Full Speed Ahead: The Strategic Feats of NeighborWorks Waco through NWSL’s Investment Fund
“We took two houses, and turned them into six,” says Karen Saucedo, Vice President and CFO at NeighborWorks Waco. Over the past six months, Karen and her team accomplished several major feats, fueled by an investment from NeighborWorks Salt Lake’s Affordable Housing Mission Investment (AHMI) Fund. But these six houses are just one part of NeighborWorks Waco’s recent investment-funded success, adding to a 33-year legacy of community development in their area.
The AHMI fund is available to NeighborWorks organizations that have proven their success through their history and are rated exceptional or strong by NeighborWorks America. Not only does NeighborWorks Waco meet those qualifications, NeighborWorks Waco was also recognized as a top 100 U.S. homebuilder in 2024.
In August 2025, NeighborWorks Salt Lake provided an enterprise loan of $2 million to NeighborWorks Waco through its AHMI fund to further advance both organizations’ mission to build stronger neighborhoods through homeownership and quality housing. “Our team here at NeighborWorks Salt Lake saw just how much power this organization—along with the other eight that we were able to fund—had to implement creative strategies in housing and community redevelopment,” Bryce Garner, CEO at NeighborWorks Salt Lake, said, “Our fund’s purpose is not only about the end product, but about the growth that our sister organizations undertake when they put these funds to use.” In other words, AHMI isn’t just a source of capital; it is a catalyst for organizations with a proven track record of community impact.
NW Waco made every dollar of the investment count, stretching the fund’s impact to include the rehabilitation of five additional units. They also used the capital to step in where traditional banks couldn't by providing the liquidity needed to close mortgages on time, avoiding costly interim financing. They even launched a $400,000 market-rate project, a strategic move designed to generate the flexible revenue needed to subsidize more affordable homes and alleviate operational costs across other projects in the community.
Delisa Burnell-Smith, President and CEO of NeighborWorks Waco, attributes their success to being ready for the opportunity. “As soon as the money hit the door, we had permits and we were building,” Delisa says, “we have not looked back since—full speed ahead.” Her extensive work in housing, homeownership counseling, and deep involvement in community has enhanced the organization’s housing strategy. It is no surprise that Delisa, Karen, and their staff were able to execute this vision in less than half a year. This organization’s team of nine dedicated professionals has been a powerhouse in housing and NeighborWorks Salt Lake is proud to have provided some of that fuel for their work.
About the Organizations
NeighborWorks Salt Lake and NeighborWorks Waco are proud members of the NeighborWorks America network. NeighborWorks America is a congressionally chartered national nonprofit that strengthens communities through a network of more than 240 local organizations. Together, these organizations provide access to homeownership, quality affordable housing, and community-driven revitalization across the United States.
