“The work of the nonprofit community is a critical conduit to revitalize neighborhoods in cities that have been impacted by the challenging economy,” said Kimberly Jackson, executive director of Wells Fargo’s Housing Foundation, the administrator of the grants.
Wells’ qualifying criteria include “successful histories of building or renovating housing for low- to moderate-income homebuyers” and an active engagement in large-scale neighborhood revitalization projects to qualify.
Grant recipients do not have restrictions on how to use the funds. Priority Markets Initiative money can cover any type of development and redevelopment costs.
Grant recipients include various Habitat for Humanity organizations, Southwest Housing Solutions Corp. of Detroit, Common Ground of New York, Community Development Corp. of Long Island, East Bay Community Foundation of Oakland and Richmond, Calif., Native American Connections of Phoenix and Sioux Falls Housing Corp. in South Dakota.
Since 2009 the Wells Fargo Housing Foundation has provided more than $25 million to nearly 100 communities.