The bank collaborated with NCRC to create the Where We Live program
Wells Fargo has announced that it pledged more than $1.6 billion in lending and philanthropy over five years focused entirely on Washington, D.C.
Wells Fargo collaborated with the National Community Reinvestment Coalition (NCRC) and local organizations to create the Where We Live program. The program will triple Wells Fargo’s community giving and concentrate resources on the biggest needs identified by community leaders: affordable housing, small business growth, and job skills.
The new commitments include more than $1.5 billion in loans and equity investments. The bank has pledged to maintain or grow market-leader commitments in home lending, small business lending, and community lending and investment over five years.
An early Where We Live project is the Parkway Overlook development in Ward 8, which tapped $90 million in lending and equity investments from Wells Fargo to convert an abandoned housing complex into 220 affordable rental units.
Additionally, the pledge includes a five-year, $16 million philanthropic commitment with a specific focus on Ward 7 and Ward 8. This includes $4 million for Community Development Financial Institutions to grow the small business community and $6 million for nonprofit housing initiatives like down payment assistance and development of affordable rental properties.
“Communities succeed when we all work together,” Wells Fargo CEO Tim Sloan said. “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. It builds on Wells Fargo’s legacy of empowering residents and small businesses in our nation’s capital for the past 100 years, and our desire to create a compelling community investment model in Washington, DC.”
