Wells Fargo & Company has announced it has donated $200,000 to Chicanos Por La Causa, Inc. (CPLC) through its 2014 Leading the Way Home® program Priority Markets Initiative to help stabilize and revitalize neighborhoods impacted by the economy. The Leading The Way Home program Priority Markets Initiative provides grant support for neighborhood stabilization projects that are located in areas designated for revitalization to stimulate growth, stability and investment in distressed areas. This grant was part of a $6-million grant initiative awarded to 54 nonprofits across the country.
“Wells Fargo is proud to provide support to enable Chicanos Por La Causa to continue its work to stabilize and revitalize our local communities,” said Pam Conboy, lead regional president for Wells Fargo Arizona. “Community support and neighborhood revitalization is a key focus for our company and we believe the work of the nonprofit community is a critical conduit to revitalize neighborhoods in cities that have been deeply affected by the challenging economy.”
CPLC is actively involved and experienced in community revitalization efforts and was identified by Wells Fargo as being in need of extra help with large-scale neighborhood revitalization projects. Priority Markets Initiative program grants can be used for any costs associated with the development or redevelopment of the project. Recipients must be an IRS 501c3 organizations with successful histories of building or renovating housing for low-to moderate-income homebuyers.
“We appreciate and thank Wells Fargo for their visionary work and investment in community revitalization,” said Edmundo Hidalgo, CPLC president and CEO. “We look forward to distributing the funding to ensure that quality affordable homes are available in our community; continue to help stabilize housing values and preserve neighborhoods; and empower potential homebuyers to make educated decisions when purchasing a home.”
CPLC will use the grant funds to rehabilitate 10 properties in three distressed Phoenix zip codes and provide down payment assistance to 10 homebuyers at or below 80 percent of the area median income. The organization has a long-standing history of providing the tools necessary to empower individuals, families and communities to achieve their aspirations and become self-sufficient. In fact, CPLC successfully led a national consortium to revitalize markets in eight states through the Neighborhood Stabilization Program 2. CPLC understands that having a safe and comfortable place to live is fundamental for families to live healthy and prosperous lives.
Since 2009, the Wells Fargo Housing Foundation Priority Markets Program has provided more than $30 million across 100 communities. Since 1993, the Wells Fargo Housing Foundation has stewarded nearly $300 million to nonprofits in support of affordable housing and community revitalization programs. Wells Fargo Housing Foundation programs have also delivered 4.7 million volunteer hours to build or rehabilitate more than 5,000 homes during the past two decades.