Prg Inc

PRG COMBINES COMMUNITY-BASED AFFORDABLE HOUSING DEVELOPMENT WITH EDUCATION AND ADVISING TO HELP ALL PEOPLE AND NEIGHBORHOODS THRIVE. WE ACCOMPLISH OUR MISSION BOTH BY DEVELOPING AFFORDABLE HOUSING IN PARTNERSHIP WITH NEIGHBORHOODS AND OTHER GROUPS, AND BY EDUCATING AND ADVISING FIRST-TIME HOMEBUYERS AND HOUSEHOLDS AT RISK OF FORECLOSURE, ALL WITH A KEEN FOCUS ON NARROWING THE RACIAL HOMEOWNERSHIP DISPARITY.

REAL ESTATE DEVELOPMENT:PRG DEVELOPS AFFORDABLE SINGLE-FAMILY AND MULTI-FAMILY HOUSING IN RESPONSE TO REQUESTS FROM NEIGHBORHOODS, COMMUNITY ORGANIZATIONS, AND SOCIAL SERVICE PROVIDERS. INSTEAD OF TAKING A ONE-SIZE-FITS-ALL APPROACH, WE PLACE A PRIORITY ON SENSITIVITY TO WHAT OUR PARTNER GROUPS WANT AND NEED, AND WE ENGAGE WITH THE COMMUNITY THROUGHOUT THE DEVELOPMENT PROCESS. HISTORICALLY, THIS HAS MEANT CREATING SINGLE-FAMILY HOMES FOR OWNERSHIP AS WELL AS A RANGE OF TYPES OF MULTI-FAMILY AND SUPPORTIVE HOUSING. IN 2023, WE CONTINUED TO ALLOT MOST OF OUR DEVELOPMENT CAPACITY TO DEVELOPING SINGLE-FAMILY HOMES IN OUR EFFORT TO NARROW THE RACIAL HOMEOWNERSHIP GAP.SINGLE FAMILY DEVELOPMENT:100% OF SINGLE-FAMILY CONSTRUCTION CONTRACTS AWARDED IN 2023 WENT TO MINORITY-OWNED BUSINESSES (4 CONTRACTS). OVER THE PAST 10 YEARS, PRG HAS AWARDED OVER $20 MILLION IN SINGLE-FAMILY CONSTRUCTION CONTRACTS WITH 98% GOING TO SMALL, MINORITY- AND/OR WOMEN-OWNED BUSINESSES.SOLD 9 HOMES, ALL PURCHASED BY HOUSEHOLDS OF COLOR BRINGING THE TOTAL SINCE 2010 TO 125. OF 2023 SALES, 67% WERE PURCHASED BY U.S.-BORN BLACK HOUSEHOLDS. THE AVERAGE HOUSEHOLD AMI FOR PURCHASERS WAS 59%. MULTI-FAMILY DEVELOPMENT:THERE WE NO NEW MULTI-FAMILY DEVELOPMENTS IN 2023, HOWEVER, 88 VERY LOW-INCOME HOUSEHOLDS OCCUPY OUR EXISTING PROJECTS.

HOMEBUYER EDUCATION/ADVISING :HELD 18 FIRST-TIME HOMEBUYER EDUCATION WORKSHOPS, PROVIDING EDUCATION TO 335 HOUSEHOLDS. OF THE 2023 WORKSHOP ATTENDEES, 86% HAD INCOMES UNDER 80% AMI, 48% HAD INCOMES UNDER 50% AMI, AND 75% WERE HOUSEHOLDS OF COLOR.PROVIDED FREE, ONE-ON-ONE, PRE-PURCHASE HOMEBUYER ADVISING TO 539 HOUSEHOLDS OF WHICH 301 WERE NEW CLIENTS. OF 2023 PARTICIPANTS, 889% HAD INCOMES UNDER 80% AMI, 529% HAD INCOMES UNDER 50% AMI, AND 76% WERE HOUSEHOLDS OF COLOR. OF 2023 NEW CLIENTS, 863% HAD INCOMES UNDER 80% AMI, 46% HAD INCOMES UNDER 50% AMI, AND 72% WERE HOUSEHOLDS OF COLOR.NINETY-THREE PERCENT OF CLIENTS WERE FIRST-TIME HOMEBUYERS, AND 49% WERE FIRST-GENERATION HOMEBUYERS.ACCORDING TO A TRIENNIAL SURVEY, 45% OF HOUSEHOLDS OF COLOR WHO PARTICIPATE IN OUR PREPURCHASE SERVICES GO ON TO PURCHASE A HOME WITHIN THREE YEARS. THIS TRANSLATES TO APPROXIMATELY 220 NEW HOMEOWNERS OF COLOR ANNUALLY.FORECLOSURE ADVISING:PROVIDED FREE, ONE-ON-ONE, FORECLOSURE PREVENTION ASSISTANCE TO 127 FAMILIES (82 NEW CLIENTS). OF THE CASES RESOLVED IN 2023, 99% AVOIDED FORECLOSURE (SAME OUTCOME FOR WHITE AND BIPOC HOUSEHOLDS). OF FORECLOSURE ADVISING CLIENTS, 91% HAD INCOMES UNDER 80% AMI, 74% HAD INCOMES UNDER 50% AMI, AND 50% WERE HOUSEHOLDS OF COLOR.SINCE 2009, PRG HAS PLAYED A CRITICAL ROLE IN AVERTING 844 FORECLOSURES, SAVING NEARLY $66 MILLION IN COSTS TO HOMEOWNERS, LENDERS, AND LOCAL GOVERNMENT (SEE HTTP://HOCMN.BLOGSPOT.COM/2013/03/FORECLOSURE-ADVISING-HAS-SAVED.HTML).