Wells Fargo Donates $500,000 for Raleigh-Durham Revitalization Efforts
Local NeighborhoodLIFT grants support economic and workforce development, youth programs and neighborhood beautification
RALEIGH, N.C., July 28, 2017 /3BL Media/ – Wells Fargo & Company (NYSE: WFC) today announced a total of $500,000 in donations to five local nonprofits to help revitalize Raleigh-Durham neighborhoods through the Wells Fargo NeighborhoodLIFT® program.
Identified in collaboration with Raleigh Mayor Nancy McFarlane and Durham Mayor William Bell, the Wells Fargo NeighborhoodLIFT local initiative grants will provide support for economic and workforce development, youth programs and neighborhood beautification.
“The Wells Fargo NeighborhoodLIFT grants announced today are an investment in the Raleigh community,” said Raleigh Mayor Nancy McFarlane. “The five local nonprofits have a history of success and the key services and assistance funded by the grants will offer meaningful opportunities to improve the lives of our citizens and broader community.”
“This program will impact our city and county by helping create jobs, beautify neighborhoods and further sustainable housing efforts,” said Durham Mayor William Bell. “As a longtime advocate for affordable housing, I’m grateful to Wells Fargo for this significant investment in our community, and look forward to watching the efforts of these nonprofits come to fruition.”
The NeighborhoodLIFT local initiative grants are funded by the Wells Fargo Foundation for the following Raleigh-Durham nonprofits:
- Carolina Small Business Development Fund (CSBDF) will receive a $100,000 grant to foster economic development in underserved communities by providing capital, business services and policy research in support of small businesses. It will aid efforts of the LaunchRaleigh initiative, which supports lending to underserved borrowers. LaunchRaleigh is a collaborative effort between the North Raleigh Rotary Club, Passage Homes and the Wake Tech/Wells Fargo Center for Entrepreneurship.
- Inter-Faith Shuttle will receive a $100,000 grant to support the BackPack Buddies program, which provides nutritious, kid-friendly meals to children from low-income households for the weekend. Inter-Faith Shuttle pioneers innovative, transformative solutions designed to end hunger in the community.
- Passage Home Inc. will receive a $100,000 grant to support continued job training and placement services, helping to break the cycle of poverty while empowering families. In addition, funding will be used toward a commercial development project to revitalize south Raleigh, a low-income neighborhood that is experiencing rapid gentrification.
- Reinvestment Partners will receive a $100,000 grant to preserve and protect affordable housing in Durham. The organization has purchased a four-unit blighted, vacant property that is stripped down to its studs. Funding will go toward transforming the property into an affordable housing unit.
- StepUp Durham will receive a $100,000 grant to fund a year-long initiative to train and place 100 Durham residents into jobs. The program will include interview coaching, job search strategies, financial counseling and more. Participants will also be connected to StepUp’s network of nonprofit partners that can assist with other needs such as housing and childcare.
The Wells Fargo NeighborhoodLIFT program launched in February 2017 for Wake and Durham County homebuyers with a $5 million commitment by Wells Fargo to boost local homeownership and revitalize neighborhoods. Wells Fargo collaborated with NeighborWorks America and its local network member, DHIC Inc., to locally administer the NeighborhoodLIFT program and provide home down payment assistance grants up to $7,500 for about 450 Raleigh-Durham homebuyers. Currently, more than 240 NeighborhoodLIFT down payment assistance grants are still available for Wake and Durham County homebuyers, 115 homeowners have been created, and more than 100 homebuyers are in the process of closing a grant and home loan.
“Wells Fargo is committed to volunteerism, financial education and strengthening our city’s neighborhoods through sustainable housing and economic development including for low-and-moderate income households,” said Jack Clayton, regional president for Wells Fargo. “Each of today’s grant recipients has shown a commitment to the revitalization of Wake and Durham counties and understand that homeownership and access to financial education are key factors in creating multi-generational wealth and thriving neighborhoods.”
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 14,100 homeowners in 52 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, insurance, investments, mortgage, and consumer and commercial finance through more than 8,500 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 271,000 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.
