Sign in Subscribe
Banking industry

Wachovia Corp. Leads in Community Development Lending

Strategic Insights

— 2 min read

Wachovia Corp., a major financial institution, has made significant strides in community development lending, solidifying its position as a leader in the industry. As part of National Homeownership Month in June, the company tallied its community loans, investments, and contributions, revealing a total of over $20 billion in 2003. Wachovia Corp. also became the top community development lender in the country in 2003, with $1.2 billion in loans, and invested $240 million in equity to create 6,700 affordable rental-housing units. The company's efforts have been recognized by Fannie Mae, which presented Wachovia Corp. with its "Community Lending Hero" award.

Key Takeaways:

  • Wachovia Corp. became the top community development lender in the country in 2003, with $1.2 billion in loans, and invested $240 million in equity to create 6,700 affordable rental-housing units.
  • The company originated more than $56 billion in mortgage loans during 2002 and 2003, with $12 billion directly benefiting lower-income families and neighborhoods.
  • Wachovia Corp. provided $18 million in community development grants and in-kind donations in 2003.
  • The company offered downpayment assistance to 312 low-income homebuyers in Florida, Georgia, the Carolinas, and Virginia.
  • Partnerships with more than 170 community-based nonprofit organizations were established to provide homeownership counseling to over 1,000 families.
  • Habitat for Humanity building projects were supported in markets across the East Coast of the United States.
  • First-time homebuyer seminars and housing fairs were conducted in multiple locations to provide information and facilitate mortgage loan applications.
  • Wachovia Corp. had assets of $348 billion and stockholder's equity of $32 billion at March 31, 2003.

Statistics:

  • $20 billion: Total community loans, investments, and contributions by Wachovia Corp. in 2003.
  • $1.2 billion: Amount of loans by Wachovia Corp. as the top community development lender in the country in 2003.
  • $240 million: Amount of equity invested by Wachovia Corp. to create 6,700 affordable rental-housing units.
  • $56 billion: Amount of mortgage loans originated by Wachovia Corp. during 2002 and 2003.
  • $12 billion: Amount of mortgage loans directly benefiting lower-income families and neighborhoods.
  • 312: Number of low-income homebuyers receiving downpayment assistance from Wachovia Corp. in Florida, Georgia, the Carolinas, and Virginia.
  • 1,000: Number of families receiving homeownership counseling through partnerships with more than 170 community-based nonprofit organizations.
  • 348 billion: Assets of Wachovia Corp. at March 31, 2003.
  • 32 billion: Stockholder's equity of Wachovia Corp. at March 31, 2003.

Sources:

  • "Wachovia Corp. leads in community development lending," National Mortgage News.
  • Wachovia Corp. press release.

Read more