Multi-faceted partnership will include post-purchase homeownership
counseling, community development capital, capacity-building support and
key event sponsorships
LOS ANGELES, June 11 /PRNewswire-FirstCall/ -- The National Council of
La Raza (NCLR), Raza Development Fund (RDF), Wachovia and The Wachovia
Foundation today announced a five-year, $16.25 million partnership focused
on economic development for the Latino community in the U.S.
The partnership will include:
-- $5 million in grants over five years from The Wachovia Foundation for:
-- Post-purchase homeownership counseling through NCLR's Homeownership
Network.
-- Capacity building.
-- Strengthening the NCLR Affiliate network.
-- Raza Development Fund's community development efforts.
-- $1.25 million over five years from Wachovia to sponsor key NCLR events,
including:
-- Annual national conference.
-- Annual ALMA (American Latino Media Arts) Awards, which celebrate the
outstanding artistic achievements of Latinos in motion pictures,
television and music and are televised nationally.
-- Annual Capital Awards, which recognize members of Congress for their
outstanding support of public policies that are vital to Hispanic
Americans.
-- A $10 million loan to fund growth in Raza Development Fund's lending
activities, including property acquisition, community facility and
charter school construction and affordable housing predevelopment and
construction.
"Wachovia's investment in NCLR will allow us to expand the successful
programs we have developed with our nearly 300 community-based affiliates
who every day strengthen America by promoting the advancement of Latino
communities," said Janet Murguia, President and CEO of NCLR. "Together with
these organizations, NCLR has helped put hundreds of thousands of Latino
children and families on the path to achieving the American dream, and we
are honored that Wachovia shares our vision to build stronger communities."
"We make loans to nonprofits to build community schools, health clinics
and other community facilities -- loans that commercial lenders often find
too risky," added Mark Van Brunt, Executive Director and Chief Operating
Officer of the Raza Development Fund, NCLR's lending arm. "With Wachovia's
support, we can expand our ability to make these critical investments in
our community while at the same time ensuring that the deals are sound. We
welcome the support and look forward to a long, mutually productive
relationship."
NCLR is the largest national Latino civil rights and advocacy
organization in the U.S.
The Latino population is the fastest-growing minority population in the
U.S. It is projected that Latinos will account for more than one in four
U.S. residents by 2050.
"For 40 years, NCLR has been a vital support network for thousands of
Latino families across the country," said Mike Rizer, director of Community
Relations for Wachovia and Executive Vice President of The Wachovia
Foundation. "Through this partnership, Wachovia and The Wachovia Foundation
will help NCLR become an even bigger force for positive change across the
country -- building more charter schools, preparing more families for
success in homeownership, providing greater and more robust support
services."
In addition to its partnership with NCLR, The Wachovia Foundation has
established national philanthropic partnerships with the Hispanic
Association of Colleges and Universities and the Hispanic Scholarship Fund
to provide college scholarships for young Latinos.
Last year, The Wachovia Foundation joined with the MacArthur Foundation
to create a $47 million award program for community development. The first
recipient of the $5.5 million "Wachovia NEXT Award for Opportunity Finance"
was the Latino Community Credit Union based in Durham, N.C.
Wachovia partners with local Hispanic organizations to deliver
financial literacy training in English and Spanish and offers seminars to
Latino-owned small businesses.
In addition, Wachovia:
-- Is the only major financial institution to offer statements in Spanish
for all of its deposit accounts.
-- Has nearly 800 designated Hispanic financial centers throughout the
U.S. capable of delivering a full in-language customer experience,
including bilingual Spanish-speaking employees, bilingual merchandising
and financial product information in Spanish.
-- Offers Spanish-language personal assistance seven days a week through a
multilingual call centers and at hundreds of bilingual ATMs.
-- Offers a Spanish-language Web site, http://www.wachovia.com/espanol ,
which allows customers to open new accounts, locate the nearest
financial center or ATM and look up information in Spanish.
ABOUT NCLR
The National Council of La Raza (NCLR) -- the largest national Hispanic
civil rights and advocacy organization in the United States -- works to
improve opportunities for Hispanic Americans. Through its network of nearly
300 affiliated community-based organizations (CBOs), NCLR reaches millions
of Hispanics each year in 41 states, Puerto Rico, and the District of
Columbia. To achieve its mission, NCLR conducts applied research, policy
analysis, and advocacy, providing a Latino perspective in five key areas --
assets/investments, civil rights/immigration, education, employment and
economic status, and health. In addition, it provides capacity-building
assistance to its Affiliates who work at the state and local level to
advance opportunities for individuals and families.
ABOUT RAZA DEVELOPMENT FUND
Raza Development Fund is the nation's largest Latino-focused Community
Development Financial Institution (CDFI) certified by the Treasury
Department. Since 2001, RDF has made more than 170 loans totaling over $85
million to more than 100 NCLR Affiliates, leveraging nearly half a billion
dollars in private financing, serving more than 100,000 people annually in
charter schools, health clinics, affordable housing, and other community
facilities.
ABOUT WACHOVIA
Wachovia Corporation (NYSE: WB) is one of the nation's largest
diversified financial services companies, with assets of $808.9 billion and
market capitalization of $53.8 billion at March 31, 2008. Wachovia provides
a broad range of retail banking and brokerage, asset and wealth management,
and corporate and investment banking products and services to customers
through 3,400 retail financial centers in 21 states from Connecticut to
Florida and west to Texas and California, and nationwide retail brokerage,
mortgage lending and auto finance businesses. Globally, clients are served
in selected corporate and institutional sectors and through more than 40
international offices. Our retail brokerage operations under the Wachovia
Securities brand name manage more than $1.1 trillion in client assets
through 18,600 registered representatives in 1,500 offices nationwide.
ABOUT THE WACHOVIA FOUNDATION
The Wachovia Foundation is a private foundation that provides grants to
eligible 501(c)(3) tax-exempt organizations to support four primary focus
areas: Education, Community Development, Health and Human Services and Arts
and Culture. The mission of The Wachovia Foundation is to build strong and
vibrant communities, improve the quality of life, and make a positive
difference.
SOURCE Wachovia Corporation
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Related links:
http://www.wachovia.com
http://www.wachoviasec.com
http://www.evergreeninvestments.com
http://www.wachovia.com/espanol
CONTACT:
Aimee Worsley, Wachovia: +1-310-789-8951,
aimee.worsley@wachovia.com; or Marie Watteau, NCLR:
+1-202-776-1812, mwatteau@nclr.org
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