New Jersey Community Development Corporation’s Great Falls Gateway Enhancement project — an ambitious initiative to transform one of the most visible corners in Paterson’s Historic Great Falls Neighborhood – received quite a boost recently.
Wells Fargo awarded the project $500,000 from its Neighborhood Revitalization Tax Credit Program.
“This investment from Wells Fargo through the NRTC Program is about more than just bricks and mortar — it’s about dignity, opportunity, and a shared vision for Paterson’s future,” NJCDC Founder and CEO Bob Guarasci said. “We’re incredibly grateful for Wells Fargo’s commitment to our community and to the revitalization of the Historic Great Falls Neighborhood.”
The project will revitalize a long-vacant property on the corner of Spruce Street, a prominent entryway to the neighborhood and the adjacent Great Falls National Historical Park.
NJCDC plans to demolish the existing structure and develop a new mixed-use building featuring affordable housing units and ground-floor retail space — bringing new energy, activity, and opportunity to a key neighborhood gateway.
In addition to supporting the Great Falls Gateway Enhancement, Wells Fargo’s contribution will also help sustain and expand NJCDC’s vital programs and services — ranging from youth development to workforce readiness to neighborhood planning — designed to empower local residents and strengthen the entire community.
The funding aligns with NJCDC’s resident-driven Great Falls Neighborhood Plan, a comprehensive roadmap that will guide the organization’s community development efforts over the next decade. Central to this plan is transforming underutilized properties into community assets, increasing access to affordable housing, and fostering inclusive economic growth.
Tomas Porturas, VP of philanthropy and community impact at Wells Fargo, said the project matches the bank’s vison and mission for community giving.
“NJCDC is doing transformative work in Paterson, and we’re proud to support their efforts,” he said. “By supporting organizations like NJCDC through the NRTC program, Wells Fargo can help strengthen the community overall.” The NRTC Program, administered by the New Jersey Department of Community Affairs, enables corporations like Wells Fargo to support community-based organizations undertaking neighborhood revitalization work in New Jersey’s most challenged communities.
Wells Fargo has a long history of impactful collaborations with nonprofits and is committed to helping communities thrive in alignment with its strategic funding priorities: financial health, housing affordability, and small business growth to strengthen underinvested communities by investing in pathways to economic advancement and generational wealth. Over the last five years, Wells Fargo has donated over $745 million to help address housing access and affordability across the country.
