Grant from the Wells Fargo Foundation is part of $175 million commitment to assist communities impacted by COVID-19
BEREA, KY, September 16, 2020 /24-7PressRelease/ — Fahe today announced a $300,000 grant from the Wells Fargo Foundation, which will enable the Community Development Financial Institution (CDFI) to respond to the crisis in Appalachia, one of the most persistently poor regions of the country. The funding will support Fahe’s efforts to help keep people in their homes, critical during a time when a home is where many are now working and their children are going to school. Additionally, the funding assists efforts to bring investments that will address the short- and long-term economic consequences of COVID-19 (C-19).
The grant for Fahe is one of six grants awarded to CDFI’s that support housing and community development in rural communities with persistent poverty across the U.S.
According to Partners for Rural Transformation, of the 395 U.S. counties with persistent poverty, eight out of 10 are rural and the majority (60%) of people living in rural communities are people of color. These same distressed communities now grapple with the ongoing health and economic crises resulting from the COVID-19 pandemic.
“Fahe welcomes the Wells Fargo Foundation’s philanthropic support and shared vision of a country where persistent poverty no longer exists,” said Jim King with Fahe. “We will continue to work collectively to influence policy and simultaneously lead, advocate, innovate, and finance individual and community solutions to poverty so our neighbors can build sustainable and promising futures, especially during the trying times of COVID-19.”
CDFIs each receiving $300,000 grants from the Wells Fargo Foundation include:
• cdcb in Texas,
• Communities Unlimited in Arkansas,
• HOPE Credit Union and Enterprise Corporation in Mississippi,
• Oweesta Corporation in Colorado, and
• Rural Community Assistance Corporation in California.
“The economic challenges from COVID-19 are putting a spotlight on the most vulnerable people in underserved communities being disproportionately affected by job losses, under-employment, and housing instability,” said Eileen Fitzgerald, head of Housing Affordability Philanthropy with the Wells Fargo Foundation. “These CDFIs play a crucial role in reducing housing poverty and homelessness, improving health outcomes, boosting economic mobility, supporting job creation and retention, and strengthening the economy.”
The Wells Fargo Foundation has a strategic focus on addressing housing affordability, small business growth, and financial health and includes a $1 billion philanthropic commitment to address housing affordability solutions by 2025. As part of its $175 million response to COVID-19, the Wells Fargo Foundation has provided more than 1,200 grants in support of nonprofits to help keep more than 100,000 homeowners and renters housed. The Wells Fargo Foundation efforts to address the housing affordability crisis includes expanding the capacity of housing counselors to respond to renters and homeowners, supporting nonprofits that provide affordable rental homes and services, and support for legal aid organizations to provide representation for renters at-risk of eviction.
Fahe’s unique collaborative model connects a Network of local, regional, and national leaders all working together to ensure no community is left behind. For 40 years, the Fahe Network, now consisting of 50+ Members, has cultivated the deepest reaching platform in Appalachia to connect investments to boots on the ground leadership throughout one of the most difficult places to serve in the country. Since 1980, Fahe has invested $1.05B, generating $1.61B in finance. This investment was channeled through their Members and community partners, directly changing the lives of 687,183 people. www.fahe.org
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