Wells Fargo to Commit $1.2 Million in REOs and Capital to Distressed Areas
Wells Fargo's has anniounced its commitment to donate up to $1.2 million in real estate-owned (REO) properties and $600,000 to help revitalize local neighborhoods hit hard by the challenging economy. With the commitment, Wells Fargo will donate a total of eight REO properties to Rebuilding Together affiliates in distressed markets including Phoenix, Las Vegas and Denver. Rebuilding Together will repair those properties for sale to low- to moderate-income and first-time homebuyers. In addition, Wells Fargo is making a $600,000 grant commitment—including a 3:1 ratio match-cash challenge grant pledge up to $100,000—to support Rebuilding Together's work in distressed housing markets. "This donation from Wells Fargo will make an important difference toward addressing housing challenges in several communities," said Gary A. Officer, president and chief executive officer of Rebuilding Together, a non-profit organization working to preserve affordable homeownership and revitalize neighborhoods. "While this is a substantial commitment from one of the largest mortgage and philanthropic companies in America, there are still substantial needs in many communities facing challenges that come with this housing crisis of epic proportions." Through the Wells Fargo Housing Foundation, Wells Fargo has stewarded more than $82 million and 4.5 million volunteer hours from team members in support of creating affordable housing and community revitalization programs. Wells Fargo Housing Foundation's Team Member Volunteer Program has mobilized more than 175,000 volunteers to build or refurbish 3,600 homes in low- to-moderate income communities. In 2010, Wells Fargo Housing Foundation programs delivered a record $27 million, 1,507 discounted and 295 donated properties to support local affordable housing and community revitalization programs. "Wells Fargo is proud to support Rebuilding Together's efforts to create affordable and sustainable housing for low-to-moderate income families," said Kimberly Jackson, executive director of the Wells Fargo Housing Foundation. "We hope more companies and individuals will get involved with supporting Rebuilding Together's mission that brings resources to neighborhoods seeking ways to address economic challenges including ones with the housing market."