Bishop T.D. Jakes has announced a $1 billion partnership with Wells Fargo to increase the "economic vitality and inclusivity" of underserved communities across America.
Jakes announced on "CBS Mornings" that the T.D. Jakes Group will collaborate with Wells Fargo for a period of 10 years to fund a variety of projects that foster community development.
Jakes is the founder and has served as lead pastor of The Potter's House in Dallas, Texas for more than 40 years.
He told the outlet that now is the time to help propel minority communities toward success.
"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."
Wells Fargo will provide the capital, financing, and grants to revitalize neighborhoods and foster economic opportunity.
"This strategic partnership goes beyond a one-off capital investment and underscores our continued commitment to diverse and inclusive communities," said Charlie Scharf, CEO of San Francisco-based Wells Fargo. "We look forward to seeing the meaningful difference we'll make together in communities across the country."
Wells Fargo and the T.D. Jakes Group's first project will be to launch the development of mixed-income housing and retail facilities outside of Atlanta.
"The reason mixed-income housing is vitally important is that 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 10-year partnership is the first of its kind and both groups believe it will spearhead change in the U.S. economy.
"This alliance allows us to further our four decades-long work to provide economic justice, eradicate food deserts, construct desirable workplaces and affordable housing, closing the digital divide, and ultimately help families leave a rich and lasting legacy for the next generation," Jakes explained.
He added, "We are committed to ensuring additional opportunities actually reach as many areas of need that we can influence. Disruptive partnerships like this create a paradigm shift in how we can collectively bring long overdue transformation, particularly to Black and Brown communities and other marginalized groups around our nation."