Belle Fourche, S.D., Dec. 30, 2010- Thanks to Wells Fargo and NeighborWorks® Dakota Home Resources (NWDHR) Kenneth Austin and Penny Wilson will finally get to live the American Dream.
Kenneth and Penny purchased their first home in 2008 with a Wells Fargo loan, and what they thought to be the American Dream shortly took a turn. At the time Belle Fourche was experiencing a seven-year drought, but once they moved in the rain started falling. Penny stated “I woke up one morning and the water was filling up our basement, and we have been dealing with it ever since”
The repairs needed for the home were too expensive for out of pocket cost. After several recommendations Kenneth and Penny contacted NeighborWorks® Dakota Home Resources.
With the assistance from NWDHR Home Rehab program, a $250,000 EQ2 Wells Fargo investment for affordable housing and forgivable Home Loans provided the family with funding to insert drain title around the house and remove and replace water damaged sheetrock in the basement.
NeighborWorks® Dakota Home Resources (NWDHR) is a non-profit corporation founded in 1992 that provides homeownership loan products, counseling, education and advocacy serves to low-and moderate-income people in six western South Dakota counties.
“The investment and the donation support NeighborWorks® Dakota Home Resources’ mission to help provide safe, decent and affordable housing,” said John Senden, community-banking president for Wells Fargo in Spearfish. “It’s our hope that these funds will improve the quality of life in our Western South Dakota Communities.
This is Wells Fargo’s second $250,000 EQ2 investment in NWDHR, which will pass the EQ2 loan proceeds to its subsidiary, Neighborhood Lending Services, LLC. (NLS), a certified Community Development Financial Institution. NLS makes down payment and closing cost assistance loans and housing rehabilitation loans to residents in the northern Black Hills counties of Butte, Custer, Fall River, Lawrence, Meade, and non-metro Pennington. By providing lending capital to NLS, Wells Fargo is supporting NWDHR’s efforts to promote affordable home ownership and strengthen communities in western South Dakota.
Kenneth and Penny stated that they are very excited for the rehab to be completed and said that it will get their American Dream back on track and make their home feel new again.
For more information on NeighborWorks® Dakota Home Resources and other programs that they offer please contact their office at 605-578-1401
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