ATLANTA, GA - Habitat for Humanity International announced today Wells Fargo & Company (NYSE: WFC) contributed $11.8 million in support of Habitat's affordable-housing work in 2010, exceeding the company's June 2010 pledge by nearly 50 percent to help revitalize communities hit hard by the economy.
Wells Fargo also has pledged an additional $5 million to Habitat in 2011. This pledge is made possible by the Wells Fargo Housing Foundation, which will provide the funding to support local Habitat affiliates through the company's "Money for Muscle" team member volunteer program. Additionally, Wells Fargo provided another $3.4 million in community lending to Habitat for Humanity International last year.
"Wells Fargo has supported Habitat's affordable housing work for nearly 20 years, which is one example of our focus on doing what's right for our communities," said Cara Heiden, co-president of Wells Fargo Home Mortgage. "Together we have made a difference with low-income families who now have homes in which they can take great pride – a mission that Wells Fargo has always believed is important."
In 2010, Wells Fargo team members volunteered more than 50,000 hours to help rebuild or renovate 650 homes in 41 states, and donated 19 properties to create affordable housing opportunities in local communities. During the year, the Wells Fargo Housing Foundation directed $7.2 million to local Habitat affiliates to support Habitat's Neighborhood Revitalization Initiative, which constructs, repairs and rehabilitates affordable housing with low-income families in markets hit hard by foreclosures. In 2010, many of the projects focused on rehabilitating foreclosed and abandoned properties and incorporating green components to make the homes more energy efficient for the homebuyers.
Overall, Wells Fargo's 2010 grants to Habitat for Humanity affiliates included:
$7.2 million for Habitat's local Neighborhood Revitalization Initiative efforts $4.6 million awarded to local Habitat affiliates through the Wells Fargo Team Member Volunteer Program that provides "Money for Muscle" when Wells Fargo team members help build or renovate homes for low-income families
An additional $3.4 million investment was made in the Flexible Capital Access Program facilitated through Wells Fargo's Community Lending and Investment division.
"Habitat's Neighborhood Revitalization relies on partnership with other organizations to solve a variety of problems associated with foreclosed and abandoned properties throughout the country," said Jonathan Reckford, CEO for Habitat for Humanity International. "With the support of great partners like Wells Fargo, Habitat for Humanity affiliates are able to work with families and neighborhood organizations to help struggling communities thrive."
A portion of the donation also supported the annual Habitat for Humanity Jimmy and Rosalynn Carter Work Project in October. Volunteers helped to build, rehabilitate and repair 86 homes in Washington, D.C.; Baltimore and Annapolis, Md.; Minneapolis and St. Paul, Minn.; and Birmingham, Ala. Wells Fargo volunteers worked on houses in Minneapolis, St. Paul, Birmingham, Baltimore, and Washington, D.C. as part of the week-long event.
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With approximately 280,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortune's 2009 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
Habitat for Humanity International is an ecumenical Christian ministry that welcomes to its work all people dedicated to the cause of eliminating poverty housing. Since its founding in 1976, Habitat has built, rehabilitated, repaired or improved more than 400,000 houses worldwide, providing simple, decent and affordable shelter for more than 2 million people.
Source: Habitat for Humanity International