Peoples' Self-Help Housing

Peoples' Self-Help Housing

For Immediate Release

Press Contact:
Chris Davis
805-687-3322

Wells Fargo Creates $500,000 Fund for Peoples' Self-Help Housing

Award Winning Non-profit, Peoples' Self-Help Housing, Receives Funding to Create More than 500 New Affordable Housing Units in Santa Barbara, SLO, and Ventura Counties

Santa Barbara, CA, April 18, 2002—In an exceptional commitment to Peoples' Self-Help Housing and affordable housing on California's central coast, Wells Fargo has approved a 5-year, 0% interest loan fund of $500,000 for PSHH. (The rate will convert to a nominal 2% after 5 years.)

The fund will be utilized to help create more than 500 new units of affordable housing over the next 5 years. Specifically, the fund will be used for early project pre-development costs such as property deposits, architecture and engineering work, local government fees, and site acquisition.

"Wells Fargo has long been a partner of Peoples' Self-Help Housing and understands the important role that they play in providing affordable housing," said Erica Huntzinger, Wells Fargo Market Area President. "Affordable housing has been declining in many of the nation's communities for some time, especially in urban areas. Wells Fargo's investment will help PSHH continue to take an active role in helping find solutions to the serious problem of shelter for low-income families."

Wells Fargo's relationship with PSHH has been part of a 30-year history that has produced nearly 2,000 units of affordable home ownership and rental housing in Santa Barbara, San Luis Obispo and Ventura Counties. Wells Fargo has helped to finance many of PSHH's affordable housing multi-family and single-family projects. The bank has also been helpful in providing PSHH grant funds to accomplish certain programs that cannot be achieved through loans, such as the resident services provided at each PSHH apartment community.

"We are thrilled with the commitment that Wells Fargo bank has made to help solve the affordable housing crisis on the Central Coast of California through Peoples' Self-Help Housing programs," said Jeanette Duncan, Executive Director Peoples' Self-Help Housing. "The fund will allow PSHH to reduce costs for residents and to act quickly in property acquisition in a very competitive environment."

Wells Fargo made a separate financial commitment early in the year. Huntzinger presented a check in January that will help support pre-development costs for affordable housing as well as implementation and support of ongoing resident services, such as child-care, education programs, and job training.

Wells Fargo & Company is a diversified financial services company with $308 billion in assets, providing banking insurance, investments, mortgage and consumer finance from more than 5,400 stores and the Internet (wellsfargo.com) across North America and elsewhere internationally.

Peoples' Self-Help Housing (PSHH) an award winning non-profit organization with over 30 years of experience developing housing for low-income and special needs households on California's Central Coast. PSHH also provides assistance in the design and implementation of community development programs for numerous cities, counties and community groups.