Home >> Daily Dose >> Wells Fargo Commits $175M to Help Homeowners
Print This Post Print This Post

Wells Fargo Commits $175M to Help Homeowners

Wells Fargo announced that it has provided funding for more than 500 nonprofits across the nation, as part of the Wells Fargo Foundation’s $175 million commitment to keep people in their homes during the COVID-19 pandemic. 

More than 300 grants have been made since March to assist with urgent housing services for vulnerable populations. Funds from Wells Fargo are used to assist small businesses and promote financial health. 

“Wells Fargo continues to take steps to support our customers, employees, and communities in the wake of the COVID-19 pandemic,” said Bill Daley, Vice Chairman of Public Affairs at Wells Fargo. “These grants for nonprofits across the U.S. will provide a critical safety net to help keep people housed and are part of our philanthropic focus to bring solutions to address housing security, small business stability, and consumer financial health.”

Pandemic relief grants from the Wells Fargo Foundation are intended to enable national nonprofit housing centers, housing counselors, and nonprofit housing providers to support housing stability for more than 100,000 renters and homeowners. 

As of May 12, approximately 4.7 million homeowners are in forbearance plans—up from the previous weeks 4.5 million, according to Black Knight. 

Black Knight said the pace of new forbearance plans has slowed, with the average net increase of just under 26,000 per day over the past week. This is a reduction of more than 85% reported in April.  

“Wells Fargo is committed to the importance of home for everyone in our nation,” said Eileen Fitzgerald, Head of Housing Affordability Philanthropy with the Wells Fargo Foundation. “Having a safe, healthy, and affordable place to call home is essential to help lay the foundation for wellness, dignity and economic opportunity. In response to the COVID-19 crisis, as far too many people are facing housing instability, these grants will support hundreds of nonprofit professionals and their organizations whose missions are to keep people in their homes and create opportunities to have a home.”

Nonprofits receiving relief funding from Wells Fargo include: 

  • Enterprise Community Partners
  • GreenPath Financial Wellness
  • HomeFree-USA
  • Housing Partnership Network
  • National Coalition for Asian Pacific American Community Development
  • National Community Reinvestment Coalition
  • National Foundation for Credit Counseling®
  • National Urban League
  • Navicore Solutions
  • NID Housing
  • NeighborWorks America
  • Rural Community Assistance Corporation
  • UnidosUS
  • USA Homeownership Foundation DBA Veterans Association of Real Estate Professionals

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.

Check Also

Housing Market Potential Falls From Last Month’s Peak

An economist explains the modest dip, other factors adding fuel to the “housing-demand fire," and what it all means for the spring homebuying season.

Subscribe to MDaily

MReport is here for you to stay on top of important developments in the mortgage marketplace. To begin receiving each day’s top news, market information, and breaking news updates, absolutely free of cost, simply enter your email address below.