In partnership with the New York City Department of Housing Preservation and Development and New York City Housing Development Corporation, the Wells Fargo Foundation has announced a $2 million commitment to help establish an affordable housing fund in New York City.
The city will use the funds and $2 million from the Community Preservation Corporation to create the Neighborhood Pillars Down Payment Assistance Fund, a first-of-its-kind funding tool that will help fund the acquisition of approximately one thousand homes annually over the next eight years, with at least 30 percent of those homes designated as permanently affordable and at least 20 percent set aside for formerly homeless households. The fund will be administered by Restored Homes Development, an affiliate of Neighborhood Restore HDFC.
"The Wells Fargo Foundation is focused on making housing more affordable, achievable, and sustainable as we work to build stronger communities," said Martin Sundquist, executive director of the Wells Fargo Housing Foundation. "In many neighborhoods access to credit and to safe, sustainable, and affordable housing continue to be critical needs. This collaboration will help revitalize communities throughout New York City and is an example of the positive impact that can be achieved with thoughtful public-private collaboration."