Foreclosed Homes in El Paso to be Restored with Help from Wells Fargo

News provided by

Texas State Affordable Housing Corporation

Nov 11, 2013, 07:00 ET

EL PASO, Texas, Nov. 11, 2013 /PRNewswire-USNewswire/ -- The Texas State Affordable Housing Corporation (TSAHC) is pleased to announce it has received a $75,000 grant from Wells Fargo to support the restoration of foreclosed or distressed properties in El Paso. The grant is part of Wells Fargo's 2013 Leading the Way Home® program Priority Markets Initiative aimed to help revitalize and stabilize neighborhoods.

TSAHC is a statewide housing nonprofit that works to restore foreclosed homes that are sold to eligible veterans, low income families and people with disabilities as part of their Affordable Communities of Texas (ACT) program. TSAHC will partner with local nonprofit El Paso Collaborative for Community and Economic Development ("El Paso Collaborative") to restore several foreclosed homes in El Paso County that will be sold to eligible families.

"We are very grateful and honored to be receiving this award from Wells Fargo," said David Long, President of the Texas State Affordable Housing Corporation. "Thanks to Wells Fargo's generosity, TSAHC and El Paso Collaborative will be able to stabilize communities affected by foreclosure and give deserving families, like veterans in El Paso, the opportunity to own a home of their own."

"We are excited to be partnering with TSAHC and Wells Fargo to not only revitalize several homes in our community but also find eligible families who are ready to become homeowners," said Delia Chavez, Executive Director of the El Paso Collaborative for Community and Economic Development.

TSAHC received a similar grant from Wells Fargo to be used in the San Antonio area. The grant was awarded after a competitive application and review process administered by the Wells Fargo Housing Foundation.

Individuals interested in the homes available should contact Juan Garcia at the El Paso Collaborative at 915-590-1210, Ext. 152.

Texas State Affordable Housing Corporation
The Texas State Affordable Housing Corporation (TSAHC) is a statewide 501(c)(3) nonprofit organization created by the Texas Legislature to serve as a self-sustaining, statewide affordable housing provider. To fulfill our mission, TSAHC provides innovative housing programs that help developers build affordable housing, help low and moderate-income households purchase a home, and help households facing financial hardship stay in their homes. http://www.tsahc.org/

El Paso Collaborative for Community and Economic Development
The El Paso Collaborative for Community and Economic Development facilitates affordable housing and economic development in El Paso, Texas. It has served the El Paso community since 1996. It's programs include working with low-income and colonia residents to improve their principal residences, neighborhood stabilization activities in census tracts that were distressed due to high foreclosure rates, and operating a Community Loan Fund that provides access to capital for small businesses and individuals that are considered underserved by traditional lenders. www.ep-collab.org

Wells Fargo & Company
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune's 2013 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially. www.wellsfargo.com