Wells Fargo Donates $100,000 for Birmingham Revitalization Efforts
Local NeighborhoodLIFT grants support affordable housing, small business
BIRMINGHAM, Ala., March 21, 2018 /3BL Media/ - Wells Fargo & Company (NYSE: WFC) today announced a total of $100,000 in donations for two local nonprofits to help revitalize Birmingham neighborhoods through the Wells Fargo NeighborhoodLIFT® program.
Identified in collaboration with the city of Birmingham, the Wells Fargo grants will provide support for small business and construction of new affordable housing.
“Birmingham’s small businesses are a key driver of our local economy, and neighborhood revitalization efforts in blighted communities will make a big difference for sustainable housing in our city,” said Birmingham Mayor Randall Woodfin. “In addition, the availability of $7,500 down payment assistance grants and other counseling services through Wells Fargo’s NeighborhoodLIFT program are helping to make the dream of homeownership a reality for many individuals and families in Birmingham.”
The Wells Fargo Foundation will provide grants to the following Birmingham nonprofits:
- Habitat for Humanity of Greater Birmingham will receive $50,000 to support the construction of affordable housing in Cascade Parc, a 19-acre urban development in the heart of Birmingham’s East Lake neighborhood. A total of 23 new homes have been built, and sold, to homebuyers in need of quality, affordable housing in Cascade Parc. The completed development is expected to include up to 40 new houses, plus green space to benefit residents and surrounding communities. East Lake is rich in history and is undergoing significant neighborhood revitalization.
- REV Birmingham Inc. will receive $50,000 to support entrepreneurs and small business owners as they move their business models from concept to sustainability. Through a pipeline of services, REV will help startups navigate the challenges of finding capital and discovering the right business location, while connecting them to communities of business owners and service providers. In addition, REV will lead a strategic effort to identify businesses that may be potential owners, and renters, for commercial spaces in REV's target districts. In these urban Birmingham communities, REV works to create vibrant commercial districts by growing sustainable businesses and filling vacant spaces.
The grants are funded through Wells Fargo’s NeighborhoodLIFT program, which was launched in April 2017 for Birmingham and Jefferson County homebuyers, with a $2.55 million commitment by Wells Fargo to boost local homeownership and revitalize neighborhoods. Thus far, the NeighborhoodLIFT program has created 63 homeowners in the area by offering homebuyer education plus matching down payment assistance grants.
Down payment assistance grants of up to $7,500 are still available for homebuyers in the Birmingham and Jefferson County area. Interested homebuyers may contact NeighborWorks America’s local network member, Neighborhood Housing Services of Birmingham, or Wells Fargo Home Mortgage in Birmingham for information about eligibility requirements.
“We care about the Birmingham and Jefferson County community and this collaboration is another example of our efforts to create affordable and sustainable homeownership in our local neighborhoods,” said Leigh Collier, Central Alabama Market region bank president for Wells Fargo. “The NeighborhoodLIFT program will help hard-working families and individuals get on the path to achieve homeownership with down payment assistance and homebuyer education.”
About NeighborhoodLIFT
NeighborhoodLIFT® program is the single largest corporate philanthropic effort of its kind in Wells Fargo’s history. In collaboration with NeighborWorks America, the Wells Fargo LIFT program has helped create more than 16,825 homeowners in 57 communities since 2012. A video about NeighborhoodLIFT programs is posted on Wells Fargo Stories.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through more than 8,300 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
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