Wells Fargo donates $1.2 million in REO to nonprofit
Rebuilding Together, a nonprofit that tries to revitalize communities by fixing distressed properties, says Wells Fargo ($39.88 0.62%) agreed to donate up to $1.2 million in real-estate owned properties and $600,000 to revitalize local neighborhoods hit by the challenging economy.
"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 ones with the housing market," Jackson said.
The nonprofit says Wells Fargo will donate eight REO properties located in Phoenix, Las Vegas and Denver.
"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 and philanthropic companies in America, there are still substantial needs in many communities facing challenges that come with this housing crisis of epic proportions," he added.
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