Wells Fargo & Company (NYSE: WFC) and the T.D. Jakes Group,
which includes T.D. Jakes Real Estate Ventures, LLC (TDJREV), TDJ
Enterprises (TDJE) and T.D. Jakes Foundation (TDJF), today
announced a strategic partnership to drive economic vitality and
inclusivity in communities across America. Over the next 10 years,
the partnership between these organizations could result in up to
$1 billion in capital and financing from Wells Fargo, as well as
grants from the Wells Fargo Foundation, with the goal of
revitalizing neighborhoods, fostering economic opportunity and
creating long-term change in communities most in need. The
partnership marks the first of its kind in driving long-term
transformational impact over the next decade.
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the full release here:
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Wells Fargo (Photo: Wells Fargo)
“We are excited to collaborate with the T.D. Jakes Group as they
play a key role in the transformation of communities that will have
a lasting impact for generations to come,” said Charlie Scharf, CEO
of Wells Fargo. “This strategic partnership goes beyond a one-off
capital investment and underscores our continued commitment to
diverse and inclusive communities. We look forward to seeing the
meaningful difference we’ll make together in communities across the
country.”
"This alliance with our organization allows us to further our
four decades-long work to provide economic justice, eradicate food
deserts, construct desirable workplaces and affordable housing,
closing the digital divide and ultimately help families leave a
rich and lasting legacy for the next generation," remarked T.D.
Jakes, Chairman & CEO of the T.D. Jakes Group. "We recognize
the need for CEOs like Charlie Scharf bending the arc and aim of
Wells Fargo toward correcting systemic inequalities. We are
committed to ensuring additional opportunities actually reach as
many areas of need that we can influence. Disruptive partnerships
like this create a paradigm shift in how we can collectively bring
long overdue transformation, particularly to Black and Brown
communities and other marginalized groups around our nation."
In 2022, TDJREV began purchasing nearly 100 acres of Fort
McPherson, the historic former army base situated in enviable
proximity to downtown Atlanta with plans to create an innovative
community of commercial and residential space. The plans for this
land include mixed-income housing with an array of living choices
such as single-family homes, townhomes and apartments positioned in
well-designed neighborhoods with ample amenities aimed at enhancing
the quality of life through healthy food choices, healthcare
options and other wraparound services. One of the first prominent
projects that Wells Fargo intends to support as a financial partner
is the revitalization of the Fort McPherson property, with the
vision of aiding TDJREV in developing the area into an inclusive
neighborhood equipped with ample green space, a bike path,
recreation centers, impacting the Historic Business and Cultural
districts at Fort McPherson.
The Wells Fargo Foundation and T.D. Jakes Foundation also expect
to provide financial empowerment education and revitalize
neighborhoods in underserved low-and moderate-income communities by
increasing homeownership and fostering business creation in several
cities including Atlanta, Chicago and Dallas.
Charlie Scharf will join T.D. Jakes on stage on May 5, during
Jakes’ International Leadership Summit in Orlando, Florida, for a
conversation about this unique partnership and other topics. There
is a press registration link for media who want to attend in person
or virtually.
Wells Fargo - A Builder of Communities
Wells Fargo has been a leader in the development of and
investment in affordable housing across the nation. Since 2016, the
Company has held the position of the top Fannie Mae DUS® Affordable
Housing Lender. Coming out of the pandemic over the last two years,
(2021 and 2022), the Company closed $10 billion in financing
through its Community Lending and Investment (CLI) group and $5.7
billion in financing through its Multifamily Capital (MFC) group
directed towards affordable housing and community development. In
addition, the Company provides LIHTC investments and has a
portfolio of approximately 1500 transactions with a book value of
$12.2 billion. Further, in March of 2020, the Company made a $50
million investment in Minority Depository Institutions (MDI’s); the
pledge included advisory services to help these important local
institutions to flourish. As of the end of 2021, all 15
institutions received their investment. Wells Fargo has donated
more than $525 million to support housing affordability solutions
for individuals and families (2019-2022).
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is a leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 41 on Fortune’s 2022
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy.
News, insights, and perspectives from Wells Fargo are also
available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo
About The T.D. Jakes Group
The T.D. Jakes Group is a global conglomerate that’s worked for
more than four decades at the intersection of mission, ministry and
marketplace to solve society’s problems through strategic alliances
creating equity and providing solutions for underrepresented and
underserved communities. The organization’s four pillars operate
globally: T.D. Jakes Enterprises is a civil rights award-winning
social impact holding company reaching millions through
entrepreneurial training, minority business accelerator initiatives
and trailblazing representation in streaming unscripted series,
film, music and publishing that has grossed over $500 million
worldwide through original entertainment content; T.D. Jakes
Foundation is building bridges by unlocking the power of global
competition through workforce training that prepares workers to
compete in today’s economy through STEM/STEAM education, financial
literacy and inclusion, and a laser focus to close the racial
wealth gap and support minority women in corporate leadership; T.D.
Jakes Real Estate Ventures is actively developing sustainable
communities with a focus on economic development, eradicating food
deserts and opening doors for home ownership and wealth building
where none existed before.; T.D. Jakes Ministries is a faith-based
international organization who’s inspiring content is translated to
over 90 languages each week, and whose returning citizen advocacy
work has helped over 30,000 individuals create lasting,
generational change.
Learn how the T.D. Jakes Group is creating a more equitable
society through innovative concepts and disruptive partnerships by
visiting tdjakes.org/newsroom.
Cautionary Statement About Forward-Looking Statements
This release contains forward-looking statements about our
future business. Because forward-looking statements are based on
our current expectations and assumptions regarding the future, they
are subject to inherent risks and uncertainties. Do not unduly rely
on forward-looking statements as actual results could differ
materially from expectations. Forward-looking statements speak only
as of the date made, and we do not undertake to update them to
reflect changes or events that occur after that date. For
information about factors that could cause actual results to differ
materially from our expectations, refer to our reports filed with
the Securities and Exchange Commission, including the discussion
under “Risk Factors” in our Annual Report on Form 10-K for the year
ended December 31, 2021, as filed with the Securities and Exchange
Commission and available on its website at www.sec.gov.
News Release Category: WF-CF
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Media
Amy Bonitatibus Wells Fargo 212‑214‑3020
Amy.Bonitatibus@wellsfargo.com
Jordan A. Hora T.D. Jakes Group 214-608-2006
jhora@tdjakes.org
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