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HPD Establishes Finance Program with Wells Fargo Grant
The New York City Department of Housing Preservation and Development has launched the Neighborhood Pillars Program with a $2 million commitment from Wells Fargo. The new program, a component of the de Blasio administration’s plan to finance 300,000 affordable homes by 2026, will help finance acquisition and rehabilitation of existing rent-stabilized and unregulated buildings.
“Through our new Neighborhood Pillars Program, we’re giving community-based organizations the tools they need to compete in a fast-changing market,” said HPD Commissioner Maria Torres-Springer. “Now, pre-qualified non-profits will have greater access to the capital and technical assistance they need to purchase, and finance, quality affordable housing.”
In many neighborhoods, “access to credit, and to safe, sustainable and affordable housing continue to be critical needs,” said Wells Fargo’s Martin Sundquist. “This collaboration will help revitalize communities throughout New York City, and is an example of the positive impact that can be achieved with thoughtful public-private collaboration.”
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- ◦Financing
