Bishop T.D. Jakes Announces $1 Billion Partnership With Wells Fargo To Create Mixed-Income Housing Developments

Bishop T.D. Jakes is on a mission to keep Black people and other minority groups ahead of the game.

During an interview with CBS Mornings, Jakes announced a new partnership with Wells Fargo that creates communities for people at all different income levels. Wells Fargo and the T.D. Jakes Group has committed up to $1 billion to spearhead various projects to foster community development. Jakes feels the time to help minority groups is now. “The future looks very bleak, particularly for minorities,” Jakes said.

“Black people, brown people and also poor white people who are finding it difficult, workforce people, to find a job, to find opportunities to get housing, to get upward mobility.”

The first project will be a mixed-income housing and retail development on a former Army base outside Atlanta. With nearly 95 acres of property, it will sit next to Tyler Perry Studios.

The Potter’s House Church leader has some simple motivation behind this partnership. He feels creating mixed-income housing will bring better opportunities for future generations. Secondly, Jakes wants his legacy to make a positive impact on the lives of people who have been loyal and supportive. “The reason mixed-income housing is vitally important is because we tried low-income communities before, and they fall into the abyss and become ghettos,” Jakes said.

“Mixed-incomes have a much better result, safer, better schools, better opportunities, upward mobility.”

Wells Fargo CEO Charles Scharf told Dallas Innovates he’s excited to work with the T.D. Jakes Group and the partnership goes above and beyond “one-off capital investment. “We’re excited to collaborate with the T.D. Jakes Group as they play a key role in the transformation of communities that will have a lasting impact for generations to come,” Scharf said in a statement. “We look forward to seeing the meaningful difference we’ll make together in communities across the country.”