Wells Fargo & Co. (WFC) will donate $200,000 to Builders of Hope to support homeownership and affordable rental opportunities in the Lincoln Heights neighborhood in Charlotte.
The grant from Wells Fargo is part of the company’s Leading the Way Home Priority Markets program, a nationwide effort to increase the availability of affordable housing and stabilize distressed neighborhoods.
“This gift from Wells Fargo will assist us in furthering our mission to increase the availability of high-quality, safe, affordable and workforce housing options in Mecklenburg County,” says Builders of Hope Chief Executive Nancy Murray.
“A lot of folks come in and they like to rebuild and revitalize – and then do what they call gentrification where a lot of people from outside the neighborhood come in and occupy the new homes,” said Murray.
“Builders of Hope is committed to the people who already live here.”
Builders of Hope does not do any new construction – all its work is renovating often boarded up and vacant housing into energy efficient homes. The new homeowners are also given a heating/AC bill guarantee: If the bill goes over a certain mark – typically $30 to $35 a month – homeowners will be reimbursed the extra cost.
After the check was presented to Builders of Hope, Mayor Anthony Foxx took the podium. Having grown up only a half-mile away, he said the area holds tremendous personal importance to him.
“Through this investment by Wells Fargo, in partnership with Builders of Hope and the City of Charlotte, we are not only cleaning up neighborhoods, we’re greening up neighborhoods too,” Foxx said. “It’s a delight for me to be here.”
Demolition of the homes began on Friday. Fifty Wells Fargo volunteers were on hand. Demolition is the first step in revitalizing the homes. Each unit will be turned into a single-family home for sale to families earning below 80 percent of area median income.
Also Friday, the regional Wachovia Wells Fargo Foundation announced 16 other community development grants in Charlotte.
Together, all the grants totaled more than $1 million. Other projects include:
•Community Link, $50,000.
•Habitat for Humanity, $145,000.
•Charlotte Mecklenburg Development Corp., $50,000.
• Central Piedmont Community College, $250,000.
•Urban League, $55,000.
•Goodwill Industries, $40,000.
•Charlotte Mecklenburg Library Job Resource Center.
San Francisco-based Wells Fargo (NYSE:WFC) is the parent company of Wachovia Bank of Charlotte.
