FSL Receives $105,000 In Donations From Wells Fargo Grants to support low-income homebuyers, revitalize neighborhoods
Story edited by AZI Staff
Phoenix – Wells Fargo & Company recently announced it will donate $105,000 to FSL (Faith Service Life) with two grants in support of local neighborhood revitalization efforts.
FSL is receiving $100,000 from the 2016 Wells Fargo Housing Foundation Priority Markets Program as that awarded $6 million in grants shared across 56 nonprofits. The Priority Markets Program provides grant support to support large-scale neighborhood revitalization projects to further economic recovery in local communities.
Additionally, the Wells Fargo Foundation donated $5,000 to FSL for a total of $105,000 in support of FSL programs that provide housing for local low-income homebuyers.
“The Priority Markets Program has been a catalyst for bringing together community stakeholders with common interests to improve neighborhoods that are producing sustainable results and adding up to make a huge difference for communities,” said Pam Conboy, lead region president for Wells Fargo in Arizona. “We are so pleased to support FSL’s continued efforts to provide housing solutions for low-income homebuyers.”
FSL is actively involved and experienced in community revitalization efforts and was identified by Wells Fargo as leading large-scale neighborhood projects. Priority Markets program grants can be used for any costs associated with the development or redevelopment of the project. Recipients must be IRS 501c3 organizations with successful histories of building or renovating housing for low-to moderate-income homebuyers.
“Home ownership is a key tenet of the American dream,” explains Tom Egan, president and CEO of FSL. “FSL is proud to partner with the Wells Fargo Housing Foundation to help make this dream a reality for families at South Phoenix Village. These new affordable homes are not just transformational for the families that buy them, but transformational for our whole community. I want to thank Wells Fargo for their leadership and investment in our community.”
FSL will use the grant to support the construction of 121 new energy-efficient homes in South Phoenix Village (SPV) and provide 12 down-payment assistance grants to homebuyers earning less than 80% of area median income (currently $50,300 for a family of four). The homebuyer assistance grants, leveraged against lower utility payments resulting from the energy-efficient construction, will equate to significant savings for low-income households. The SPV infill redevelopment project, partially funded by the City of Phoenix Neighborhood Services Department, will increase sustainability of the community by increasing owner occupancy in the area between Corona Avenue and Roeser Road and 24th and 32nd streets.
Since 2009, the Priority Markets grant program, funded through the Wells Fargo Housing Foundation, has provided more than $42 million to 125 U.S. communities.
The Priority Markets Program grants are administered through the Wells Fargo Housing Foundation.
FSL’s mission is to provide home and community-based services and develop energy-efficient, affordable housing to promote health, independence and dignity for all. FSL has a long history of helping families with issues such as health, hunger, aging, illness, loneliness and substandard housing and has been actively improving the lives of Arizonans for over 40 years. To learn more about our programs and services, visit: www.fsl.org.
In 2015, the Wells Fargo Housing Foundation donated nearly $20 million in support of affordable housing initiatives serving low-and moderate-income households – including for seniors, veterans, and families – through community revitalization efforts. Since its inception in 1993, the Wells Fargo Housing Foundation has invested more than $170 million to such efforts, along with mobilizing more than 4.7 million team member volunteer hours to build and rehabilitate nearly more than 7,000 homes and counting.