April 27, 2012
Contact: Elizabeth Torres
Wells Fargo to invest $250,000 for financing and preservation of affordable housing in Bridgeport
Bridgeport, Conn. April 3, 2012 – Wells Fargo & Company (NYSE: WFC) today announced the closing of a $250,000 equity equivalent investment (EQ2) to Bridgeport Neighborhood Trust, Inc. (BNT) in Bridgeport, Conn. The EQ2 proceeds will be used for the acquisition, pre-development and rehab of residential real estate.
“We are excited to receive this EQ2 investment from Wells Fargo,” said Elizabeth Torres, the Executive Director of Bridgeport Neighborhood Trust, Inc. “There is a critical need for affordable housing in Bridgeport and with these dollars BNT will be able to provide more housing options for families that need it most.” Torres added that the money will be used as predevelopment funding for developments such as 570 State Street, a $6 million project consisting of 30 one-bedroom apartments, which receives financial support from The Interagency Committee for Supportive Housing, City of Bridgeport, NeigborWorks, Community Capital Fund and the Corporation for Supportive Housing. “In addition, over the next five years, BNT will develop 218 new affordable housing units in Bridgeport,” said Torres. “Wells Fargo EQ2 investment is critical to ensuring our success in doing just that.”
“Wells Fargo is committed to investing in and preserving homes and communities,” said Joe Kirk, Wells Fargo’s Connecticut and New York regional president. “We are proud to support Bridgeport Neighborhood Trust in its efforts to create affordable housing in Bridgeport and other Connecticut communities and we look forward to seeing the successes of this EQ2 in months to come.”
EQ2s are patient capital in the form of below-market-rate loans. This limited resource is reserved for Well Fargo non-profit community development partners that are working to expand affordable housing, job creation, and economic development in the communities where Wells Fargo does business
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
About Bridgeport Neighborhood Trust
Since 1986, BNT’s mission has been to strengthen Bridgeport’s communities by developing affordable housing, creating healthy homes with a focus on lead remediation and providing comprehensive homeownership counseling for low- and moderate-income families. The organization’s results include the creation of 97 new affordable housing units, 600 lead-safe apartments, and assisting 365 families achieve home ownership. BNT is also designated a Community Housing Development Organization (CHDO) by the City of Bridgeport and the State of Connecticut.