Wells Fargo is working in collaboration with the Department of Housing and Urban Development, the National Fair Housing Alliance, 13 private fair housing organizations and HUD Acting Assistant Secretary Bryan Greene to invest in housing efforts within minority neighborhoods impacted by the foreclosure crisis.
The mega bank agreed to invest $39 million in communities through a variety of programs to support homeownership, neighborhood stabilization, property rehabilitation and housing development.
Wells Fargo (WFC) has committed to the maintenance and marketing of real-estate owned properties after foreclosure.
Additionally, Wells Fargo is trying to increase the chance that an owner-occupant will acquire the home by making it exclusively available for purchase by an owner-occupant or a non-profit organization, HUD explained.
"HUD, NFHA and Wells Fargo are committed to revitalizing and creating homeownership opportunities in minority communities devastated by foreclosures," said Greene.
He added, "Wells Fargo’s investment demonstrates an ongoing commitment to stabilizing African-American and Hispanic neighborhoods in a way that advances equal housing opportunities and HUD is committed to working collaboratively with Wells Fargo to support the effort."
Supported neighborhoods include Dallas, Los Angeles, Denver and 42 other cities.