Wells Fargo announced on Monday a new $11.4 million UrbanLIFT community grant program designed to help accelerate economic recovery and neighborhood improvement projects across 25 U.S. cities.
“We’re committed to advance community stabilization in cities significantly impacted by the housing downturn and improving the quality of life for everyone in our communities,” Jon Campbell, the executive vice president and head of government and community relations at Wells Fargo, said. “UrbanLIFT will help provide local nonprofits with additional resources they need to create safe, sustainable neighborhoods.”
The program, funded by Wells Fargo and administered by NeighborWorks America, is designed to provide support to local nonprofits for large neighborhood improvement projects in cities with diverse populations that have been affected by foreclosures. The eligible cities were determined as part of an agreement with the U.S. Department of Housing and Urban Development.
Nonprofits are eligible to apply for grants for neighborhood stabilization efforts in Phoenix, Ariz.; Bakersfield, Fresno, Los Angeles, Modesto, Riverside, Sacramento, San Diego, Santa Ana, San Jose, Stockton and Vallejo, Calif.; Ft. Lauderdale, Tampa and West Palm Beach, Fla.; Austin, Houston and San Antonio, Texas; Kansas City and St. Louis, Mo.; Las Vegas; New York; Memphis and Virginia Beach.
Approximately $458,000 will be available in grants for each community, and the funds will be dispersed by NeighborWorks America. Eligible applications must support neighborhood stabilization efforts for one of the 25 cities. Local, regional and national non-profits can apply for grants for four types of projects, including single-family housing rehabilitation, demolition, neighborhood improvement and housing-related site improvements.
“This represents a significant commitment by Wells Fargo to invest in programs that will strengthen minority communities affected by foreclosure,” JK Huey, the senior vice president of asset management and preservation with Wells Fargo Home Lending Servicing, said. “We appreciate the perspective and collaboration with HUD, along with their efforts to shape these initiatives.”