Thursday, October 24, 2013

Wells Fargo donates $500,000 to prevent homelessness

Wells Fargo said it is giving $500,000 to an endowment focused on homelessness, as part of the bank's $6.6 million Neighborhood Lift project.

A Way Home Endowment Fund, managed by the Foundation for the Carolinas, will help prevent homelessness among working families and veterans, the San Francisco-based bank said Thursday.

Earlier this month, the bank announced the Neighborhood Lift project for Charlotte, saying the $6.6 million in funding included $500,000 to help low-income renters. But it wasn't until Thursday that the bank named the endowment as the recipient.

The bank launched Neighborhood Lift in February of last year to help U.S. communities with large inventories of unsold homes in the wake of the housing downturn. Since then, the bank has providing Neighborhood Lift funding to other cities, including Atlanta, Los Angeles and Phoenix.

The Neighborhood Lift project also includes $5.5 million in downpayment help that Wells Fargo will provide to Charlotte homebuyers. Under the program, eligible buyers will receive grants of $15,000 apiece. A event for those interested in applying will be held Friday and Saturday at the Charlotte Convention Center. For more information, go to