Victory for NTFHC! Groundbreaking Agreement reached with Wells Fargo Bank

Nov 5, 2013

Recently, the North Texas Fair Housing Center (NTFHC) was part of a groundbreaking settlement agreement with Wells Fargo that will provide funding to help restore neighborhoods of color in the Dallas area to their former glory. The NTFHC worked with the National Fair Housing Alliance to secure this unprecedented victory that not only helped send a message to financial institutions that they cannot ignore neighborhoods that contain higher populations of minorities, but also will use the funds awarded to help right the wrong caused by the neglect in these neighborhoods.
The $27 million settlement arose from lawsuit alleging that homes in predominantly minority neighborhoods which had been foreclosed on by Wells Fargo were allowed to fall into disrepair. The languishing of these homes had a widespread negative impact. The direct result of the failure to maintain these homes discouraged buyers from purchasing these homes which had a negative impact on tax revenues for those towns and schools. Additionally, neighboring homes suffered declining property values.
Among other things, Wells Fargo will provide the NTFHC with funds to help promote neighborhood stabilization, property rehabilitation and community development in minority communities. In an effort to help the affected neighborhoods in North Texas most efficiently, the NTFHC has decided to use their portion of the settlement funds to institute a grant program. These grants will be awarded to existing non-profit organizations that will use the funds to further the goals of the settlement agreement.

Details about how to apply for a grant or for more information please click here.