COMMUNITY DEVELOPMENT
The Wachovia Community Development Finance group specializes in deploying capital that supports affordable housing, economic revitalization, and small business enterprises throughout Wachovia’s footprint. Our customers are for-profit and non-profit businesses, real estate developers, and financial intermediaries. We work with local community development corporations and real estate developers, as well as with national partners like the Local Initiatives Support Corporation (LISC), and The Community Builders, Inc.
In partnership with the Opportunity Finance Network and the John D. and Catherine T. MacArthur Foundation, The Wachovia Foundation annually recognizes and honors community development financial institutions that bring innovation and leadership to this industry with the $42 million Wachovia NEXT Awards for Opportunity Finance. These awards help promote additional capital deployment for community development.
Some examples of Wachovia capital deployment include:
- Lending more than $3 million to finance the acquisition and renovation of a five-story apartment building to increase the supply of affordable housing in the Bronx, N.Y.
- Providing a $19 million loan using New Markets Tax Credits to transform a Washington, DC neighborhood. This public/private partnership will provide residents with new retail shops, a supermarket, and a theater.
- Financing a $60 million loan to construct single-family homes in low- and moderate-income neighborhoods in Atlanta, GA.
Government Funding Programs
In addition to partnering with other organizations to meet clients’ needs, we leverage government programs that enable the delivery of housing, community services, and economic renewal. Examples include:
- Low-Income Housing Tax Credits—Wachovia has invested $2.5 billion, which helped finance the creation of more than 55,000 housing units.
- New Markets Tax Credits – Wachovia provided $124 million in loans and investments to expand economic development activities and create jobs in lower-income neighborhoods.
- U.S. Treasury’s Bank Enterprise Awards – Wachovia partners with over 50 community development institutions and has leveraged $106 million in capital for partner CDFIs and the communities they serve.
Investments
Wachovia invests equity and deposit capital in initiatives that promote affordable housing, community development, and small businesses in our markets. These investments support:
- Community Development Financial Institutions (CDFI)
- Credit unions, loan funds, and minority-owned banks
- Housing developments
- Community development venture capital firms
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