FOR IMMEDIATE RELEASE
(New Brunswick, NJ) March 4, 2013 – Wells Fargo & Company (NYSE: WFC) today announced the closing of a $500,000 equity equivalent investment (EQ2) to New Jersey Community Capital, a nonprofit community development lender. The EQ2 proceeds will be used for the creation, redevelopment and stabilization of affordable housing units and the revitalization of distressed communities throughout the state of New Jersey.
“Wells Fargo is committed to contributing to the long-term growth and development of the New Jersey neighborhoods we serve,” said Brenda Ross-Dulan, Wells Fargo’s Southern New Jersey regional president. “This investment will enable New Jersey Community Capital to advance their neighborhood revitalization efforts that will ultimately benefit countless families in the state.”
New Jersey Community Capital is a nonprofit community development financial institution (CDFI) that provides innovative financing and technical assistance to support the preservation and development of affordable housing and sustainable community development ventures that increase jobs, improve education, and strengthen neighborhoods. Founded in 1987, the organization has invested over $346 million in 783 projects resulting in the creation or preservation of over 9,000 housing units, 4,750 early care spaces, 7,300 education slots, and 5,000 jobs.
“We are grateful to receive this EQ2 from Wells Fargo,” said Wayne Meyer, president of New Jersey Community Capital. “This funding will allow us to continue to make a meaningful impact in the lives of New Jersey families by providing them with the opportunity to live in a safe, stable and affordable community.”
EQ2s are patient capital in the form of below-market-rate loans and are made through Wells Fargo’s Community Lending & Investment group. 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 $1.4 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 has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.