Charleston S.C., March 2012– Wells Fargo & Company (NYSE: WFC) today announced the closing of a $250,000 equity equivalent investment (EQ2) to The Lowcountry Housing Trust (LHT) in Charleston, S.C. The EQ2 proceeds will be used to fund the organization’s lending program which provides financing for affordable housing development.
“We are excited to put the proceeds of this EQ2 loan to work,” stated Michelle Mapp of Lowcountry Housing Trust. “By further capitalizing our loan fund through Wells Fargo, we are able to provide more affordable housing options and create positive social impact in South Carolina.”
The Lowcountry Housing Trust (LHT) is a regional, non-profit 501(c) 3 organization, and a Community Development Financial Institution (CDFI), which was incorporated in 2004 as an outgrowth of the City of Charleston’s Mayor’s Council on Homelessness and Affordable Housing. LHT is a local source of ongoing funding to increase the inventory of affordable homeownership, rental, and transitional housing opportunities in Beaufort, Berkeley, Charleston, Dorchester, and Georgetown counties. LHT was the first local housing trust fund formed in South Carolina.
“Wells Fargo is committed to investing in and preserving homes and communities,” said Frank Cianciarulo of Wells Fargo Community Lending and Investment. “We are proud to support Lowcountry Housing Trust in its strategy for creating affordable housing in various communities in South Carolina, and we look forward to seeing the successes of this EQ2 in months to come.”
“This helps demonstrate Wells Fargo’s ongoing commitment to the Charleston region,” added Len Hutchison, market president for Wells Fargo in Charleston. “We’re responsible for being leaders to promote the long-term economic prosperity and quality of life for everyone in our communities. If they prosper, so do we.”
EQ2s are patient capital in the form of below-market-rate loans. This limited resource is reserved for Well Fargo non-profit community development partners that are working to expand affordable housing, job creation, and economic development in the communities where Wells Fargo does business.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 onFortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
Wells Fargo provides nationwide commercial real estate banking, capital markets, and advisory services in a single platform that includes lending, syndications, debt placement, equity raising and underwriting, mergers and acquisitions and servicing. Wells Fargo was ranked as the nation’s largest commercial real estate lender and servicer and top multifamily lender by the Mortgage Bankers Association for 2010; was named the largest issuer of preferred stock REIT equity and the largest domestic REIT and real estate bookrunner by Thompson Financial in 2010; and was named the most active brokerage of large commercial real estate sales in 2010 by Real Estate Alert. For more about the Wells Fargo commercial real estate platform visit: www.wellsfargo.com/com/financing/real-estate.
About Lowcountry Housing Trust (LHT)
LHT is an affordable housing advocate and lender that raises and pools capital from public and private investments to create a revolving loan fund that finances critically needed housing.
By working with local governments, developers, community leaders, non-profits and businesses, LHT addresses the workforce housing demands facing the local community. Serving as the model for local housing trusts throughout the state of South Carolina, LHT bridges the gap between governments and developers; developers and non-profits; and families and the need for affordable housing. To learn more about financing for an affordable housing development in South Carolina visit http://www.lowcountryhousingtrust.org/