Wells Fargo has announced a donation of $7.75 million to Habitat for Humanity through its Wells Fargo Builds program to increase housing affordability across the U.S. The grant will fund home builds, critical home repairs, and help address 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.
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.