Message to Stakeholders

Dear Stakeholders:

     During 2009, Salt Lake City's communities faced many challenges with high unemployment and a financial crisis that touched everyone. The direct impact to NeighborWorks Salt Lake (NWSL) resulted in a 20% reduction of contributions from the private sector requiring us to do more with less.

     Many customers in our portfolio went from two incomes to a single income and struggled to make their monthly mortgage payment.  We were fortunate that no family in our loan portfolio experienced a foreclosure while citywide we educated more than 500 individuals and familes trying to keep their homes. We recognized that some families might lose their home due to high interest rates, job loss, medical bills, and other unforeseen challenges. The board of director's recognized this as an opportunity and challenge to intervene. A partnership with Ally Bank provided a $15,000,000 line of credit to help families refinance unreasonable adjustable rate mortgages to a fixed rate. This funding also allowed NWSL to aquire vacant foreclosed properties and rehabilitate them as afordable homes for first-time homebuyers. This partnership created new products for our organization to help families at risk of foreclosure, protect their investments, and sustain the assets of the neighborhoods we serve.

     NWSL continues to focus on developing community leadership through YouthWorks by engaging 38 young people in community building; adding to the more than 1700 youth served since 1982. Westside Leadership Institute graduated 20 students increasing our alumni pool to 119 residents engaged in their own community projects. The ongoing partnership with the University of Utah resulted in mini-neighborhood plans, increased resident participation and an introduction for many college students to the west side's many community assets. Major victories were experienced for Salt Lake City's west side with the decision of the airport light rail line, Red Iguana's decision to build a second restaurant and the establishment of Mestizo Coffeehouse at Citifront. Private developers invested more than $40,000,000 creating 200 plus housing units and 20,000 square feet of retail.

     We continue to celebrate the many success of the community and hosted 15 special events that engaged more than 11,000 residents. Both staff and board were recognized for their many accomplishments. Executive Director, Maria Garciaz, was selected for a scholarship to participate in Harvard School of Government's Achieving Excellence in Community Development and Jordan Meadows resident, Angie Vorher, was selected as a 2009 Dorothy Richardson Award recipient securing a $5,000 grant to NWSl to support community building activities.

     We appreciate and attribute our successes in 2009 to our many partnerships helping us leverage limited resources without sacrificing services. No one can succeed alone and we look forward to your ongoing involvment and support in 2010.

Sincerely,

Maria Garciaz
Executive Director

Veronica Montoya
Board President