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Wells Fargo Unveils Green Equity Equivalent Investments; Initial Investment Supports Construction of Affordable and Environmentally-Friendly Homes
Wells Fargo Unveils Green Equity Equivalent Investments; Initial Investment Supports Construction of Affordable and Environmentally-Friendly Homes
Published 01-23-06
Submitted by Wells Fargo & Company
Avenue Community Development Corporation, based in Houston, Texas, is the first organization to benefit from a Green EQ2. The initial investment supports the organization's effort to build affordable and environmentally-friendly single-family homes.
"Environmental stewardship is extremely important for Wells Fargo because it's directly linked to the success of our communities," said Bob Taylor, president of Wells Fargo Community Development Corporation. "We see low-to-moderate income communities that are distressed from exposure to environmental hazards such as pollution, waste and toxic building practices. Green EQ2s are intended to help reverse that trend."
Green EQ2s support practices that result in conservation of energy and water, and reduction of waste and pollution. Those practices may include:
"The Green EQ2 provided us with the capital we needed to expand our green building program to a total of eight homes this year," said Mary Lawler, executive director of Avenue Community Development Corporation. "Wells Fargo's support will help us to incorporate the latest green technology into our affordable homes."
Investments are expected to range between $150,000 and $500,000. Loans will range between five and ten years and interest rates will range from two to three percent. Green EQ2s are now available in 23 states: Alaska, Arizona, California, Colorado, Idaho, Illinois, Iowa, Indiana, Michigan, Minnesota, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oregon, South Dakota, Texas, Utah, Washington, Wisconsin, and Wyoming. Interested parties should email ericsotl@wellsfargo.com.
The Wells Fargo Community Development Corporation ('CDC'), a wholly owned subsidiary of Wells Fargo & Company, manages CRA investments on a company-wide level. The CDC's investment strategy is to make leadership investments in community agencies that are focused on affordable housing, job creation in low-income areas and revitalization of low-income areas. The CDC's CRA portfolio, approximately $1.4 billion, consists of Low Income Housing Tax Credits, New Markets Tax Credits, Private Equity, Equity-Equivalent Investments, and Securities.
Wells Fargo & Company is a diversified financial services company with $453 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the United States to receive the highest possible credit rating, "Aaa," from Moody's Investors Service. Wells Fargo is committed to being environmentally responsible in every community in which it does business. Wells Fargo integrates environmental responsibility into its business practices and procedures, and has pledged a $1 billion in lending and other financial commitments to support environmentally beneficial business opportunities.
