Neighborhood Pay Services Closes 2012 with Seven New Rent Assurance™ Contracts, Expanded Coverage in Mid-Atlantic, Southeast and Central Markets

BOSTON--(BUSINESS WIRE)--Neighborhood Pay Services (NPS) today announced expansion of its proprietary Rent Assurance payroll direct deposit platform with leading multifamily operators throughout the U.S. and in markets where increasing numbers of communities are deploying alternatives to higher security deposits for improved payment performance and net operating income throughout the term of a lease. New clients include Federal Capital Partners, Gates Hudson & Associates, Kettler, Gene B. Glick Co., Lindy Property Management, Wesley Realty and the Wilkinson Corporation. Increased program use with Berkshire Property Advisors, Northland Investment Corporation, and Green Mountain Realty rounds out expanded geographic reach.

“Rent Assurance helps clients fill more units with residents who take deliberate action linked to their payroll to make sure rent is paid on time”

“Rent Assurance helps clients fill more units with residents who take deliberate action linked to their payroll to make sure rent is paid on time,” says Richard A. Levitan, NPS president. “The result is a more stable and better performing resident base where our program is built into offer strategies.”

Beginning in first quarter 2013, NPS will offer Rent Assurance for securitization of cash flow in one of the fastest growing segments of the rental housing market, single family home rentals. “Companies are making huge investments in rental assets that will attract our core customer, employed renters who have seen their credit hurt,” says Levitan. “We have the best program in market to predict and assure on time payments.”

About Neighborhood Pay Services

Neighborhood Pay Services (NPS) is a financial service provider for the multifamily housing industry. The company’s Rent Assurance program is the first solution that enables property clients to capture incremental occupancy with built-in safeguards for reliable resident performance by providing conditionally approved applicants with a simple ‘hands-off’ system to assure that rent is paid on time. NPS is committed to helping enrolled renters rebuild their credit standing for improved financial independence, and reports all payments forwarded to property clients to PRBC, a national credit bureau.