{"id":54206,"date":"2018-10-23T09:02:58","date_gmt":"2018-10-23T13:02:58","guid":{"rendered":"https:\/\/ncrcdev.local\/?p=54206"},"modified":"2021-11-12T10:26:45","modified_gmt":"2021-11-12T15:26:45","slug":"wells-fargo-pledges-1-6-billion-in-lending-and-philanthropy-to-help-revitalize-washington-d-c-neighborhoods","status":"publish","type":"post","link":"https:\/\/ncrc.org\/wells-fargo-pledges-1-6-billion-in-lending-and-philanthropy-to-help-revitalize-washington-d-c-neighborhoods\/","title":{"rendered":"Wells Fargo pledges $1.6 billion in lending and philanthropy to help revitalize Washington, D.C., neighborhoods"},"content":{"rendered":"

SAN FRANCISCO<\/strong> \u2013 October 23, 2018<\/strong> \u2013 Wells Fargo & Company (NYSE: WFC) today announced that it will commit more than $1.6 billion in lending and philanthropy over five years focused entirely on Washington, D.C<\/a>.<\/p>\n

In an effort to unlock more economic opportunity across the city, Wells Fargo created the Where We Live program, in collaboration with the National Community Reinvestment Coalition (NCRC) and local organizations. The program will triple Wells Fargo\u2019s community giving and concentrate resources on the biggest needs identified by community leaders: affordable housing, small business growth and job skills.<\/p>\n

\u201cCommunities succeed when we all work together,\u201d said Wells Fargo CEO Tim Sloan. \u201cThe Where We Live program is rooted in two things: investments that help people live, work and thrive, and a deep understanding that neighborhoods need long-term partners. It builds on Wells Fargo\u2019s legacy of empowering residents and small businesses in our nation\u2019s capital for the past 100 years, and our desire to create a compelling community investment model in Washington, D.C.\u201d<\/p>\n

\u201cThis is an important step by Wells Fargo to expand its investment in the District, and to listen and work more closely with community groups,” said John Taylor, President and Founder of NCRC. “Expanding access to mortgage and small business loans is essential to closing the wealth gap. Lenders need to listen and focus on the needs of the communities where they do business. It’s heartening to see Wells Fargo strengthen its commitment to do just that.\u201d<\/p>\n

Wells Fargo developed Where We Live to harness the power of its broad lending and community investment capabilities for greater impact, with emphasis in Ward 7 and Ward 8. The company worked with NCRC \u2014 an advocacy organization championing fairness in banking, housing and business \u2014 as well as local housing, small business and nonprofits leaders to design Where We Live.<\/p>\n

In addition, Wells Fargo team members will work alongside community leaders on Where We Live over the five-year project. \u00a0<\/u><\/p>\n

Focus areas<\/strong><\/h2>\n

Wells Fargo has been in Washington, D.C., since 1914, with its first location on G Street, Northwest. Since then, local investments in the District have included support for education, the arts, and neighborhood revitalization, among other community needs.<\/p>\n

Wells Fargo\u2019s new commitment includes:
\n<\/strong>A five-year, $16 million philanthropic commitment that more than triples Wells Fargo\u2019s local giving, with a specific focus on Ward 7 and Ward 8. This philanthropy includes $4 million for Community Development Financial Institutions to grow the small business community and $6 million for nonprofit housing initiatives like down payment assistance and development of affordable rental properties.<\/p>\n

As part of Where We Live, four organizations are among the first to receive funding:
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