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New York City Establishes Affordable Housing Fund with $2 Million Grant from Wells Fargo

January 03, 2019 12:59 PM | Christina Marconi

Wells Fargo is a member of Philanthropy Delaware.

The New York City Department of Housing Preservation and Development (HPD) and New York City Housing Development Corporation (HDC) announced the City’s Neighborhood Pillars Program with a $2 million commitment from the Wells Fargo Foundation.

With the Wells Fargo Foundation’s commitment, and $2 million from the Community Preservation Corporation (CPC), the city has established the Neighborhood Pillars Down Payment Assistance Fund, a first of its kind fund, that will require at least 30 percent of homes be permanently affordable and at least 20 percent of homes be set aside for formerly homeless households.

"The Wells Fargo Foundation is focused on making housing more affordable, achievable, and sustainable as we work to build stronger communities,” said Martin Sundquist, executive director of the Wells Fargo Foundation housing philanthropy. “In many neighborhoods access to credit, and to safe, sustainable and affordable housing continue to be critical needs. This collaboration will help revitalize communities throughout New York City and is an example of the positive impact that can be achieved with thoughtful public-private collaboration.”

Read more here.

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