December 8, 2011 (Jeff Alan)
Wells Fargo has committed to donating up to $1.2 million in real estate owned (REO) properties and $600,000 to repair those properties to the non-profit organization Rebuilding Together to help revitalize neighborhoods hit hard by the economic downturn and the housing crisis.
“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.”
Rebuilding Together is a non-profit organization that works with everyday citizen volunteers, skilled trade’s people, local businesses and major corporate partners to preserve affordable homeownership and revitalize neighborhoods through rehabilitation and modifications services.
Wells Fargo has committed to donating a total of eight REO properties in distressed markets like Phoenix, Las Vegas and Denver for repair to be sold to low and moderate income and first-time home buyers. The commitment also includes a $600,000 grant to help support the services provided by Rebuilding Together’s work in 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 with the housing market.”
In 2010, Wells Fargo donated 295 properties and discounted 1,507 other properties in support of local affordable housing and revitalization programs.
To learn more about Rebuilding Together, vist their website www.RebuildingTogether.org.
Tags: Wells Fargo, Rebuilding Together, distressed properties, REO properties, neighborhood revitalization, housing market