Wells Fargo has announced a $50,000 grant to the North Carolina Community Development Initiative’s lending arm, Initiative Capital. This funding will be used to enhance Initiative Capital’s Affordable Housing Preservation Program, an important element of Initiative Capital’s larger Affordable Housing and Asset Preservation business strategy.
“Affordable housing is an essential component of both community development and economic opportunity,” said Wells Fargo Community Development Director Joanna Leclair. “Initiative Capital has a long, successful history of using strategic lending to expand access to affordable housing and Wells Fargo is dedicated to supporting these efforts.”
The Affordable Housing Preservation Program provides acquisition, bridge, rehabilitation and permanent financing, among other things, for affordable housing projects in low-income neighborhoods and counties across North Carolina. Since its inception, Initiative Capital has invested $11,462,669 to rehabilitate or preserve 3,739 single-family homes and multi-family rental units throughout the state.
Due to increasing pressures in the housing market, it is critical to focus on proven strategies to ensure that affordable housing remains accessible to low- and moderate-income families. “This investment by Wells Fargo will help Initiative Capital build on its successful track record, and achieve even more in the future,” notes Tara Kenchen, President and CEO of the Initiative and Initiative Capital.
The Initiative appreciates Wells Fargo’s financial support and its commitment to the expansion of affordable housing throughout North Carolina.