Wells Fargo gives $10,000 to Davidson Housing Coalition
Published: October 31, 2012
Time posted: 11:11 am
DAVIDSON — Wells Fargo bank is giving $10,000 to Davidson Housing Coalition.
The grant is designed to help the nonprofit housing organization educate lower-income people about homebuying, personal finances and finding jobs, according to coalition spokesman Bill Giduz.
The coalition was founded in 1996 primarily to help the town of Davidson fulfill the mission of its Affording Housing Ordinance, which requires that 12.5 percent of units in new residential developments in the town be affordable for families and individuals earning less than 80 percent of the area median income. In Mecklenburg County, the median household income is around $50,000 a year.
The DHC owns 68 housing units — apartments and homes — that it rents out or sells to people meeting the income and other requirements.
The coalition also provides educational and counseling services to its clients to help them become fiscally independent enough to become homeowners. The Wells Fargo grant will help underwrite those efforts.
“Most people are overwhelmed,” DHC Executive Director Marcia Webster said in a statement. “They come to us hoping to get an apartment or a house, but they haven’t even got a job, or their credit score is low. We work with them in all the areas where they need help.”
Kendall Alley, community bank regional president for Wells Fargo, said in the same statement that the grant is part of the bank’s effort to do “what is right for our customers and helping them achieve and sustain the dream of homeownership.”
The DHC is a 501(c)(3). Last year, it had revenues of more than $673,000 versus expenditures of nearly $500,000 and almost $16.8 million in net assets.
Tony Brown can be reached at firstname.lastname@example.org, (704) 247-2912 or on Twitter at @tonymecktimes.