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ANNAPOLIS, MD - Governor Wes Moore today joined Wells Fargo Chief Executive Officer Charlie Scharf to visit two transformative community development projects in Baltimore. The projects reflect the Moore-Miller Administration’s commitment to making Maryland more affordable by revitalizing neighborhoods, expanding affordable housing, and eliminating poverty through partnerships between the public, private, and philanthropic sectors.
“These two projects underscore the impact that partnerships can have on the lives and livelihoods of people,” said Gov. Moore. “I’m deeply grateful and proud that Wells Fargo has chosen to believe in the Baltimore Renaissance, and their investments in our city lay paths to work, wages, and wealth for future generations of Baltimoreans.”
The governor first visited the Reservoir Square redevelopment project site in West Baltimore. Reservoir Square is an eight acre redevelopment project that will transform Madison Park North into a new economic and community hub, to include more than 300 new townhomes, new greenspace, commercial and retail space, as well as road infrastructure improvements to increase walkability along North Avenue.
The project is supported by $24 million in bond financing through the Maryland Economic Development Corporation; $2 million in grant funding from the West North Avenue Development Authority; $16 million in total from the City of Baltimore; and $5 million in philanthropic funding through Wells Fargo. The project has also leveraged $8 million in funds from the Maryland Department of Housing and Community Development’s Baltimore Vacants Reinvestment Initiative, formerly known as Project C.O.R.E.
“Maryland and Baltimore are important to Wells Fargo, and we’re proud to support these transformative initiatives,” said Wells Fargo Chief Executive Officer Charlie Scharf, who started his career in Baltimore. “Making homeownership more accessible and helping people learn trades translates into financial well-being, which we believe makes a lasting impact for people, families, and neighborhoods here in Baltimore.”
Later in the afternoon, Gov. Moore joined Mr. Scharf and community leaders at the City of Refuge in Baltimore’s Brooklyn neighborhood for a naming celebration at the new Wells Fargo Trades Academy. The state-of-the-art academy will provide essential skills and vocational training to members of the Southside Baltimore community, equipping individuals with the tools needed to enter the workforce in sustainable industries.
Part of a $20 million multi-year initiative to expand City of Refuge’s community impact, the academy will also support the construction of affordable homes to help address critical housing needs for low-income families in Baltimore. The project received $500,000 in philanthropic funding from Wells Fargo. City of Refuge also received $650,000 in grant funding through the Maryland Department of Housing and Community Development in 2021 and was a recipient of a $100,000 Community Catalyst Grant from the Baltimore City Department of Housing and Community Development in 2023.