Wells Fargo invests $150,000 in HomeSight Housing Agency
SEATTLE — December 26, 2000
Wells Fargo has joined hands with the non-profit agency HomeSight to increase affordable homeownership opportunities in Seattle.
Wells Fargo has invested $150,000 in HomeSight, the Seattle-based affordable housing provider. Wells Fargo's investment will capitalize HomeSight's Revolving Down Payment Assistance Loan Fund to help low- and moderate-income, first-time buyers purchase homes in Seattle, South King County and Snohomish County.
Wells Fargo's investment, combined with public investors will enable HomeSight to assist up to 60 first-time buyers in two counties.
"Wells Fargo's support will enable local residents to achieve the dream of owning their own homes in the Puget Sound a reality in a market where housing prices have risen out of the reach of most working class families," said Dorothy Lengyel, Executive Director of HomeSight.
Wells Fargo is also providing more than $7 million in construction financing to Noji Gardens, a HomeSight development in Southeast Seattle where the funds will construct 67 homes affordable to low- and moderate-income people buying their first homes.
Noji Gardens is unique in design. It is the first two-story manufactured home development in the Pacific Northwest. HomeSight's partnership with Marlette Homes (designer and builder) has produced a high quality product, which is innovative and superior to past designs, which have traditionally been limited to one story. It is a design with qualities competitive with stick-built homes, but offers greater cost savings to buyers, savings that keeps the homes affordable to working families.
"Wells Fargo believes in forming partnerships with agencies like HomeSight that share our goals of improving our communities," said Grace Jeremia of Seattle, Wells Fargo's Vice President of Community Development for Washington. "We feel affordable housing is one of the primary building blocks for a healthy community."
Named King County Municipal League's "2000 Organization of the Year," HomeSight has been providing buyer assistance loans, pre-purchase education programs and new construction products since 1990. The organization has built more than 200 homes, provided education to more than 12,000 potential buyers, and has loaned more than $7 million to homebuyers. Individuals interested in knowing more about HomeSight program services can call (206) 723-4355.
Founded in 1852, Wells Fargo & Company is a diversified financial services company with $263.5 billion in assets, providing banking, insurance, investments, mortgage and consumer finance from more than 5,700 stores and the Internet (www.wellsfargo.com ) across North America and elsewhere internationally.