NPHS Receives $80,000 Grant from Wells Fargo Housing Foundation

Posted on Friday, January 6th, 2012

NPHS is pleased to announce that it received an $80,000 Leading the Way Home Priority Market Initiative grant from the Wells Fargo Housing Foundation (WFHF).  The funds will be used to support NPHS’ community stabilization efforts throughout the Inland Empire and Eastern Los Angeles County.

“Wells Fargo continues to promote responsible lending, keep people in their homes, and help stabilize communities hit hard by foreclosures,” says Clemente Mojica, NPHS Chief Executive Officer.  “These funds will support our neighborhood redevelopment and foreclosure intervention programs.”

From left to right: Jacob Olree, Greg O'Donnell and Byron Reed

NPHS responded quickly to stem the tide of foreclosures and prevent urban blight by launching the Neighborhood Redevelopment Program in January 2008.  The program’s goal is to assist families avert foreclosure and to return vacant distressed properties back into affordable homes for qualified families – a comprehensive approach to neighborhood stabilization.  Since the program’s inception, NPHS has assisted over 10,000 families with various free foreclosure prevention services and has renovated and sold 91 foreclosed homes to low and moderate-income homebuyers.

“The Wells Fargo Housing Foundation supports NPHS’ neighborhood stabilization efforts through the Leading The Way Home Priority Market Grant Program,” states Byron Reed, Wells Fargo Senior Vice President. “While increasing the availability of affordable housing and rebuilding distressed neighborhoods, NPHS is providing critical components to the stabilization of the local housing market.”

The program has been expanded with the increase of grants and other funding sources and key partnerships such as the one with the National Community Stabilization Trust (NCST).  NPHS works closely with the NCST to purchase foreclosed properties from various financial institutions to maximize impact.  Working with the NCST, NPHS recently purchased a vacant, foreclosed home from Wells Fargo which is currently being rehabilitated to sell to a low-income family.

“As the economy has become even more challenging, more resources have been required,” says Mojica. “This is why strong partnerships with our financial institutions are helpful to getting the job done.”