Program offers $5,000 down payment assistance grants in five U.S. communities; aimed at increasing homeownership
First Nations Oweesta Corporation and Wells Fargo & Company today
announced a $500,000 home down payment assistance program aimed at
increasing U.S. homeownership opportunities for Native Americans. The
grant is among the first by Wells Fargo in its five-year, $50
million commitment to American Indian/Alaska Native communities to
help address unique economic, social and environmental needs in Indian
Country.
Wells Fargo has committed $500,000 to five Native Community Development
Financial Institutions (CDFIs), including:
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Cook Inlet Lending Center (Anchorage, Alaska)
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Four Directions Development Corporation (Orono, Maine)
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Mazaska Owecaso Otipi Financial (Pine Ridge, S.D.)
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Native Community Finance (Laguna, N.M.)
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TIWA Lending Services (Isleta Pueblo, N.M.)
“For a myriad of reasons and for generations, Native communities have
historically had lower homeownership participation than other parts of
the U.S., and this new opportunity will allow Native Americans to attain
the true American dream,” said Chrystel Cornelius, executive director of
First Nations Oweesta Corporation. “This opportunity provided by Wells
Fargo will have an incredible impact for generations within Indian
Country as we see tribal members creating assets and building personal
wealth in the form of homeownership.”
With Oweesta acting as the intermediary, committed funding from Wells
Fargo will be directly issued to all organizations as equity grants,
allowing each organization to provide direct grant funds up to $5,000
each to tribal members for down payment assistance capital through their
respective tribal lending programs. To learn more about eligibility
requirements and how to apply for a down payment assistance grant in one
of the five communities, contact the Native CDFI in the market.
“Wells Fargo has been serving American Indian/Alaska Native governments
and communities for more than 50 years and currently provides capital
and financial services to more than 200 tribal entities in 27 states,
including tribal community development projects,” said Martin Sundquist,
executive director of the Wells Fargo Housing Foundation. “This work
will continue to help address challenges in partnership with American
Indian/Alaska Native leaders, governments and native-led nonprofit
organizations in ways that are intentional, relevant, impactful and
inclusive.”
About First Nations Oweesta Corporation
First Nations Oweesta Corporation was created 19 years ago to address
the lack of capital and financial infrastructure holding back economic
development in Native communities recognized by its parent organization,
First Nations Development Institute. First Nations Oweesta Corporation’s
mission is to provide opportunities for Native people to develop
financial assets and create wealth by assisting in the establishment of
strong, permanent institutions and programs that contribute to economic
independence and strengthened sovereignty for all Native
communities. For more information, visit www.oweesta.org.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Wells Fargo’s
vision is to satisfy our customers’ financial needs and help them
succeed financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, investments, mortgage, and consumer and
commercial finance through 8,200 locations, 13,000 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 42 countries and
territories 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. 26 on Fortune’s 2018 rankings of America’s largest
corporations. News, insights and perspectives from Wells Fargo are also
available at Wells
Fargo Stories.