<Wachovia press release>

For Immediate Release

June 14, 2007

Contact: Doug Robinson, drobinson@nw.org, telephone 202-220-2360

NeighborWorks® America Receives $200,000 Grant From Wachovia Foundation For Housing Preservation

Washington, D.C. – NeighborWorks America today announced that it received a $200,000 grant from Wachovia Foundation to help sixteen local NeighborWorks organizations in four states and the District of Columbia strengthen and preserve homeownership opportunities through enhanced counseling and education services.

“Wachovia Foundation’s generous grant helps NeighborWorks America extend its support for important homeownership programs which are at the core of our organization’s local efforts,” said Tim Adams, director of the mid-Atlantic NeighborWorks district. “With rising delinquencies and foreclosures, it’s imperative that current and future homebuyers have access to the information that they need to make long-term, sustainable mortgage decisions.”

“Housing preservation is at the heart of Wachovia's commitment to our communities. By awarding $200,000 to NeighborWorks America, Wachovia is able to partner with a nationally recognized leader committed to housing preservation here in our community," said Mid-Atlantic Community Relations Vice President Jeff Gish.

NeighborWorks Organizations to Work with Wachovia Foundation Grant Funds

Interfaith Housing of Delaware	Wilmington, Delaware
National Council on Agricultural Life and Labor Research Fund, Inc.	Dover, Delaware
Manna, Inc.	Washington, D.C.
Marshall Heights CDC	Washington, D.C.
Montgomery Housing Partnership	Silver Spring, Maryland
Mutual Housing Association of Baltimore	Baltimore, Maryland
Neighborhood Housing Services of Baltimore	Baltimore, Maryland
St. Ambrose Housing Aid Center	Baltimore, Maryland
Neighborhood Housing Services of Reading	Reading, Pennsylvania
Neighborhood Housing Services of Lehigh Valley	Allentown, Pennsylvania
New Kensington CDC	Philadelphia, Pennsylvania
Philadelphia Neighborhood Housing Services	Philadelphia, Pennsylvania
Scranton Neighborhood Housing Services	Scranton, Pennsylvania
AHC, Inc.	Arlington, Virginia
Community Housing Partners Corp.	Christianburg, Virginia
Neighborhood Housing Services of Richmond	Richmond, Virginia

About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, as well as corporate and investment banking products and services. Wachovia has retail and commercial banking operations in 21 states with 3,375 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: a retail brokerage with 742 offices in 49 states and nine service affiliate offices in Latin America, and corporate and investment banking in selected industries nationwide. Other nationwide businesses include mortgage lending in 39 states and auto finance covering 46 states. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. At December 31, 2006, Wachovia had assets of $707 billion and market capitalization of $108 billion.

About NeighborWorks America
NeighborWorks America provides financial support, technical assistance and training for communities across the nation through the NeighborWorks network of over 235 nonprofit organizations covering nearly 4,500 urban, suburban and rural communities. These organizations engage in revitalization strategies that strengthen communities and transform lives. In the last five years alone, NeighborWorks organizations have generated more than $12 billion in reinvestment and helped more than 845,000 families of modest means purchase or improve their homes, or secure safe, decent rental or mutual housing.