Wells Fargo contributes $100,000 in West Dallas neighborhoods for stabilization and revitalization

by PegNews wire

Builders of Hope Community Development Corporation have helped hundreds of families move into quality affordable homes in West Dallas and surrounding areas. Thanks to a $100,000 contribution from Wells Fargo, Builders of Hope CDC will be able to continue its West Dallas Restoration Collaborative Project, an initiative that started earlier this year with community partners, to rebuild and restore neglected properties. Part of this initiative is to purchase foreclosed homes, restore them and hire former ex-offenders as job crew members.

A check was presented on September 25th at the home of Randy and Tammy Skinner located in the West Dallas Eagle Ford community. A tour was given of the Skinner’s home which was purchased through Builders of Hope’s down payment assistance program. “If it were not for the $25,700 in down payment money from Builder’s of Hope, we would not have been able to afford our lovely four bedroom home,” said Tammy Skinner.

Builders of Hope CDC is the only Dallas recipient of the annual Priority Markets program, a nationwide Wells Fargo effort to help communities address the needs of local affordable housing. The contribution to Builders of Hope CDC is one of 19 grants totaling $1.6 million that Wells Fargo made in 17 markets in 2009.

The contribution also will help the area qualify for additional federal money available through the Housing and Economic Recovery Act of 2008’s Neighborhood Stabilization Program, which helps cities revitalize neighborhoods destabilized by excessive home foreclosures.

Wells Fargo’s Priority Markets Program provides up to $250,000 to nonprofit organizations for large building or renovation projects in Empowerment Zones (EZones). EZones areas targeted for economic revitalization to stimulate growth, stability and investment in distressed areas. EZones can be designated by federal or local government, the community or Wells Fargo.

Source: Wells Fargo