Greetings,

Over the past three years, NHSSV has confronted and overcome numerous challenges to rebuild itself and increase its impact in the Silicon Valley. We have made great strides in our quest to revitalize neighborhoods and help working families realize their dream of homeownership.

The key words that come to mind as I look back on this journey are growth, effectiveness, and performance. Under the creative and excellent leadership of our Executive Director, NHSSV has expanded its target market, its programs, its resources, and its relationships with both the public and private sectors.

The statistics and financial summaries of NHSSV amply demonstrate the organization's growth. The testimonies of first-time homebuyers bear witness to the effectiveness of its programs. The strengthened relationships with our partners reflect its high level of performance.

NHSSV's adopted Business Plan, 2002-2007 has set the stage, providing the guidance for the Board's decisions and shaping the staff's daily activities in their efforts to achieve its stated goals and objectives. Although the plan continues to be updated each year to reflect current realities, the vision it evokes and the programmatic themes through which that vision is carried out remain.

A critical element of success has been our collaboration with public and private partners. These partners, especially Neighborhood Reinvestment Corporation, the City of San José, and numerous financial institutions, form a strong foundation upon which NHSSV's NeighborWorks® HomeOwnership Center stands firm and through which the organization's outcomes are achieved. NHSSV's Board of Directors also continues to grow in its depth of commitment and in its understanding of the organization's potential to increase its impact in the lives of its constituents.

In short, NHSSV is making a difference for low- and moderate-income families in one of the nation's most difficult housing markets. It has been my honor to serve as Board President; and it is with great excitement that I look ahead, knowing that NHSSV is poised to continue growing in its effectiveness and impact.

Bill Hult

Board President