Wells commits $1.2 million in REOs and $600,000 to rebuild local neighborhoods






Publication: Mortgage Banking
Date published: January 1, 2012

To help economically hard-hit local neighborhoods, Wells Fargo Housing Foundation announced plans to partner with Rebuilding Together and donate up to $1.2 million in real estate-owned (REO) properties along with $600,000 in cash donations.

"This donation from Wells Fargo will make an important difference toward addressing housing challenges in several communities," said Gary Officer, president and Chief executive officer of Rebuilding Together, based in Washington, D.C.

With this commitment, Wells Fargo will donate a total of eight REOs to Rebuilding Together affiliates in distressed markets including Phoenix, Las Vegas and Denver. Then, Rebuilding Together will repair the properties and sell them to low- and moderate-income and first-time homebuyers. The $600,000 grant will support Rebuilding Together's work in distressed markets.

Through the Wells Fargo Housing Foundation, the bank has contributed more than $82 million and 4.5 million volunteer hours in support of creating affordable housing and revitalizing communities. The foundation's volunteer program has mobilized more than 175,000 volunteers to build or refurbish 3,600 homes in low- to moderate-income neighborhoods.

In 2010, Wells Fargo Housing Foundation programs delivered $27 million, 1,507 discounted and 295 donated properties to support local affordable-housing efforts.

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