Wells Fargo Awards $500,000 Grant to Neighborhood Housing Services of Chicago, Inc. For Chicago Flats Initiative

Rhea-AI Summary

Wells Fargo Foundation announced a $500,000 grant to Neighborhood Housing Services of Chicago (NHS) for the Chicago Flats Initiative. This initiative aims to preserve and rehabilitate two- and four-flat buildings, maintain rental affordability, and assist homeowners in building wealth. NHS will offer mortgage and rental assistance, financial counseling, homebuyer education, and foreclosure prevention resources. The program will include competitive mortgage loans, up to $15,000 in home improvement loans, and various support services. Since 2018, Wells Fargo has donated nearly $40 million in Chicago to support housing, small business growth, and financial health.

Positive

• Wells Fargo awarded a $500,000 grant to NHS for housing initiatives.
• Chicago Flats Initiative aims to preserve and rehab two- and four-flats.
• NHS will offer financial counseling, homebuyer education, and foreclosure prevention.
• Initiative includes competitive mortgage loans and up to $15,000 in home improvement loans.
• Wells Fargo has donated nearly $40 million in Chicago since 2018.

Negative

• None.

NORTHAMPTON, MA / ACCESSWIRE / June 21, 2024 / The Wells Fargo Foundation announced today a $500,000 grant for Neighborhood Housing Services of Chicago, Inc. (NHS) in support of its Chicago Flats Initiative. The goals of the initiative are to preserve and rehab two- and four-flats, maintain rental affordability, and help homeowners build wealth. To accomplish these goals, NHS is connecting homeowners and renters to available mortgage and rental assistance programs.

"We want to make sure we continue stabilizing housing for both renters and owners," said Neighborhood Housing Services President and CEO Anthony E. Simpkins. "According to our data, homeowners have 40 times the net worth of renters, so finding development solutions to foster the building of more affordable homes in our communities is a great return on investment."

The Chicago Flats Initiative will provide:

• HUD-certified financial counseling services and Homebuyer Education classes
• Foreclosure prevention resources to keep homeowners of two-and four-flats in their homes
• Competitive mortgage loans through NHS
• Home purchase assistance up to $15,000 for home improvement loans
• Health and safety inspections
• Construction management services

Enterprise, Institute for Housing Studies, Elevate, Preservation Compact, Greater Chatham Initiative, Resident of Greater Englewood (RAGE), Garfield Park Community Council, and Communities United are all partners on the Chicago Flats Initiative.

"We're excited to partner with NHS on this innovative program that will make a real difference in Chicago communities," said Trina Shepherd, Philanthropy and Community Impact Specialist at Wells Fargo. "Wells Fargo is dedicated to supporting initiatives designed to help close the wealth gap, boost homeownership, and revitalize communities."

Since 2018, Wells Fargo's philanthropic giving totaled nearly $40 million within Chicago in support of housing, small business growth, financial health, sustainability, and more.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 47 on Fortune's 2023 rankings of America's largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com

LinkedIn: https://www.linkedin.com/company/wellsfargo

About Neighborhood Housing Services of Chicago, Inc.

NHS of Chicago is a nonprofit organization working in partnership with businesses, government, and neighborhood residents to develop and support Chicago's neighborhoods. NHS offers a variety of homebuyer education classes, financial literacy instruction and provides HUD-certified counselors in efforts to stabilize communities and create neighborhoods of choice.

Contact Information

Jéntill Neal

Wells Fargo
jentill.neal@wellsfargo.com

Representatives from the Wells Fargo Foundation and Neighborhood Housing Services of Chicago celebrate a new grant focused on stabilizing housing for Chicago renters and homeowners.

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

What is the Chicago Flats Initiative?

The Chicago Flats Initiative aims to preserve and rehabilitate two- and four-flat buildings, maintain rental affordability, and assist homeowners in building wealth.

How much did Wells Fargo grant to NHS for the Chicago Flats Initiative?

Wells Fargo granted $500,000 to NHS for the Chicago Flats Initiative.

What support services does NHS provide under the Chicago Flats Initiative?

NHS offers financial counseling, homebuyer education, foreclosure prevention resources, competitive mortgage loans, and up to $15,000 in home improvement loans.

What is the goal of the Chicago Flats Initiative?

The goal is to preserve and rehabilitate housing, maintain rental affordability, and help homeowners build wealth.

How much has Wells Fargo donated in Chicago since 2018?

Wells Fargo has donated nearly $40 million in Chicago since 2018, supporting housing, small business growth, and financial health.