The T.D. Jakes Group and Wells Fargo have unveiled a groundbreaking, 10-year partnership aimed at creating inclusive communities for people of all income levels. The announcement was made on "CBS Mornings" on Thursday.
As part of the collaboration, Wells Fargo has committed up to $1 billion to fund a variety of projects that foster community development.
Bishop T.D. Jakes emphasized the importance of taking action right now and helping minority groups.
"The future looks very bleak, particularly for minorities," he 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 inaugural project of the partnership focuses on the development of mixed-income housing and retail facilities outside of Atlanta. The location for the venture is an expansive, 95-acre property formerly known as Fort McPherson, which neighbors Tyler Perry Studios.
Jakes said he has two primary motivations to participate in the partnership. First and foremost, he considers his legacy to be important and wants to give back and make a positive impact on the lives of those who have shown loyalty and support.
His second motivation stems from helping create mixed-income housing, which will provide better opportunities for generations to come.
"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."
The T.D. Jakes Group is comprised of four business units, including T.D. Jakes Ministries and T.D. Jakes Foundation, both of which operate as nonprofit organizations. T.D. Jakes Enterprises and T.D. Jakes Real Estate Ventures function as profit-oriented entities.
Bishop T.D. Jakes also presides over the Potter's House Church, although the partnership with Wells Fargo is not affiliated with the church.
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