Wells Fargo Foundation Grants $1.5 Million to Funders for Housing and Opportunity
July 31 2020 - 9:05AM
Business Wire
Resources support collaborative efforts to assist renters and
homeless people disproportionately affected by COVID-19
Wells Fargo & Company (NYSE: WFC) today announced a $1.5
million contribution by the Wells Fargo Foundation in support of
the Funders for Housing and Opportunity (FHO) collaborative focused
on advancing housing affordability solutions and relief for renter
households and homeless people disproportionately affected by the
economic downturn as a result of COVID-19.
FHO is a national funder collaborative working to better the
life outcomes of the 11.7 million renter households in the U.S. who
spend more than half of their income on housing or who are
homeless. As the first financial services related organization to
join the FHO collaborative, the Wells Fargo Foundation has a
strategic focus on addressing housing affordability, small business
growth, and financial health and includes a $1 billion
philanthropic commitment to address housing affordability solutions
by 2025.
“Having a safe and affordable place to call home is essential to
help lay the foundation for wellness, dignity, and economic
opportunity,” said Eileen Fitzgerald, head of housing affordability
philanthropy with the Wells Fargo Foundation. “The economic fallout
caused by COVID-19 has disproportionally affected Black, Hispanic,
Asian, Native America and Alaska Native communities, adding to a
long history of systemic inequality, loss of wealth, and housing
instability particularly during times of economic distress. That’s
a problem that must change.”
More than one in every four U.S. households pay more than half
of their income on rent or don’t have a home at all, and Black and
Hispanic households are vastly overrepresented among these severely
cost-burdened renters, according to FHO. COVID-19 has only
exacerbated this divide. FHO and the prominent foundations that are
its members work to fortify housing as an essential part of efforts
to improve lives of the most vulnerable people.
“Funders for Housing and Opportunity welcomes the Wells Fargo
Foundation as its first financial services-related member and
applauds its generous philanthropic support and commitments to
address the critical need for more housing affordability solutions
for our nation’s most vulnerable people,” said Jeanne
Fekade-Sellassie, project director for Funders for Housing and
Opportunity. “Housing is the foundation on which our lives are
built, and FHO is committed to creating a nation in which all
renters, regardless of income or race, can afford a home in a
vibrant, thriving community which unlocks access to better health,
educational achievement, and economic mobility.”
As part of its $175 million response to COVID-19 to assist
vulnerable people disproportionately affected by the economic
downturn, the Wells Fargo Foundation awarded grants to national
nonprofit housing intermediaries, that will keep more than 100,000
homeowners and renters housed, as well as more than 1,100 grants to
local community-based nonprofits. Its efforts to address the
housing affordability crisis include expanding the capacity of
housing counselors to respond to renters and homeowners, supporting
nonprofits that provide affordable rental homes and services, and
providing support for legal assistance organizations to represent
renters at risk of eviction. In 2019, Wells Fargo donated more than
$455 million in grants to nonprofits organizations across the U.S.
to increase access to housing, jobs, and financial health.
Assisting Customers
In its business, Wells Fargo has helped more than 2.7 million
consumer and small business customers by deferring payments and
waiving fees as of the end of the second quarter of 2020. This
includes more than 2.5 million payments deferred, representing more
than $5 billion in principal and interest, including $3.2 billion
in mortgage loans serviced for others. It also reflects
approximately 6 million fee waivers, exceeding $200 million.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.97 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,300 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 31 countries and territories to support customers who
conduct business in the global economy. With approximately 266,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 30 on
Fortune’s 2020 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at
Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
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Media Stephanie Grant Stephanie.Grant2@wellsfargo.com
@SGrantWF (or) Ruth Villalonga Ruth.Villalonga@wellsfargo.com
@rvillalongaWF
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