Wells Fargo Foundation Awards $500,000 to Five D.C.-Area Housing Nonprofits in Honor of National Homeownership Month

Rhea-AI Summary

In honor of National Homeownership Month, the Wells Fargo Foundation awarded $500,000 in grants to five Washington, D.C.-area nonprofits to aid housing counseling and services for potential homebuyers. The grants aim to address systemic barriers to housing and support generational wealth through homeownership. Each nonprofit, including Building Bridges Across the River, Manna, Latino Economic Development Center, Centro de Apoyo Familiar, and DC Affordable Law Firm, received $100,000. These funds will support various initiatives such as closing cost assistance, savings match and debt reduction programs, and estate planning services. This collaborative effort demonstrates Wells Fargo's commitment to increasing housing affordability and supporting homeownership in the Greater Washington, D.C., area.

Positive

• $500,000 awarded to D.C.-area nonprofits.
• Grants aim to support generational wealth through homeownership.
• Programs include closing cost assistance, savings match, debt reduction, and estate planning.

Negative

• High-cost housing market in Washington, D.C., poses challenges for potential homebuyers.

The new grants will help provide housing counseling and services to potential homebuyers in the Greater Washington, D.C., region

WASHINGTON, DC / ACCESSWIRE / June 27, 2024 / In recognition of National Homeownership Month, the Wells Fargo Foundation announced today that it has joined forces with five Washington, D.C.-area nonprofit organizations as part of a local effort to address systemic barriers to housing. The $500,000 in grant funding provides resources to create and preserve generational wealth through homeownership in the Greater Washington, D.C., region.

Today's announcement took place during a special event at THEARC, where participants learned about the homeownership process, how to navigate closing costs and down payments, and estate planning. The event concluded with a check presentation and a panel discussion about housing affordability and closing the racial wealth gap.

Grants have been awarded to the following nonprofits:

• Building Bridges Across the River will receive $100,000 to support the development of a closing cost fund that will provide a small grant to households who are near completion of the homebuying process through the Ward 8 Homebuyers Club, a key strategy of the 11th Street Bridge Park's equitable development plan.
• Manna Inc. will receive $100,000 to support the implementation of a Savings Match and Debt Reduction program. This initiative will assist residents working with Manna Inc. housing counselors to build their savings by matching their contributions up to a certain amount, reducing their debt, and accelerating asset acquisition. This initiative is a crucial step toward dismantling barriers to homeownership and preparing residents for long-term success.
• Latino Economic Development Center will receive $100,000 to support the Center's Housing Counseling program to help prospective first-time homebuyers understand the process and responsibilities of homeownership.
• Centro de Apoyo Familiar will receive $100,000 to provide heirs' property and estate planning to low- to moderate-income residents of Washington, D.C., and Prince George's County in Maryland.
• DC Affordable Law Firm will receive $100,000 to partner with housing counseling organizations in Washington, D.C., to provide estate planning to clients going through housing counseling to ensure clients have the knowledge to preserve generational wealth.

"As the Bank of Doing, Wells Fargo is dedicated to developing solutions that increase the supply of homes that are affordable and support families in realizing the dream of homeownership and opportunities for building wealth," said Victor Burrola, Wells Fargo's Vice President of Philanthropy and Community Impact for Washington, D.C. "These grants further demonstrate our dedication to Washington, D.C., and our efforts to provide housing affordability solutions for individuals and families across the region."

"For the last six years, the Ward 8 Home Buyers Club has helped 153 Ward 8 renters become homeowners building inter-generational wealth east of the river," said Scott Kratz, Senior Vice President of Building Bridges Across the River and Director of the 11th Street Bridge Park. "We are so grateful to Wells Fargo for helping to build a more equitable and inclusive Washington D.C."

"Data shows that many potential first-time homebuyers are burdened with student loans and other debts," said Sasha Gaye Angus, President & CEO of Manna Inc. "Additionally, the Washington region is a high-cost, high-priced market, making it challenging for buyers who lack generational wealth to save adequately. At Manna, we decided to tackle this issue head-on by establishing the Savings Match and Debt Reduction program. This structured initiative aims to reduce financial barriers, improve mortgage eligibility, reduce the burden on government resources, and accelerate the pathway to homeownership. Manna Inc. is thrilled to partner with Wells Fargo on this innovative program, bringing new opportunities to our residents striving for the dream of homeownership."

"LEDC is thrilled to be recognized with this $100,000 award as a testament to the homeownership counseling work we do to facilitate financial stability and homeownership in the DMV," said Emi Reyes, CEO of Latino Economic Development Center. "Being one of only five recipients of this generous award, we are deeply grateful for the recognition of the hard work on our HUD-Certified Bilingual Counselors and our organization as a whole. This award highlights our dedication to providing housing counseling and will support our ongoing efforts to expand our impact and help underserved community members become responsible homeowners throughout the region. We extend our heartfelt thanks to Wells Fargo for their enduring support and for their confidence in our mission."

"We are grateful to Wells Fargo for their partnership and for devoting the resources necessary to help address the many issues posed by heirs' property in the Hispanic and underserved communities," said Walkiria Pool, President & Founder of Centro de Apoyo Familiar. "We strongly believe in the power of collaboration that helps us all strengthen the social fabric of our communities."

"It is a true honor to partner with the Wells Fargo Foundation to advance their dedication to home preservation and intergenerational wealth building," said Gabby Mulnick Majewski, Executive Director of DC Affordable Law Firm. "Where families have achieved the American dream of homeownership, we want to do our part to ensure those homes remain with families and can be used as a means for heirs to build and acquire wealth for subsequent generations. We look forward to working alongside Wells Fargo and established housing counselor programs to bring innovative, proactive estate planning curricula to forthcoming D.C. homebuyers and thereafter deliver these essential services to home purchasers at timely moments that can prove vital in safeguarding property and wealth for subsequent generations."

Non-profit organization's client testimonials

"The topic of estate planning is a crucial need in our community to preserve the future of our most precious land, property, or rightful things owned by us. Too often we have watched many who are constantly ripped off by the injustices of society due to not having the proper legal protections pertaining to an estate or proper final will in place, resulting in stolen land, stolen property, family feuding, etc. As a young Black mom, it was imperative to fight for a sealed-tight legacy that will legally give my heirs the freedom to pass down my hard earnings for years to come. Over two years ago, my dad passed away from this Earth. His death has taught me that life may not be permanent - but what you do in this lifetime will last forever. On the second anniversary of my dad's passing, I signed my very first estate legal papers that will ensure that generational wealth is passed down to my child, and his future heirs. When I sat down to sign my estate bundle, I completely broke a generational curse. Signing off on a will, future trust, and other important ironclad, long-term documents that will honor my wishes legally is the most surreal sacred moment of my existence. I know that my future is indeed bright, and I am so elated that my foundation is now set to move forward in my truest journey of higher levels. I could not have done this without the legal gurus at DC Affordable Law Firm! Thank you to DCALF for all that you do for D.C. residents." - Markita Bryant, Ward 8 Resident and Native Washingtonian

"My experience in the homeowner buying process through the 11th Street Bridge Park's Ward 8 Homebuyers Club with Manna Inc. as my guide and lead, was amazing. I had been told by many that the process would be tedious, long, and drawn out. To the contrary, my experience was smooth, and especially as I moved along the process and was told at one point that I had to contribute $10,000 of my own money, Manna continued to encourage me and ensure me, that I would not be coming up with that kind of money out of pocket. They would help me and find other donor's that could also assist me. When Manna initially gave me a list of the information that I needed to provide, within 24 hours, I had submitted eighty plus pages with the required information. Manna immediately forwarded my paperwork, and the process continued to be smooth throughout. Manna also showed me the pros and cons in not using certain money that would not allow me to get the best interest rate that would benefit me overall!" - Cheri Moore, Ward 7 Homeowner

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 Building Bridges Across the River

Building Bridges Across the River (Building Bridges) provides residents East of the Anacostia River access to the best-in-class facilities, programs, and partnerships in arts and culture, economic opportunity, education, recreation, health, and well-being. By managing programs such as THEARC, 11th Street Bridge Park, and the Skyland Workforce Center, Building Bridges envisions a future in which the residents East of the Anacostia River experience vital, thriving communities characterized by social, cultural, economic and racial equity.

About Manna Inc.

Manna's mission is to offer and advocate for quality, equitable, safe, and sustainable housing by preserving and creating affordable for-sale and rental housing and providing pathways for long-term homeownership.

About Latino Economic Development Center

The Latino Economic Development Center (LEDC) equips Latinos and other underserved communities with the skills and financial tools to create a better future for their families and communities. Participants in their programs learn how to build their long-term financial security by buying and staying in their homes, taking control of decisions affecting their apartment buildings, and starting or expanding their small businesses. The entire DC-MD-VA region and Puerto Rico is stronger when all families have the power to achieve financial independence and join with their neighbors to improve their communities.

LEDC welcomes and support individuals from all backgrounds. Their mission is inclusive, striving to empower all families regardless of ethnicity or background to achieve financial independence and contribute to the strength and improvement of their communities.

About Centro de Apoyo Familiar

In the diverse tapestry of the Greater Washington D.C., area, Centro de Apoyo Familiar cultivates a thriving future for Latino and immigrant communities. They empower individuals and families by providing essential tools and resources through their Asset Building program. Their comprehensive approach fosters self-sufficiency, strengthens neighborhoods, and unlocks a world of opportunity for all.

About DC Affordable Law Firm

In the United States, loss of intergenerational homes due to lack of estate planning has exacerbated financial inequities and the racial wealth gap. DC Affordable Law Firm, firmly believes that estate planning should not be a service only extended to wealthy elites. End-of-life planning is key to protecting and preserving generational wealth (no matter the value of the assets held) and guarding against heirs' property and fractured homeownership issues that have ravaged Black and brown wealth and property retention. Thanks to the support of Wells Fargo Foundation, DC Affordable Law Firm will partner with existing pre-purchase homeowner education and counseling programs to equip prospective DC homeowners with education around estate planning and advance planning concepts to ensure readiness and an appreciation of the benefits of estate planning prior to the time of mortgage signing. As prospective homebuyers served through the aforementioned education programs are ready for home purchase, DCALF will provide free or low-cost, flat fee estate planning services to home purchasers at the time of closing, minimizing the possibility of delayed planning and helping families protect their newly acquired homes from day one of homeownership and safeguard their most valuable asset against the ills that can come from lack of planning.

Cautionary statement about forward-looking statements

This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.

Contact Information

Media

Jacqueline Hlavenka-Sansone, 551-337-1662

jacqueline.hlavenka-sansone@wellsfargo.com

Joe Rupolo, 516-633-8620

joseph.rupolo@wellsfargo.com

Doug Church

douglas.church@wellsfargo.com

During the event, Ward 8 Resident and Native Washingtonian Markita Bryant (second from left) discussed her homeownership journey and why estate planning is a crucial need in the local community.

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 amount of the grant awarded by Wells Fargo Foundation in June 2024?

Wells Fargo Foundation awarded $500,000.

Which organizations received the $500,000 grant from Wells Fargo Foundation?

The grant was awarded to Building Bridges Across the River, Manna, Latino Economic Development Center, Centro de Apoyo Familiar, and DC Affordable Law Firm.

What will Building Bridges Across the River use the grant for?

Building Bridges Across the River will use the $100,000 grant to support a closing cost fund for households nearing the homebuying process.

How does Manna plan to utilize its grant from Wells Fargo?

Manna will use its $100,000 grant to implement a Savings Match and Debt Reduction program.

What initiative will the Latino Economic Development Center support with the grant?

The Latino Economic Development Center will use the grant to support its Housing Counseling program.

What is the purpose of Centro de Apoyo Familiar's grant?

Centro de Apoyo Familiar will use the $100,000 grant to provide heirs' property and estate planning services.

How will DC Affordable Law Firm use its grant from Wells Fargo?

DC Affordable Law Firm will use the $100,000 grant to provide estate planning services in partnership with housing counseling organizations.