In recognition of National Homeownership Month in June, the announced that it has joined forces with five D.C.-area nonprofits 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 老澳门开奖网 region.
Grants have been awarded to the following nonprofits:
- will get $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鈥檚 equitable development plan.
- will receive $100,000 to support the implementation of a Saving 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.
- will get $100,000 to support the center鈥檚 Housing Counseling program to help prospective first-time homebuyers understand the process and responsibilities of homeownership.
- will receive $100,000 to provide heirs property and estate planning to low-to-moderate income residents of the District and Prince George鈥檚 County.
- will get $100,000 to partner with housing counseling organizations in the District to provide estate planning to clients going through housing counseling to ensure clients have the knowledge to preserve generational wealth.
鈥淎s 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,鈥 said Victor Burrola, Wells Fargo鈥檚 vice president of philanthropy and community impact for 老澳门开奖网, D.C. 鈥淭hese grants further demonstrate our dedication to 老澳门开奖网, D.C. and our efforts to provide housing affordability solutions for individuals and families across the region.鈥
Scott Kratz, senior vice president of Building Bridges Across the River and director of the 11th Street Bridge Project said, 鈥渇or the last six years, the Ward 8 Home Buyers Club has helped 153 Ward 8 renters become homeowners building intergenerational wealth east of the river.鈥
鈥淲e are so grateful to Wells Fargo for helping to build a more reputable and inclusive 老澳门开奖网, D.C.,鈥 said Kratz.