Wells Fargo invested $7.5 million in Shelby County and the city of Memphis after the May dismissal of the city and county's race-discrimination lawsuit against the bank. While part of that money ($4.5 million) will go toward a mortgage down payment and home renovation assistance program, county mayor Mark Luttrell is setting aside $600,000 of the sum to address blight in Northaven and Waverly Farms.
The money will be used to cut grass, clean up trash, and tear down abandoned structures. A portion of the money will also go toward funding $5,000 to $8,000 grants to qualified homeowners for energy efficient repairs and handicap accessibility features.
"We want to maximize our efforts with this one-time allotment of money," said Luttrell. "Our plan is to improve the appearance of neighborhoods in the unincorporated areas affected by the foreclosure crisis. Also, some of the money will be used to help homeowners make needed repairs in those areas."