Wells Fargo Gives $1.2 Million REO Property Donation
Wells Fargo is donating $1.2 million in real estate owned properties and $600,000 in cash to the nonprofit organization Rebuilding Together to help stabilize distressed housing markets.
A total of eight REO properties will be given to Rebuilding Together, which preserves homeownership and revitalizes neighborhoods by providing rehabilitation and modification services to individuals who need help at no cost.
“Wells Fargo is proud to support Rebuilding Together's efforts to create affordable and sustainable housing for low- to moderate-income families,” said Kimberly Jackson, executive director of the Wells Fargo Housing Foundation. “We hope more companies and individuals will get involved with supporting Rebuilding Together's mission that brings resources to neighborhoods seeking ways to address economic challenges including with the housing market.”
The REO homes donated to Rebuilding Together will be located in Phoenix, Las Vegas and Denver. The nonprofit organization will repair the properties and sell them to low- to moderate-income and first-time homebuyers.
“This donation from Wells Fargo will make an important difference toward addressing housing challenges in several communities,” said Gary Officer, president and CEO of Rebuilding Together. "While this is a substantial commitment from one of the largest mortgage companies in America, there are still substantial needs in many communities facing challenges that come with this housing crisis of epic proportions.”