Wells Fargo donates nearly $8 million to Habitat for Humanity to support affordable homeownership in the U.S.

Rhea-AI Summary

Wells Fargo has announced a donation of $7.75 million to Habitat for Humanity, aimed at improving housing affordability and addressing the homeownership gap among Black communities in the U.S. This contribution is part of Wells Fargo's larger $1 billion commitment to housing solutions by 2025. The funds will help build and repair over 340 homes and support initiatives that remove barriers to homeownership. Since 2010, Wells Fargo has contributed $85 million to Habitat for Humanity, emphasizing their dedication to community support and racial equity in housing.

Positive

• Donation of $7.75 million to support housing affordability.
• Part of a $1 billion commitment to housing solutions by 2025.
• Plans to build and repair over 340 homes across the U.S.
• Supports initiatives aimed at increasing homeownership among Black communities.

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• None.

ATLANTA, June 24, 2021 /PRNewswire/ -- Wells Fargo today announced it is donating $7.75 million to Habitat for Humanity through its Wells Fargo Builds^SM program to increase housing affordability across the U.S. The grant will fund home builds, critical home repairs, and help address the historic gaps in Black homeownership.

"Far too many people across the country are facing housing instability and Wells Fargo is committed to supporting Habitat for Humanity International and its local organizations as they work with families in need of decent, affordable housing to provide homeownership opportunities, especially while maintaining a strong commitment to racial equity and sustainability," said Eileen Fitzgerald, head of housing affordability philanthropy for Wells Fargo.

Wells Fargo Builds provides philanthropic financial support for the construction, renovation, or repairing of homes with low-to-moderate income households. The program is part of Wells Fargo's $1 billion philanthropic commitment to create more housing affordability solutions by 2025. With this support, Wells Fargo and Habitat for Humanity plan to build and repair more than 340 homes across the country. The donation will also help fund a center of excellence that will provide financial and coaching resources aimed at removing the barriers to homeownership that Black people and communities of color have historically faced.

"Wells Fargo's deepened commitment to increased access to equitable and affordable housing is especially poignant right now. Not only did the COVID-19 pandemic exacerbate an existing housing crisis, it also laid bare the disproportionate impact on communities of color," said Jonathan Reckford, CEO of Habitat for Humanity International. "We are truly grateful for Wells Fargo's continued partnership in helping us provide more families with safe and affordable homes."

Since 2010, Wells Fargo has donated $85 million directly to Habitat affiliates and more than $22 million to support national Habitat for Humanity efforts, including new home construction, critical home repairs, universal design for aging in place, neighborhood revitalization and disaster response. In addition, Wells Fargo funding supports Habitat's Cost of Home advocacy campaign, which aims to find solutions and create policies at each level of government to help improve housing affordability.

About Habitat for Humanity

Driven by the vision that everyone needs a decent place to live, Habitat for Humanity found its earliest inspirations as a grassroots movement on an interracial community farm in south Georgia. Since its founding in 1976, the Christian housing organization has grown to become a leading global nonprofit working in local communities across all 50 states in the U.S. and in more than 70 countries. Families and individuals in need of a hand up partner with Habitat for Humanity to build or improve a place they can call home. Habitat homeowners help build their own homes alongside volunteers and pay an affordable mortgage. Through financial support, volunteering or adding a voice to support affordable housing, everyone can help families achieve the strength, stability and self-reliance they need to build better lives for themselves. Through shelter, we empower. To learn more, visit habitat.org.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies and small businesses in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 30 on Fortune's 2020 rankings of America's largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

 

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SOURCE Habitat for Humanity International

FAQ

How much is Wells Fargo donating to Habitat for Humanity?

Wells Fargo is donating $7.75 million to Habitat for Humanity.

What is the purpose of Wells Fargo's donation to Habitat for Humanity?

The donation aims to increase housing affordability and address the homeownership gap, particularly in Black communities.

What larger commitment is Wells Fargo making towards housing solutions?

Wells Fargo is committing $1 billion to housing solutions by 2025.

How many homes will Wells Fargo help to build or repair with this donation?

The donation will help build and repair over 340 homes across the U.S.

What has been Wells Fargo's total support for Habitat for Humanity since 2010?

Since 2010, Wells Fargo has contributed a total of $85 million to Habitat for Humanity.