Wells Fargo Bank Donates $10,000 to Support Aging in Place at Affordable Housing Communities
By Lindsay Hansen -
Thursday Dec 07, 2023
FSL (Foundation for Senior Living) is pleased to announce Wells Fargo Bank has donated $10,000 to support aging in place for low-income seniors. The funds will be used in affordable housing communities to ensure adults have safe and accessible homes.
“With 25 affordable housing communities and 997 units under our operation, FSL aims to provide housing at significantly lower costs than the fair market rent,” said Tami Bohannon, CEO of FSL. “Our commitment is to prevent residents from shouldering more than 40% of their monthly income. However, even at these affordable housing communities, some financially burdened residents exceed that threshold. Contributions from corporate partners like Wells Fargo Bank help us fill the gap and keep rents low for all residents!”
One of FSL’s affordable housing communities with a rental gap to fill is Village on Roeser in south-central Phoenix. This 112-unit property is part of the Low-Income Housing Tax Credit Program and offers rents $150-$200 a month lower than average market rents in the area, with utilities included in rental amounts. Village on Roeser is home to 143 individuals, and all households earn 60% or less of the area median income.
There are currently 50 households (comprising 53 people) at Village on Roeser who pay more than 40% of their income for rent. Thus far, FSL has been able to avoid raising rent for these households. FSL knows even just a $20 a month increase would be challenging for these residents. It would put households at risk of becoming homeless.
“Far too many people are burdened by housing costs and are facing housing instability. That’s why, as The Bank Of Doing, Wells Fargo is committed to working with organizations like Foundation for Senior Living to increase access to housing for individuals who are getting shut out of the market,” shared Katie Campana, Philanthropy and Community Impact Lead Specialist for Wells Fargo. “We believe everyone deserves to have a healthy, affordable and sustainable place to call home.”
FSL is a 501(c)(3) organization whose mission is to provide home and community-based services and to develop energy-efficient, affordable housing to promote health, independence and dignity for all. With a long history of helping Arizona families with issues including health, hunger, aging, illness, loneliness and substandard housing, FSL is committed to improving the quality of life for all Arizonans. To learn more about FSL programs and services, visit http://www.fsl.org.