The T.D. Jakes Group is partnering with multinational financial services company Wells Fargo to promote inclusivity in homeownership. The two foundations recently announced their new decade-long collaboration that will fund up to $1 billion in Wells Fargo capital and financing.
“We are excited to collaborate with the T.D. Jakes Group as they play a key role in the transformation of communities that will have a lasting impact for generations to come,” Wells Fargo CEO Charlie Scharf said of the partnership. “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.”
Plans for a More Inclusive Future
In an effort to build a mixed-income community with both commercial and residential spaces, the T.D. Jakes Real Estate Venture acquired nearly 100 acres of former military base Fort McPherson. It is located next to Tyler Perry Studios near Downtown Atlanta. The development project is set to provide a selection of housing options, such as apartments, single-family homes and townhomes, to improve the standard of living for local residents. This also includes providing better access to healthcare, healthier food options and other forms of support.
Part of the Jakes and Wells Fargo partnership includes revamping the Fort McPherson property to create a healthy neighborhood and community complete with plenty of green space, recreation centers and a bike path. The two foundations also plan to offer financial education and build up neighborhoods in low- and moderate-income communities. This includes promoting homeownership and supporting business development. Community members also may qualify to receive grants from the Wells Fargo Foundation.
“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,” Jakes said.
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by Brittni Williams | April 26, 2023
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