Paul Quinn College Receives $1.5 Million Grant From T.D. Jakes Foundation and Wells Fargo to Be Used for Innovative Campus Housing and Mixed-use Community Development Model

Rhea-AI Summary

Paul Quinn College has received a $1.5 million grant from T.D. Jakes Foundation and Wells Fargo (NYSE:WFC) to support an innovative campus housing initiative. The project will expand student housing capacity by 300% and include a mixed-use development featuring student and family housing, retail spaces, parks, and classroom facilities. The development will serve Paul Quinn College community, KIPP Oak Cliff Academy, and Dallas Independent School District's Dr. Frederick D. Haynes III Global Preparatory Academy students. Wells Fargo has previously supported Paul Quinn with additional funding, including $100,000 for Corporate Work Program scholarships and $236,000 in 2024 for housing security funds.

Positive

• Housing capacity expansion by 300% to accommodate growing student body
• Development of mixed-use facilities including retail, housing, and educational spaces
• Received additional funding: $100,000 for scholarships and $236,000 for housing security

Negative

• None.

Insights

Financial Analyst

This $1.5 million grant, while commendable for its social impact, represents a minimal financial commitment relative to Wells Fargo's $249 billion market cap. The initiative aligns with WFC's ESG strategy and community development obligations under the Community Reinvestment Act, but the financial impact on shareholders is negligible. The broader partnership, including the $236,000 additional funding and corporate work program, demonstrates WFC's commitment to diversity and inclusion initiatives, which could positively impact brand perception and talent pipeline development. However, this news is primarily a corporate social responsibility announcement rather than a market-moving event.

Real Estate Development Analyst

The mixed-use development model presents an innovative approach to educational institution expansion, potentially creating a sustainable revenue stream for Paul Quinn College while addressing critical housing needs. The planned 300% increase in student housing capacity, combined with retail and restaurant spaces, could establish a valuable real estate asset. For Wells Fargo, this project serves as a proof of concept for future community development lending opportunities in underserved markets, potentially opening new revenue channels in the affordable housing sector. The model's success could influence future institutional partnerships and community development strategies.

DALLAS, TX / ACCESSWIRE / November 22, 2024 / Paul Quinn College, the originator of the Urban Work College model and the only minority-serving, federally recognized Work College in America, has received a $1.5 million grant from T.D. Jakes Foundation (TDJF), in partnership with Wells Fargo (NYSE:WFC). This grant will support the creation of an innovative housing model and the planning of a companion mixed-use community on the Paul Quinn campus.

"This is so much more than a traditional real estate project or campus housing development-it's a statement about what higher education can be for all of us - those who attend our schools and those who do not," said Dr. Michael J. Sorrell, President of Paul Quinn College. "We are building a city within our campus walls. It will be a community that inspires, innovates, and invests in its people. This will only be possible due to the vision of our partners at T.D. Jakes Foundation and Wells Fargo. And for that, we are incredibly grateful."

The grant will launch a dynamic campus housing initiative that will eventually be accompanied by a larger mixed-use development that includes student and family housing, retail and restaurant spaces, parks, outdoor meeting areas, and classroom facilities-all designed to serve both the campus and the surrounding community. This groundbreaking project will expand Paul Quinn's student housing capacity by 300 percent as Paul Quinn seeks to meet the needs of a growing student body.

"We are proud to support Paul Quinn College in their mission to create a transformative and sustainable campus environment that addresses critical needs like housing, transportation, and food security for students," said Kelley Cornish, CEO and President, T.D. Jakes Foundation. "This $1.5 million grant will lay the groundwork for an innovative mixed-use development that not only provides essential services and resources but also strengthens the college's long-term vision for community impact. We believe this project will have a profound impact on student success and well-being, empowering them to focus on their education and future."

The development will serve the immediate Paul Quinn College community, including students and their families, the students and families of KIPP Oak Cliff Academy and Dallas Independent School District's Dr. Frederick D. Haynes III Global Preparatory Academy at Paul Quinn College, and the surrounding Highland Hills and Southern Dallas community.

"Having access to reliable, quality housing is an essential element for students so they can earn a degree, certification or improve their income and options long-term," said Kristy Fercho, head of Diverse Segments, Representation and Inclusion at Wells Fargo. "Our work with the T.D. Jakes Foundation and Paul Quinn College on the vision for a new mixed-use development supports our broader commitment to providing increased access to quality, affordable housing for individuals historically underserved in the market."

Wells Fargo continues to build on its relationship with Paul Quinn College. The Wells Fargo Foundation donated $100,000 to help create scholarships for the school's Corporate Work Program, which provides workforce opportunities that allow students to develop the needed skills, habits, and experience to be competitive in the job market postgraduation while contributing toward the cost of their education. The program is part of Paul Quinn's commitment to eradicate generational poverty. Additional philanthropic funding helped establish an emergency housing fund to support housing year-round for students who may not have access to housing when class is not in session.

In 2024, through a collaboration between Wells Fargo and T.D. Jakes Foundation, Paul Quinn College received another $236,000 to fuel the Corporate Work Program and housing security funds. Wells Fargo has continued its relationship with the college and its students by partnering with the Corporate Work program to welcome a cohort of five interns to Wells Fargo's Auto Lending business.

Paul Quinn has partnered with the Jakes Divinity School since 2023 to offer a T.D. Jakes Master of Business Administration (MBA) degree, the first graduate program in Paul Quinn's history. The T.D. Jakes MBA program, a distinctive faith-based initiative, is the only accredited MBA program of its kind offered by an HBCU in the Dallas-Fort Worth Metroplex. The program provides another pipeline of economic mobility for Paul Quinn students by providing access to corporate mentors and unique professional development opportunities. By integrating the expertise and resources of both institutions, the program is designed to cultivate the next generation of visionary leaders in business and entrepreneurship.

These partnerships amplify Paul Quinn's mission to eradicate generational poverty and further cement the dynamic collaboration between these three organizations to expand opportunities in education, economic mobility, and affordable housing.

For more information or to explore opportunities to partner with Paul Quinn College, please visit www.pqc.edu/invest.

ABOUT PAUL QUINN COLLEGE
Paul Quinn College is a private, faith-based, four-year, liberal arts-inspired college that was founded in 1872, by a group of African Methodist Episcopal Church preachers in Austin, Texas. The school's original purpose was to educate freed slaves and their offspring. Today, Paul Quinn proudly educates students of all races and socio-economic classes under the banner of its institutional ethos, WE over Me. It is the first Urban Work College and only minority-serving, federally-recognized work college in America. Paul Quinn is viewed as one of the most innovative colleges in America, one that continuously expands the boundaries of higher education and community advocacy in its quest to eradicate intergenerational poverty. For more information, visit www.paulquinn.edu.

ABOUT T.D. JAKES FOUNDATION

The T.D. Jakes Foundation, founded in 2020, is dedicated to advancing financial inclusion, educational access and workforce readiness, and community well-being for historically marginalized communities. Through innovative programs, the T.D. Jakes Foundation creates pathways to economic mobility, including affordable housing, financial education, and workforce training. Our collaborative efforts enhance community well-being by promoting access to health services, supportive environments, and comprehensive support systems. Through the vision of its founder, T.D. Jakes, the Foundation leverages decades of experience in community building to create opportunities for underserved populations and connect corporations to highly skilled, diverse talent pools.

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(From left to right) Marcedes Fuller from T.D. Jakes Foundation, Kristy Fercho and Tanya Quinn from Wells Fargo and President Michael Sorrell from Paul Quinn College join to celebrate a new $1.5 million grant from T.D. Jakes Foundation and Wells Fargo, which will enable Paul Quinn College to bring a transformative housing and community vision to life. Photo Credit: Kelly Alexander/Paul Quinn College

View additional multimedia and more ESG storytelling from Wells Fargo on 3blmedia.com.

Contact Info:
Spokesperson: Wells Fargo
Website: https://www.3blmedia.com/profiles/wells-fargo
Email: info@3blmedia.com

SOURCE: Wells Fargo

View the original press release on accesswire.com

FAQ

How much is the Wells Fargo grant to Paul Quinn College in 2024?

T.D. Jakes Foundation and Wells Fargo (WFC) provided a $1.5 million grant to Paul Quinn College for campus housing and mixed-use community development.

What will the Wells Fargo grant be used for at Paul Quinn College?

The grant will fund an innovative housing model and mixed-use development including student housing, retail spaces, parks, and classroom facilities, expanding housing capacity by 300%.

How much additional funding did Wells Fargo provide to Paul Quinn College in 2024?

In 2024, Wells Fargo and T.D. Jakes Foundation provided an additional $236,000 to support the Corporate Work Program and housing security funds.