International Bank Pledge $11.8 Million for Housing Project

January 26, 2011 / Russell Legato, Residential Property Analyst

Wells Fargo & Company donated to Habitat for Humanity’s housing project in 2010 for about $11.8 million, which exceeds the bank’s original pledge by 50 percent on June 2010. The international bank pledged to support Habitat for Humanity’s revitalization program and housing project that are hit by the recession.

International Bank Pledge $11.8 Million for Housing Project

The $7.2 million of the $11.8 million of Wells Fargo’s pledge for 2010 is for Habitat’s Neighborhood Revitalization Initiative, and the remaining $4.6 million is awarded to Habitat’s local affiliates.

Community Lending and Investment division in Wells Fargo also made an additional $3.4 million investment.

Another $5 million was pledge by Wells Fargo for the Habitat and its housing project for 2011, which is funded by the Wells Fargo Housing Foundation.

The bank’s housing foundation provides the funding that will support Habitat for Humanity’s local affiliates through the bank’s “Money for Muscle” volunteer program.

The volunteer program’s team members volunteered about 50,000 hours to help Habitat’s housing project to renovate and rebuild more than 650 homes across 41 states in the United States.

Wells Fargo Home Mortgage’s co-president, Cara Heiden said, Wells Fargo has been supporting Habitat for Humanity’s housing project for nearly 20 years, an effort made for the welfare of the communities.

In 2010, the bank also donated about 19 properties that created affordable housing opportunities within local communities.

According to CEO for Habitat for Humanity, Jonathan Reckford, the organization’s revitalization program relies on different partnerships to solve various pf problems regarding abandoned and foreclosed residential properties in the U.S.

The bank’s volunteer program has help build and renovate for Habitat’s housing project in Washington, DC, Minneapolis, and etc.

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