Major bank backs pastor’s faith-based housing project
Wells Fargo & Company and the T.D. Jakes Group announced a strategic partnership today to drive economic vitality and inclusivity in communities across America. Over the next 10 years, the collaboration between these organizations could result in up to $1 billion in capital and financing from Wells Fargo, as well as grants from the Wells Fargo Foundation, to revitalize neighborhoods, foster economic opportunity and creating long-term change in communities most in need. The partnership is the first to drive long-term, transformational impact over the next decade.
“We are excited to collaborate with the T.D. Jakes Group as they play a key role in transforming communities that will have a lasting impact for generations to come,” said Charlie Scharf, CEO of Wells Fargo (NYSE: WFC) . “This strategic partnership goes beyond a one-off capital investment and underscores our continued commitment to diverse and inclusive communities. We look forward to seeing the meaningful difference we’ll make together in communities across the country.”
“This alliance with our organization allows us to further our four decades-long work to provide economic justice, eradicate food deserts, construct desirable workplaces and affordable housing, closing the digital divide, and ultimately help families leave a rich and lasting legacy for the next generation,” remarked T.D. Jakes, Chairman & CEO of the T.D. Jakes Group, which includes T.D. Jakes Real Estate Ventures, LLC (TDJREV), TDJ Enterprises (TDJE) and T.D. Jakes Foundation (TDJF). “We recognize the need for CEOs like Charlie Scharf to bend the arc and aim of Wells Fargo toward correcting systemic inequalities. We are committed to ensuring additional opportunities reach as many areas of need that we can influence. Disruptive partnerships like this create a paradigm shift in how we can collectively bring long overdue transformation, particularly to Black and Brown communities and other marginalized groups around our nation.”
Jakes owns nearly 100 acres of property in Atlanta
In 2022, TDJREV began purchasing nearly 100 acres of Fort McPherson, the historic former army base in desirable proximity to downtown Atlanta with plans to create an innovative commercial and residential space community. The plans for this land include mixed-income housing with an array of living choices such as single-family homes, townhomes and apartments positioned in well-designed neighborhoods with ample amenities aimed at enhancing the quality of life through healthy food choices, healthcare options and other wraparound services. One of the first prominent projects that Wells Fargo intends to support as a financial partner is the revitalization of the Fort McPherson property, with the vision of aiding TDJREV in developing the area into an inclusive neighborhood equipped with ample green space, a bike path, recreation centers, impacting the Historic Business and Cultural districts at Fort McPherson.
The Wells Fargo Foundation and T.D. Jakes Foundation also expect to provide financial empowerment education and revitalize neighborhoods in underserved low-and moderate-income communities by increasing homeownership and fostering business creation in several cities including Atlanta, Chicago and Dallas.
Charlie Scharf will join T.D. Jakes on stage on May 5, during Jakes’ International Leadership Summit in Orlando, Florida for a conversation about this unique partnership and other topics.