Wells Fargo pledged $6 million to 67 nonprofit organizations on Monday to support and revitalize neighborhood’s through the Leading the Way Home program, which provides grant support for neighborhood projects in distressed areas.
“Wells Fargo is bringing much needed support to nonprofits in local communities to help them grow and thrive,” Kimberly Jackson, the executive director of Wells Fargo’s Housing Foundation, said. “We believe the work of the nonprofit community is a critical conduit to revitalize neighborhoods in cities that have been impacted by the challenging economy.”
Since 1993, the Wells Fargo Housing Foundation has invested more than $284 million to support community revitalization programs. The foundation’s programs also delivered 4.7 million volunteer hours to build or rehabilitate more than 5,000 homes in the past 20 years.
Grant recipients are nonprofits involved in community revitalization efforts. The organizations were approved by the foundation to bring additional resources to support large-scale neighborhood revitalization. Grants can be used for any costs associated with development or redevelopment, and recipients must be IRS 501c3 organizations with a record of building or renovating housing for low- and moderate-income buyers.
The Leading the Way Home outreach program seeks to help local markets stabilize the housing situation while advancing homeownership. Since 2009, the program has provided more than $25 million to nearly 100 American communities.