Housing Foundation Now Targeting Sacramento with Its Revitalization Efforts

Over the last couple years, we’ve talked about Wells Fargo pouring money into affordable housing efforts to help distressed communities affected by foreclosure. And of course, we couldn’t help but point out that predatory lending practices from big banks like this one are what put a lot of homeowners into these situations in the first place.

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But leaving the past in the past, the Wells Fargo Housing Foundation continues to fund large-scale neighborhood revitalization projects to boost economic recovery in local communities. It’s all part of the Wells Fargo Housing Foundation Priority Markets Program, and some past giving efforts were centered on Trenton, New Jersey, for example. And the foundation has spread its support quite widely to at least 125 communities across the country.  

Now Sacramento, California takes the spotlight as the foundation commits $50,000 to the Nehemiah Community Reinvestment Fund’s neighborhood projects. This is part of a larger $6 million effort with 69 neighborhood stabilization grants. Since 2009, this program has provided over $36 million to locally focused nonprofits in U.S. communities.

Scott Syphax, the nonprofit’s CEO and chairman made the following statement:

This partnership is just one of the many avenues that Wells Fargo has exercised to demonstrate their ability to balance innovative community development strategies and the need for immediate impact. We used the grant funds to renovate a foreclosed property located in north Sacramento that had been vandalized and was boarded up, contributing to neighborhood blight. We are under contract to sell this beautifully renovated property to a low-income family of five, who are buying it as their first home. Once the sale is complete, the grant funds will be recycled to provide additional homeownership opportunities to low income families in the Sacramento area.

Grant recipients of this program are nonprofits involved in community revitalization efforts and selected from requests submitted by local team members and nonprofits that Wells Fargo identified as needing extra help with large-scale projects. These grants can be used for any costs associated with project development or redevelopment, and low-income and moderate-income homebuyers are the target demographics.

But Martin Sundquist, executive director of the Wells Fargo Housing Foundation, continues to point out that “the Priority Markets Program is one of thousands of ways we work together with nonprofits to support local communities.”

Among those other thousands of ways is the Homeownership Counseling Grant Program, which provides financial resources to local nonprofit housing organizations to create affordable and sustainable homeownership opportunities for low-to-moderate income residents. Most of these grants are around $7,800 and fund programs for homebuyer counseling, homebuyer education, and foreclosure prevention activities.

To ask specific questions about Wells Fargo Housing Foundation funding, contact the St. Louis Park, Minnesota-based staff at wfhf@wellsfargo.com, wells.fargo.housing.foundation@wellsfargo.com, or (612) 667-5131.