Wells Fargo & Co. (NYSE: WFC) has entered a 10-year partnership with the T.D. Jakes Group, a conglomerate owned by the evangelist T.D. Jakes, that will provide up to $1 billion in capital, financing and grants to revitalize low- and middle-income communities.
The partnership is designed to increase homeownership and fostering business creation in several cities including Atlanta, Chicago and Dallas. An initial endeavor of this partnership is the revitalization of nearly 100 acres at Fort McPherson, a historic former army base situated near downtown Atlanta, where T.D. Jakes Real Estate Ventures LLC purchased nearly 100 acres last year with plans to create a new community of commercial and residential space.
“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,” said Charlie Scharf, CEO of Wells Fargo. “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,” said Jakes. “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.”
Photo courtesy T.D. Jakes’ Instagram page.