Wells Fargo Housing Foundation Creates Partnership to Increase Home Ownership
DES MOINES — November 14, 2000
The Wells Fargo Housing Foundation announced today an $877,000 grant to Neighborhood Reinvestment Corporation, a non-profit community development corporation that will use the funds to expand home ownership services to low- and moderate-income homebuyers in 30 cities within a three-year period.
"This will be an effective partnership for both the Wells Fargo Housing Foundation and the Neighborhood Reinvestment Corporation," said Kimberly Jackson, executive director of the Wells Fargo Housing Foundation. "With our donation, Neighborhood Reinvestment Corporation will be able to provide a wider variety of services to low- and moderate-income families to have a more direct impact on home ownership levels."
Neighborhood Reinvestment Corporation supports affordable housing initiatives through NeighborWorks®, its network of local, non-profit housing organizations. Neighborhood Reinvestment Corporation will use the grant money from the Wells Fargo Housing Foundation to enhance 30 organizations within the network with NeighborWorks HomeOwnership Centers. The purpose of the centers is to increase home-ownership by helping customers with a wide variety of home buying services including pre-purchase counseling, construction oversight, down payment and closing cost assistance, post-purchase counseling and foreclosure prevention programs.
The donation will also support a fellows program whereby local housing representatives will receive advanced training from the Neighborhood Reinvestment Corporation Training Institute.
"We are thrilled about having established a mutually beneficial partnership with the Wells Fargo Housing Foundation to increase home-ownership opportunities for low- and moderate-income families," said Ellen W. Lazar, executive director of Neighborhood Reinvestment Corporation. "This initiative is an outstanding testament to Wells Fargo Housing Foundation's commitment to neighborhood revitalization."
The Wells Fargo Housing Foundation was created to provide permanent solutions to affordable housing needs in Wells Fargo communities nationwide. Through the volunteerism of Wells Fargo team members, more than 1,000 homes have been built or renovated through the foundation since its inception in 1993. The foundation is funded by Wells Fargo Home Mortgage.
Based in Des Moines, Iowa, Wells Fargo Home Mortgage, Inc., is a subsidiary of Wells Fargo & Company (NYSE: WFC). It is a leading originator and servicer of residential mortgages. With a presence in more than 1,200 mortgage stores and Wells Fargo bank locations serving all 50 states, Wells Fargo Home Mortgage operates the leading mortgage lending network in the country. Combined, its retail and wholesale lending operations provide funding for approximately one of every 15 homes financed annually in the United States.
The Neighborhood Reinvestment Corporation is a public, non-profit established by an Act of Congress in 1978 to develop strong partnerships that revitalize America's urban, suburban and rural communities, and make housing affordable. The Corporation accomplishes this goal by promoting development of the NeighborWorks network, a national network of more than 200 locally controlled non-profit organizations. The Neighborhood Reinvestment Corporation strengthens and expands NeighborWorks organizations through a formal chartering process and by providing training, technical assistance, program risk monitoring, and strategic funding.