-Cycle” Home Ownership Center, providing:
- Credit and budget counseling, as
well as post-purchase counseling as a HUD certified agency
- Low interest mortgage financing to
persons below 80% AMI, in tandem with our partner lenders for non
city home purchases and in the city low interest financing to
persons up to 105% AMI
- A supply of new homeowners through
Home Buyer Education classes around the County, teaching the
process, terminology, and responsibility of homeownership
- Resident leadership development
and organization with our Neighborhood Building Department
- Single Family Development, which
eliminates blighting influences through rehab and resale of
deteriorating properties.
During a typical year we provide
homebuyer education to nearly 400 persons in Berks County. We are the
point of contact agency for mortgage qualifying for Reading
Revitalization Program (a program spearheaded by Mr. Albert Boscov).
In 2003 we became an official Home Ownership Center under the National
Campaign for Home Ownership sponsored by Neighborhood Reinvestment
Corporation. We continue to offer a 6th Ward Home Repair Program, a
loan for up to $7,000 with a 4% interest, and in addition a Home
Repair Program with funds provided by National Penn Bank that reach
other areas of the city for up to $5,000 with a 3% interest.
Directional sign in the NHS offices
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From an economic impact perspective, NHS has generated $28,460,883 in
Berks County since 1992, which will create over $15MM in interest for
local participating lenders. Lenders will save about $13,000 for each
foreclosure prevented, due to our counseling and education. Borrowers spend 9.3%
of their income on appliance purchases, curtains, etc. when they move
in; there are Realtor commissions, title insurance, and transfer taxes
paid from the transactions.
In addition to homeownership activities, acting as a CHDO for the City
and County, we have sponsored two affordable senior developments –
Penns Crossing Development, in Spring Township and Oakshire Senior
Apartments in the City of Reading.
As with any nonprofit, without the generous support of the community,
our services could not be provided. While we are moving toward
increased self-sufficiency through fees-for-service, the client base
we serve could not afford to cover the actual costs. Therefore, we
depend on the community, and particularly the lenders and local
government. Our services directly impact a lenders’ CRA compliance
rating, but more importantly, they provide:
- A genuine return on investment by
better preparing low/mod income borrowers for responsible and
successful home ownership; in fact, borrowers who receive “HUD type
counseling” or education default on mortgages 36% less often;
- Reduced lending risk by virtue of
our secondary financing,
- An increased supply of new “ready”
borrowers/buyers.
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