Data Analysis

As of October 1994, 88 NeighborWorks® organizations had either applied or planned to apply for HOME funds. Overall, there are 143 applications involving 168 projects. The total HOME funds included in these projects amounts to $42.5 million and the total amount leveraged from other sources is $80.7 million. These projects involve 5,148 housing units. Table I summarizes HOME projects Neighborhood Reinvestment's nine districts.

As the above data indicate, 79 percent of all HOME projects are either approved, inprogress, or completed. The completed projects comprise 11 percent of all projects and nearly one-fourth (24 percent) are in development stage.

The following detailed analysis of NeighborWorks® organizations use of HOME funds is based on a sample of 70 projects for which a complete set of data was tabulated.

Application Status

Table II shows the distribution of a sample of 70 HOME funded projects. Twelve percent of the housing units are completed involving $3.8 million of HOME funds. Leveraged investment from other sources for these completed projects amounts to $9.2 million. That is, for every $1 of HOME funding NeighborWorksR organizations have leveraged $2.40 from other sources. HOME guidelines set the expected leverage at $0.25 for every $1 of HOME funding, making NeighborWorks® organization's leveraging ratio quite impressive.

The total HOME funds that are either completed, in development, or approved amount to $16.4 million involving 1,250 housing units. These projects will generate additional investment of $51.5 million. As the table indicates, funding application for 1 percent of the housing units. However, these rejected projects comprise 8 percent of the total HOME funding. This means that projects with higher per-unit costs tend to be rejected.

Affordable Housing Strategies

Table III shows the distribution of HOME projects by affordable housing strategy used by NeighborWorks® organizations. The largest share of the funding is allocated to rental rehab development, involving 1,073 housing units. These projects tend to have the highest leveraging ratio. For example, $16.8 million HOME funds is expected to leverage an additional $58.7 million; that is $3.5 for every HOME fund dollar.

• "Completed" projects refer to those that have completed their implementation process;

• "In Process" refers to approved applications that are currently in the process of implementation; "Approved for Funding" refers to applications that are approved for funding, but their implementation has not yet started;

• "Pending Approval" refers to applications that are currently under review by the funding sources; "Intending to Apply" refers to applications that NeighborWorks organizations plan to submit for funding:

• "Refused Funding" refers to applications that were denied funding;

• "Others" refer to projects with unclear status.