Wells Fargo commits $1.2 million in Real Estate Owned Properties and $600,000 in cash donations to Rebuilding Together to help revitalize local neighborhoods
WASHINGTON, DC- Rebuilding Together today announced Wells Fargo's 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.
"This donation from Wells Fargo will make an important difference toward addressing housing challenges in several communities," said Gary A. Officer, president and CEO of Rebuilding Together. "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."
Wells Fargo will donate up to $1.2 million in REO properties to help stabilize distressed housing markets.
"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."
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 home buyers. 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.
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 3,6oo 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.
About Rebuilding Together
Rebuilding Together is the nation's leading nonprofit organization working to preserve affordable homeownership and revitalize neighborhoods by providing extensive rehabilitation and modification services to those in need at no cost to those served. With the help of everyday citizen volunteers, skilled trades people, the support of local business and major corporate partners, Rebuilding Together affiliates in America's largest cities and smallest towns make life considerably better for thousands of low-income homeowners and the communities in which they live by completing 10,000 projects per year. Rebuilding Together has programs dedicated to energy efficiency, veteran's housing, aging in place and Gulf Coast reconstruction. For more information, visit www.RebuildingTogether.org. You can also follow Rebuilding Together on Twitter @rebldgtogthr or become a fan on Facebook at Facebook.com/RebuildingTogether.
About Wells Fargo