BANK PROVIDES $50,000 GRANT TO HELP STABILIZE PERTH AMBOY NEIGHBORHOOD

NJToday.net
January 12, 2012

PERTH AMBOY – Wells Fargo announced today that it will provide a $50,000 grant to the Jewish Renaissance Foundation (JRF) of Perth Amboy through its Leading the Way Home Program Priority Markets Initiative which is designed to help stabilize and revitalize neighborhoods. The grant will allow the JRF to complete its NSP program, which is the acquisition, renovation, and resale of five homes that had been foreclosed, to low-moderate income families.

“The Wells Fargo grant is a vital part of our overall goal to create affordable, sustainable, and energy efficient homes where previously they had been foreclosed and vacant,” said Marlene Sigman, JRF’s Director of Housing Development. “In the context of an overall neighborhood revitalization effort, increasing owner-occupied housing is essential.”

This is part of a larger initiative where Wells Fargo will donate $5.53 million in grants to 52 non-profits across the U.S. The Jewish Renaissance Foundation’s PAAC program is a neighborhood revitalization initiative whose core mission is to improve the quality of life of the residents of the Greater Budapest neighborhood by increasing homeownership; making homes functional, beautiful, and affordable, and helping residents take charge of their neighborhood through public safety, economic development, and recreation programs.

“These grants will help stabilize and rebuild local communities,” said Brenda Ross-Dulan, Wells Fargo’s regional president for Southern New Jersey, a territory which includes Central New Jersey. “We want to do what we can to make resources available to support efforts led by nonprofits to revitalize neighborhoods in cities that have felt the effects of financial difficulties and a challenging economy.”

Wells Fargo’s Leading the Way Home community outreach program helps communities stabilize their current housing situation while advancing homeownership to build strong communities into the future. From 2008 through November 2011, Wells Fargo has invested more than $40.8 million in community revitalization programs.