News Release | May 29, 2020
West Angeles CDC Receives $10,000 grant from the Wells Fargo Foundation to Keep Californians Housed in Response to COVID-19
Wells Fargo Foundation housing philanthropy grants to help more than 100,000 renters as homeowners stay in their homes
Los Angeles – May 29, 2020 – West Angeles Community Development Corporation today announced a $10,000 grant from the Wells Fargo Foundation which will enable the organization to provide homeowners virtual education and counseling services to help clients reduce debt, financial management, prevent foreclosure, and protect their credit.
In response to COVID-19, the Wells Fargo Foundation COVID-19 Housing Counseling Support (HCS) initiative will help national nonprofit housing intermediaries, local housing counselors, and nonprofit housing providers to support housing stability for more than 100,000 renters and homeowners across the U.S. facing financial challenges. Strategies include expanding the capacity of housing counselors to respond to renters and homeowners as well as supporting nonprofits that provide affordable rental homes and services.
“During this unprecedented time, too many people are struggling financially and facing housing instability,” said Dr. Belinda Allen, Executive Director, West Angeles Community Development Corporation. “Wells Fargo has a deep commitment to advance housing affordability solutions by supporting the work of housing counseling organizations as they serve a vital role in helping renters and homeowners facing financial difficulties.”
The grants build upon Wells Fargo Foundation’s $175 million commitment to assist people and communities in response to COVID-19. Since March, more than 300 grants have been made to help nonprofits provide urgent housing services for vulnerable populations. The Wells Fargo Foundation philanthropy strategy is focused on keeping people in their homes, small business support, and financial health in collaboration with national and local organizations.
In addition to West Angeles Community Development Corporation, other Wells Fargo Foundation COVID-19 Housing Counseling Support grantees include: Enterprise Community Partners, GreenPath, HomeFree-USA, Housing Partnership Network, National Coalition for Asian Pacific American Community Development, National Community Reinvestment Coalition, National Foundation for Credit Counselingâ, National Urban League, Navicore Solutions, NID Housing, NeighborWorks® America, Rural Community Assistance Corporation, UnidosUS and USA Homeownership Foundation DBA Veterans Association of Real Estate Professionals.
About West Angeles CDC
WACDC’s core mission is to increase social and economic justice, demonstrate compassion, and alleviate poverty through the vehicle of community development. We are committed to advancing equity in under-resourced communities in South Los Angeles. WACDC aims to improve the economic security and stability of low-income individuals and families, to correct the imbalance of persistent poverty that has marked the area for decades. WACDC’s programming lasers in on the core barriers that have perpetuated the lack of equity and opportunity in South Los Angeles since the mid-20th century and which have been magnified by the Great Recession and housing bubble burst a decade ago: lack of affordable housing, cyclical poverty across generations, inaccessible capital to launch businesses(a by-product of institutional racism), a lack of employment preparation opportunities for young me of color, and too few safety nets for low-to-moderate income residents.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.98 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
West Angeles Community Development Corporation
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WEST ANGELES COMMUNITY DEVELOPMENT CORPORATION
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