The Wells Fargo Foundation has announced a $500,000 grant to Neighborhood Housing Services of Chicago, Inc. (NHS) to support its Chicago Flats Initiative. This initiative aims to preserve and rehabilitate two- and four-flat buildings, maintain rental affordability, and help homeowners build wealth. To achieve these goals, NHS is connecting homeowners and renters to mortgage and rental assistance programs.
“We want to ensure we continue stabilizing housing for both renters and owners,” said Anthony E. Simpkins, President and CEO of Neighborhood Housing Services. “Our data shows that homeowners have 40 times the net worth of renters, so finding development solutions to foster the building of more affordable homes in our communities is a great return on investment.”
The Chicago Flats Initiative will offer:
- HUD-certified financial counseling services and Homebuyer Education classes
- Foreclosure prevention resources to keep homeowners of two- and four-flats in their homes
- Competitive mortgage loans through NHS
- Home purchase assistance up to $15,000 for home improvement loans
- Health and safety inspections
- Construction management services
The initiative partners with organizations including Enterprise, Institute for Housing Studies, Elevate, Preservation Compact, Greater Chatham Initiative, Residents of Greater Englewood (RAGE), Garfield Park Community Council, and Communities United.
“We’re excited to partner with NHS on this innovative program that will make a real difference in Chicago communities,” said Trina Shepherd, Philanthropy and Community Impact Specialist at Wells Fargo. “Wells Fargo is dedicated to supporting initiatives designed to help close the wealth gap, boost homeownership, and revitalize communities.”
Since 2018, Wells Fargo’s philanthropic giving in Chicago has totaled nearly $40 million, supporting housing, small business growth, financial health, sustainability, and more.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company with approximately $1.9 trillion in assets. The company provides a diversified set of banking, investment, and mortgage products and services, as well as consumer and commercial finance, through four operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 47 on Fortune’s 2023 rankings of America’s largest corporations. The company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are available at Wells Fargo Stories.
