Wells Fargo & Company (NYSE: WFC) announced today that the Wells Fargo Regional Foundation has received the U.S. Department of Housing and Urban Development (HUD) Secretary’s Award for Public-Philanthropic Partnerships. The Foundation is one of ten winners nationwide who were presented the award by Secretary Shaun Donovan at the Council on Foundations Fall Conference for Community Foundations in San Diego today.
The Wells Fargo Regional Foundation, an $80 million private foundation affiliated with Wells Fargo & Company, works to improve the quality of life for children and families living in low-income neighborhoods in New Jersey, Delaware, and eastern Pennsylvania. The Wells Fargo Regional Foundation’s Neighborhood Grants Program, the New Jersey Department of Community Affairs’ Neighborhood Revitalization Tax Credit Program, and the Housing and Community Development Network of New Jersey, have worked together to create a resident-driven collaborative approach to revitalizing New Jersey’s low-income neighborhoods.
“We have always believed in the power of partnerships. The issues we are addressing throughout the state of New Jersey cannot be tackled by any one organization. Together with the Department of Community Affairs, the Housing and Community Development Network of NJ, and the dedicated residents of our communities, we have been able to leverage our expertise and resources to truly move the needle on the critical challenges families are facing every day,” said Denise McGregor Armbrister, Executive Director of the Wells Fargo Regional Foundation.
The Secretary’s Award for Public-Philanthropic Partnerships recognizes excellence in partnerships that have both transformed the relationship between the sectors and led to measurable benefits in terms of increased economic employment, health, safety, education, sustainability, inclusivity and cultural opportunities, and housing access for low and moderate-income families.The Regional Foundation is being recognized for its collaborative approach in support of community development and neighborhood revitalization initiatives across 26 New Jersey neighborhoods. Since 2003, the collective initiative has been funded by $16 million in grants from the Regional Foundation and leveraged $44 million in Neighborhood Revitalization Tax Credit investments from twenty-four corporations.