American Banker, October 23, 2018: Wells Fargo to commit $1.B in D.C. for neighborhood investment
Wells Fargo plans to commit $1.6 billion over five years to support lending and philanthropy in the nation’s capital.
The company announced a program Tuesday called “Where We Live” that directs investments into specific Washington D.C. neighborhoods. The program was developed in partnership with local organizations and the National Community Reinvestment Coalition, the bank said. The philanthropy will have a specific focus on two sections of the city: Ward 7 and Ward 8.
The local organizations that will receive funding from Wells Fargo include DC Central Kitchen, a nonprofit that recycles food in the city and provides job training in the culinary field, as well as the Washington Area Community Investment Fund.
One of the first Where We Live projects is a development in Ward 8 that aims to convert an abandoned housing complex into 220 affordable rental units. The project will receive $90 million in lending and equity investments from Wells Fargo, according to the release.
“This is an important step by Wells Fargo to expand its investment in the District, and to listen and work more closely with community groups,” said John Taylor, president and founder of NCRC, in the release.“The Where We Live program is rooted in two things: investments that help people live, work and thrive, and a deep understanding that neighborhoods need long-term partners.”
Last year, JPMorgan Chase committed $10 million over three years to drive economic growth in Washington D.C., also with a focus on Ward 7 and Ward 8.
