Wells Fargo & Company (NYSE: WFC) announced it will donate $105,000 to the Foundation for Senior Living (FSL) with two grants in support of local neighborhood revitalization efforts.
FSL is receiving $100,000 from the 2016 Wells Fargo Housing Foundation Priority Markets Program as that awarded $6 million in grants shared across 56 nonprofits. The Priority Markets Program provides grant support to support large-scale neighborhood revitalization projects to further economic recovery in local communities.
Additionally, the Wells Fargo Foundation donated $5,000 to FSL for a total of $105,000 in support of FSL programs that provide housing for local low-income homebuyers.
“The Priority Markets Program has been a catalyst for bringing together community stakeholders with common interests to improve neighborhoods that are producing sustainable results and adding up to make a huge difference for communities,” said Pam Conboy, lead region president for Wells Fargo in Arizona. “We are so pleased to support FSL’s continued efforts to provide housing solutions for low-income homebuyers.”
FSL is actively involved and experienced in community revitalization efforts and was identified by Wells Fargo as leading large-scale neighborhood projects. Priority Markets program grants can be used for any costs associated with the development or redevelopment of the project. Recipients must be IRS 501c3 organizations with successful histories of building or renovating housing for low-to moderate-income homebuyers.
“Home ownership is a key tenet of the American dream,” explains Tom Egan, president and CEO of FSL. “FSL is proud to partner with the Wells Fargo Housing Foundation to help make this dream a reality for families at South Phoenix Village. These new affordable homes are not just transformational for the families that buy them, but transformational for our whole community. I want to thank Wells Fargo for their leadership and investment in our community.”
FSL will use the grant to support the construction of 121 new energy-efficient homes in South Phoenix Village (SPV) and provide 12 down-payment assistance grants to homebuyers earning less than 80 percent of area median income (currently $50,300 for a family of four).
The homebuyer assistance grants, leveraged against lower utility payments resulting from the energy-efficient construction, will equate to significant savings for low-income households. The SPV infill redevelopment project, partially funded by the City of Phoenix Neighborhood Services Department, will increase sustainability of the community by increasing owner occupancy in the area between Corona Avenue and Roeser Road and 24th and 32nd streets.
Since 2009, the Priority Markets grant program, funded through the Wells Fargo Housing Foundation, has provided more than $42 million to 125 U.S. communities.
The Priority Markets Program grants are administered through the Wells Fargo Housing Foundation.
