Wells Fargo announced it has donated $150,000 to Newtown Community Development Corporation as part of $6 million in grants awarded across 59 nonprofits through its Leading the Way Home Priority Markets Initiative to help stabilize and revitalize neighborhoods hard-hit by the economy. The Leading the Way Home Priority Markets Initiative provides grant support for neighborhood stabilization projects that are located in areas designated for revitalization to stimulate growth, stability and investment in distressed areas.
The grant will help to provide down payment assistance toward the purchase of vacant REO properties in Chandler and help fund the Newtown CDC’s Recoverable Rehab Loan Program that provides home rehabilitation loans for CLT homes in Tempe and Chandler.
“Community support is at the heart of our Vision & Values and these grants will help stabilize, rebuild and sustain local communities,” said Pam Conboy, lead regional president for Wells Fargo Arizona. “We are so pleased to assist Newtown Community Development Corporation in their efforts to provide affordable housing and revitalize neighborhoods in the East Valley.”
“We are delighted to receive this generous grant from Wells Fargo,” said Allen Carlson, executive director of Newtown Community Development Corporation. “It will go a long way to helping us in our mission to provide homeowners with the assistance they need receive much needed rehabilitation loans and help qualified prospective and existing homeowners receive down payment assistance.”
Newtown CDC was selected from requests submitted by local team members and nonprofits Wells Fargo identified as being in need of extra help with large-scale neighborhood revitalization projects.
Wells Fargo’s Leading the Way Home community outreach program helps communities stabilize their current housing situation while advancing homeownership to build strong communities into the future. From 2008 through October 2012, Wells Fargo has invested more than $148 million in community revitalization programs and $40 million in support of housing and credit counseling services.
The Leading the Way Home Priority Markets Initiatives are administered through the Wells Fargo Housing Foundation. Since 2009 the Leading the Way Home Priority Markets Initiative grant program has provided more than $18 million to more than 75 communications. Since its inception in 1993, the Wells Fargo Housing Foundation has stewarded nearly $200 million and 4.5 million team member volunteer hours in support of creating affordable housing and community revitalization programs. Wells Fargo Housing Foundation’s Team Member Volunteer Program has mobilized more than 175,000 volunteers to build or refurbish 4,0oo homes in low-to-moderate income communities. In 2011, Wells Fargo Housing Foundation programs delivered a record 1,245 donated properties to support local affordable housing and community revitalization programs.