Raleigh, NC — April 21, 2014 – Wells Fargo & Company today announced a grant of $50,000 to the Raleigh Area Development Authority (RADA) that will be used to support homeownership preservation and community revitalization efforts in East Smithfield.
The donation is part of $6 million in grants Wells Fargo awarded to 67 nonprofits across the country as part of its Leading the Way Home® program Priority Markets Initiative. The program provides grant support for neighborhood stabilization projects that are located in areas designated for revitalization to stimulate growth, stability and new investment.
“Wells Fargo is bringing much needed support to enable nonprofits like RADA to help stabilize and revitalize local communities,” said Joanna LeClair, Carolinas Community Development Manager for Wells Fargo.
The Smithfield project will also include volunteer support from Wells Fargo employees who will work alongside East Smithfield homeowners and other volunteers to help address substandard housing issues.
RADA will use Wells Fargo’s donation to partner with 5 Smithfield area non-profits to identify substandard housing issues in East Smithfield and to work with homeowners and volunteers to resolve some of those issues and bring homes up to code where possible. The effort will also educate both homeowners and renters regarding their rights and obligations under the Federal Fair Housing Act.
“The incredible support of Wells Fargo helps us to offer real solutions that promote successful homeownership,” said Wallace Green, President of RADA. “Their commitment to our approach to neighborhood revitalization is key to our efforts to impact and economically transform the communities that we serve.
Wells Fargo’s Leading the Way Home® community outreach program helps local markets stabilize their current housing situation while advancing homeownership to build strong communities into the future. Since 2009, the Leading the Way Home® Priority Markets Initiative grant program, funded through the Wells Fargo Housing Foundation, has provided more than $25 million to nearly 100 communities.
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy.
With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at blogs.wellsfargo.com. Since 1993, the Wells Fargo Housing Foundation has invested more than $278 million in support of affordable housing and community revitalization programs, and delivered 4.7 million in volunteer hours to build or rehabilitate more than 5,000 homes.
RADA, a HUD approved Housing Counseling Agency, is a not-for-profit community economic development organization founded to provide financial and counseling assistance to low and moderate income residents of North Carolina. Headquartered in Raleigh, RADA has been recognized by the North Carolina Housing Finance Agency (NCHFA) as one of its most effective partners in the N.C. Foreclosure Prevention Fund, Mortgage Payment Program (MPP) funded via the U. S. Department of the Treasury to assist in preventing foreclosure. More information about RADA and the MPP can be found, at www.rada-nc.org
Raleigh Area Development Authority (RADA)
Wallace O. Green, President
4030 Wake Forest Road, Raleigh, NC 27609