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Wells Fargo ($40.01 -0.09%) will donate $6 million through grants to multiple nonprofits to sustain and rebuild neighborhoods negatively affected by the economy, the bank said Friday.
Spread across 59 nonprofit organizations, the bank's "Leading the Way Home" program is focused on revitalizing local communities under distress.
The program has contributed $18 million to more than 75 communities.
“We’re increasing our grant commitments to help even more efforts led by nonprofits to revitalize neighborhoods in cities that have been deeply affected by the challenging economy,” said Kimberly Jackson, executive director of Wells Fargo Housing Foundation, which administers the grants.
The grant recipients were chosen via submitted requests by local team members or identified by Wells Fargo directly as requiring help with large community revitalization projects.
They have histories of housing renovation for low-to-moderate-income homebuyers. No more than 20% of the grant can be used for subsidies including payment/closing costs.
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