Wells Fargo has announced commitments totaling $20 million in support of efforts to provide affordable housing in Charlotte, North Carolina.
The bank's commitments include $6 million in matching down payment assistance grants to expand its NeighborhoodLIFT program; a $5 million grant to the Housing Opportunity Investment Fund, which hopes to raise $50 million to match a $50 million bond issue proposed by the city; and $9 million over three years in support of local community development nonprofits working in the areas of affordable housing, workforce development, small business development, financial empowerment, and neighborhood revitalization.
"We have more than twenty-five thousand team members who work and live in the Charlotte region," said Kendall Alley, regional bank president for Wells Fargo. "We believe we should do everything in our power to make this community better for everyone. When Charlotte succeeds, we all succeed."
"When our community faces great challenges, Wells Fargo boldly leads the way to solutions," said Foundation for the Carolinas president and CEO Michael Marsicano. "With a deficit of twenty-two thousand affordable housing units, we require multiple approaches to meet the need. Wells Fargo has initiated a handful of creative strategies backed with great corporate generosity."