December 14, 2016
Grant is part of $6M effort to help further economic recovery in local communities
Raleigh, NC, – DHIC, Inc., a local non-profit developer of affordable housing, announced today it will receive a $160,000 grant from Wells Fargo & Company through the 2016 Wells Fargo Housing Foundation Priority Markets Program. In total the Priority Markets Program awarded $6 million in grant support to 56 nonprofits nationwide to support large-scale neighborhood revitalization projects to further economic recovery in local communities.
“As the local economy grows, so will the demand for quality, safe, and affordable housing,” said Gregg Warren, DHIC’s President. “DHIC is proud to be a recipient of the Wells Fargo Priority Markets grant, which we will used to advance our plans and continue our efforts to transform and revitalize Washington Terrace, a 23-acre apartment community situated east of downtown, adjacent to St. Augustine’s University.”
After an extensive community-engaged master planning process, the first phase of the Washington Terrace revitalization will include 162 apartment homes for families, community clubhouse, and a five star childcare center. Phase II will offer 72 senior apartment homes with amenities, including a library and fitness center. When complete, Washington Terrace will be a fully developed mixed-income, mixed-use community with 300-400 new housing options for renters and first-time homebuyers, open spaces, and other supporting community uses.
Priority Markets Program grants can be used for any costs associated with the development or redevelopment of the project. Recipients must be IRS 501c3 organizations with successful histories of building or renovating housing for low-to moderate-income homebuyers.
“Wells Fargo is pleased to support these nonprofits that work tirelessly to help revitalize neighborhoods and further their success for the long-term,” said Martin Sundquist, Executive Director of the Wells Fargo Housing Foundation. “The Priority Markets Program has been a catalyst for bringing together community stakeholders with common interests to improve neighborhoods that are producing sustainable results and adding up to make a huge difference for communities.”
Since 2009, the Priority Markets Program has provided more than $36 million to 100 communities nationwide.
About DHIC, Inc.
Established in 1974 and based in downtown Raleigh, DHIC has built or rehabilitated more than 2,200 affordable rental apartments and 400 homes for sale in the greater Research Triangle area. In addition, DHIC’s Homeownership Center provides homebuyer education and advisory services to close to 400+ first-time homebuyers annually. DHIC is rated an exemplary member of the national NeighborWorks® network of high-performing community developers, and is also a member of the Housing Partnership Network.
About the Wells Fargo Housing Foundation
In 2015, the Wells Fargo Housing Foundation donated nearly $20 million in support of affordable housing initiatives serving low-and moderate-income households – including for seniors, veterans, and families – through community revitalization efforts. Since its inception in 1993, the Wells Fargo Housing Foundation has invested more than $170 million to such efforts, along with mobilizing more than 4.7 million team member volunteer hours to build and rehabilitate nearly 5,600 homes and counting.