News Release – September 17, 2018
FOUR DIRECTIONS DEVELOPMENT CORPORATION & WELLS FARGO COLLABORATING TO INCREASE NATIVE AMERICAN HOMEOWNERSHIP IN MAINE.
$100,000 GRANT FOCUSED ON PROVIDING DOWN PAYMENT ASSISTANCE TO NATIVE AMERICANS THROUGHOUT MAINE
Four Directions Development Corporation has received a $100,000 home down payment assistance grant program from Wells Fargo & Company (NYSE:WFC) aimed at homeownership opportunities for Native Americans in Maine.
Homeownership rates amongst Native Americans in Maine are well below Maine’s rate of 72.8 percent (2005-2009 U.S. Census). Less than one third of tribal members in Maine living on reservation own their homes; for those that do, their homes are often older and in need of significant repair. The average value of a home owned by a tribal member in Maine is $106,000, or 60 percent of the average home value of $176,000 (2010 U.S. Census). The biggest challenge facing Native Americans who want to become homeowners is coming up with the necessary down payment, due to loan-to-value requirements.
“We are thrilled to help people in our community obtain $5,000 toward home down payment assistance,” said Susan Hammond, Four Directions Executive Director. “This opportunity provided by Wells Fargo will have an incredible impact for generations as we see tribal members build personal wealth in the form of homeownership.”
“Well Fargo has been serving American Indian/Alaska Native governments and communities for more than 50 years in ways that are intentional, relevant, impactful and inclusive,” said Rob Small, Senior Vice President, Maine Market Leader, Middle Market Commercial Banking. “Together with Four Directions Development Corporation, Wells Fargo looks forward to helping the hardworking Native American Families and individuals of Maine get on the path to achieve successful and sustainable homeownership.”
The grant is among the first by Wells Fargo in its five-year, $50 million commitment to American Indian/Alaska Native communities to help address unique economic, social and environmental needs. Beyond Maine, Wells Fargo has committed $400,000 to four Native Community Development Financial Institutions (CDFIs) in Alaska, New Mexico and South Dakota. Each CDFI will receive $100,000 for tribal members to purchase a home on tribal land in the state they serve.
To learn more about eligibility requirements and how to apply for a down payment assistant grant, please contact Rachel Mathieson, Four Directions Development Corporation, 207-866-6545.
About Wells Fargo: Wells Fargo & Company (NYSE: WFC) is diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy their customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance.
Media Contact For Wells Fargo: Briana Curran, (617) 854-4371