"Nothing is more central to the American dream than homeownership," said Mac Everett, executive vice president and director of Corporate and Community Affairs for Wachovia. "But the dream is simply beyond the reach of many people throughout our communities. With this initiative, we intend to make a meaningful difference for those families."
Key elements of the program include:
- $1 million in down-payment assistance to qualified low-income homebuyers in Florida, Georgia, the Carolinas and Virginia;
- $1 million in grants to community organizations whose mission it is to help families find affordable housing;
- An aggressive effort to extend at least $75 million in credit to builders of affordable homes;
A series of First-Time Homebuyer Seminars in New Jersey that will benefit an estimated 400 families;
- Sponsorship of Operation Facelift, an annual neighborhood improvement project that benefits senior citizens in Reading, Pa.;
- A house-raising in partnership with Manna’s neighborhood revitalization efforts in Washington, D.C.;
- Multicultural sales and outreach events in partnership with Fannie Mae in Charlotte, Winston-Salem and Raleigh, N.C., and Columbia, S.C.;
- A donation to a non-profit organization in Atlanta, Ga., that provides emergency home repairs for the elderly;
- Launch of BorrowSmart.org, a financial literacy Web site designed for consumers considering home equity loans.
The timing of the initiative coincides with National Homeownership Month, a program sponsored by the Federal Department of Housing and Urban Development that will be celebrated with events across the country.
"This is a terrific example of our new company being more able than ever to make a true difference in the lives of our customers and in the vitality of our communities," Everett said. Wachovia became the fourth-largest bank in the U.S. as a result of the Sept. 1, 2001, merger with the former First Union Corp.
Jane Henderson, director of Wachovia’s Community Development Group, noted the company originated nearly $6 billion in affordable mortgage loans last year and is on track to surpass or equal that volume this year, despite the overall slowdown in the nation’s economy.
"Six billion dollars is a hard number to grasp," Henderson said. "Here’s what makes it real: Through those loans, more than 400 low-income families get to realize their dreams of homeownership every week. So when we say we are passionate about increasing homeownership opportunities in our communities, we mean it."
About BorrowSmart
The BorrowSmart Public Education Foundation (www.BorrowSmart.org) was founded by home equity lenders and the National Home Equity Mortgage Association in 2001. Its mission is to educate homeowners about the home equity borrowing process, ways to avoid abusive lending practices, borrowers' rights and responsibilities, and how to get help if they get into financial trouble. BorrowSmart works with credit and housing counselors and other partners to get needed information and educational materials to consumers.
About Wachovia Corporation
Wachovia Corporation (NYSE:WB), created through the Sept. 1, 2001, merger of First Union and Wachovia, had assets of $320 billion and stockholder's equity of $29 billion at March 31, 2002. Wachovia is a leading provider of financial services to 20 million retail, brokerage and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 49 states and global services through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com and firstunion.com.
