Wells Fargo invests $250,000, donates $10,000 for
Western South Dakota affordable housing initiatives
DEADWOOD, S.D., Dec. 30, 2010 – Wells Fargo has made a $250,000 equity equivalent investment (EQ2) to NeighborWorks Dakota Home Resources (NWDHR). The Wells Fargo Housing Foundation has made an additional $10,000 donation to NWDHR. These funds will help increase access to affordable housing for South Dakota residents.
“We appreciate the support of Wells Fargo and are excited to have access to additional funds to assist families with the purchase of a home or the maintenance of their homes,” said Joy McCracken, Executive Director for NeighborWorks Dakota Home Resources.
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.
“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.”
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Equity equivalent investments, or EQ2s, provide capital in the form of below-market-rate loans. They are a limited resource reserved for Well Fargo non-profit community development partners that are working to expand affordable housing, job creation and economic development in the communities where Wells Fargo does business.
About NeighborWorks Dakota Home Resources
NeighborWorks Dakota Home Resources (NWDHR) is a 501(c)(3) nonprofit corporation founded in 1992 that provides homeownership loan products, counseling, education and advocacy services to low- and moderate-income people in six western South Dakota counties. Previously known as Neighborhood Housing Services of the Black Hills, NWDHR maintains an “exemplary” rating as a member of the national NeighborWorks network.
About Wells Fargo
Wells Fargo’s Community Lending and Investment division provides debt and equity capital for economic development, job creation and affordable housing in areas of need nationwide. For more about Wells Fargo Community Lending and Investment: www.wellsfargo.com/communitylendingandinvestment
Wells Fargo provides financial services from 55 stores in 39 South Dakota and southwestern Minnesota communities and employs more than 4,000 team members throughout the region. Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 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 banking stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
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