DENVER – November 23, 2015 – (RealEstateRama) — Wells Fargo & Company (NYSE: WFC) today announced a $212,500 grant to help support Brothers Redevelopment’s Paris Street project in Aurora, Colo. When complete, the Paris Street development will provide quality, affordable housing for more than 40 families, with a preference for veterans.
The Wells Fargo grant is the project’s largest private-sector grant to date and complements the more than $3 million in public investment that is committed to the proposed site via contributors that include the city of Aurora, Arapahoe County and the Aurora Housing Authority.
Over the past 18 months, Brothers Redevelopment and the city of Aurora have worked with those entities and a group of other stakeholders to develop the proposed supportive housing community on a half-acre parcel at East 17th Avenue and Paris Street (a HUD-designated Neighborhood Revitalization Strategy Area). The site is situated along two major transportation corridors and within walking distance of the Regional Transportation District’s Peoria Station, which is set to open in 2016 on the R Line light rail through Aurora and the University of Colorado A Line rail connecting Union Station and Denver International Airport. The Paris Street project also is near four public schools, the emerging Aurora Cultural Arts District and the University of Colorado Anschutz Medical Campus, which includes the University of Colorado Hospital, Children’s Hospital Colorado and the future Veterans Affairs regional hospital.
“Brothers Redevelopment is proud to work alongside Wells Fargo to meet a critical need for housing and services in Original Aurora,” said Jeff Martinez, Brothers Redevelopment president. “Utilizing this grant to further the leverage the city of Aurora’s unprecedented investment of more than $3 million to develop the site, this new Paris Street community will not only house veterans and their families, but provide them access to the many economic and educational opportunities available at the 500-acre Fitzsimons Campus.”
“Wells Fargo and Brothers Redevelopment have collaborated on a number of neighborhood improvement projects over the years and we’re pleased to be a part of this important development that will provide the kind of quality, affordable housing local families need and deserve,” said Shelley Marquez, Wells Fargo’s Community Development Manager for Colorado. “Our Priority Markets Program, designed specifically for neighborhood revitalization projects such as Paris Street, is one of many ways we support local communities. With local home prices rising dramatically and a limited supply of available affordable housing we know this project will make a big impact in the community.”
The 2015 Wells Fargo Housing Foundation Priority Markets Program provides grants for neighborhood stabilization projects to stimulate growth, stability and investment in distressed areas. Since 2009, the program has provided grants totaling more than $36 million for nonprofits in 125 U.S. communities.
Grants for the Priority Markets Program were selected from requests submitted by Wells Fargo team members who nominated nonprofits needing assistance for large-scale neighborhood revitalization projects. Recipients must be IRS 501c3 organizations with successful histories of building or renovating housing for low-to moderate-income homebuyers.
About the Wells Fargo Housing Foundation
In 2014, the Wells Fargo Housing Foundation donated nearly $20 million in support of affordable housing initiatives serving low-and moderate-income households – including for seniors, veterans, and families – through community revitalization efforts. Since its inception in 1993, the Wells Fargo Housing Foundation has invested more than $150 million to such efforts, along with mobilizing more than 4.6 million team member volunteer hours to build and rehabilitate more than 5,500 homes and counting.
About Wells Fargo (Twitter @WellsFargo)
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations, 12,800 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.
About Brothers Redevelopment
Set to celebrate its 45th Anniversary of service in 2016, Brothers Redevelopment is a nonprofit organization that provides housing and related services for thousands of low-income, elderly and disabled residents across Colorado and Wyoming. As the owner and manager of 14 apartment communities across the Front Range, ‘Brothers’ provides more than 600 apartments to some 700 low-income, senior and disabled residents. Additionally, the agency offers a Home Maintenance and Repair Program for income qualified senior and disabled homeowners; recruits more than 2,500 volunteers every summer to paint the homes of seniors as part of its Annual Paint-A-Thon; provides homeownership, rental, default and reverse mortgage counseling to consumers; and operates three housing helplines: Colorado Housing Connects, a helpline that helps consumers navigate all manner of housing related question (1-844-926-6632); the Colorado Foreclosure Hotline (1-877-601-HOPE); and the Wyoming Foreclosure Hotline (1-855-996-2256).