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Self-Help Receives $1.1 Million Grant From Wachovia Funds Will Be Used To Create New Economic Opportunities for Homebuyers and Small Business Owners RALEIGH - Self-Help, one of the nation's leading community development financial institutions, today announced a $1.1 million grant from Wachovia Corporation to extend its mission of creating ownership and economic opportunity for homebuyers, small business owners and nonprofits. Self-Help has been partnering with Wachovia since the mid-1980s to provide financing to low-income homebuyers in North Carolina. Wachovia was the first bank to support Self-Help's Affordable Mortgage Loan Demonstration Project by offering loans to jumpstart the program. Today, Self-Help's Community AdvantageTM program has provided $1.9 billion in financing to help more than 25,000 low- and moderate-income families buy homes in 48 states. "Self-Help has an impressive track record of helping low-income individuals in our communities achieve the dream of home ownership," said Jane Henderson, Wachovia's director of Community Development. "It has helped build the case to the secondary market mortgage industry that low-income borrowers are appropriate credit risks. Self-Help provides both economic opportunity and hope for individuals by investing in communities." As a result of its work, Self-Help recently was named one of the U.S. nonprofit organizations that "best exemplifies the building of economic opportunity and hope for individuals through community investing" at a National Social Investment Forum. Wachovia and Self-Help have a long history of working together on projects throughout North Carolina. When Hurricane Floyd devastated many low- and moderate-income neighborhoods in the eastern part of the state, for example, Wachovia provided Self-Help with the funds to aid homeowners there. "Wachovia has long been a strong partner in Self-Help's effort to make the American Dream of homeownership possible for all Americans," said Self-Help CEO Martin Eakes. "Our partnership with Wachovia helps extend our lending beyond our state's borders, and this capital grant gives us the flexibility to quickly respond to community needs." About Self-Help Founded in 1980, Self-Help is a community development lender specializing in making credit available to people and families who are underserved by traditional financial institutions, particularly minorities, women and rural residents. From its seven branches in North Carolina, Self-Help made 183 mortgage loans totaling $9.3 million in 2001, and provided $17.5 million in financing to small business owners and entrepreneurs throughout North Carolina. Approximately half of all lending is to people in its target groups - women, minorities and rural residents - and half of Self-Help's lending benefited businesses in economically-distressed rural areas of the state. For more information about Self-Help, visit www.self-help.org. About Wachovia Corporation Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $334 billion and stockholder's equity of $32 billion at September 30, 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. |
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