SAN FRANCISCO, April 27, 2023 /PRNewswire/ -- 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.
"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.]
Contact Information
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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