MINNEAPOLIS, MINN. – June 26, 2019 – Wells Fargo announced today that it has invested nearly $800 million in Minnesota housing affordability causes from 2009 through 2018, and is continuing to expand additional housing affordability initiatives over the course of 2019 to build upon this growing effort. The nearly $800 million investment includes $390 million extended in local community development loans and $383 million extended through community development investments to local developers for 56 affordable housing development projects, supporting the creation or renovation of 3,925 affordable rental units for families, veterans, seniors and homeless Minnesotans. Wells Fargo has financed one out of every five affordable housing projects in Minnesota over the past 10 years. Separately, the nearly $800 million investment also includes $11.8 million in philanthropic giving to housing affordability causes and nonprofits, as well as $13.9 million committed in homebuyer down payment assistance grants and financial education through the Wells Fargo NeighborhoodLIFT® program since 2012. LIFT has helped create more than 875 new lower- and moderate-income homeowners in the Twin Cities to date. To continue building on these efforts through 2019, Wells Fargo has already donated $593,000 to housing affordability causes in Minnesota this year, and extended $9.4 million in local community development loans and $13.5 million in community development investments. “As one of the largest financial institutions serving one in three American families, Wells Fargo is deeply committed to finding common-sense solutions to the housing affordability challenges in the Twin Cities and across Minnesota,” said Laurie Nordquist, Wells Fargo Community Banking Lead Regional Bank President and CEO for Wells Fargo in the state of Minnesota. “We look forward to growing these efforts by continuing to work closely with local and state leaders, as well as Minnesota community groups and customers to provide positive impact in the communities we serve.” Wells Fargo is continuing to expand its housing affordability commitment in the Minnesota community through several recent initiatives, including: Twin Cities Habitat for Humanity: Wells Fargo is celebrating 25 years of collaboration with Twin Cities Habitat for Humanity, which has resulted in the construction and refurbishing of 160 homes in the Twin Cities area, including 40 full home sponsorships and thousands of volunteer hours donated by Wells Fargo team members since 1994. Wells Fargo is currently executing a multi-year $1.28 million commitment to Habitat to support the construction of 16 additional homes over five years. VeteranWINS®: In May 2019, Wells Fargo gave a $40,000 VeteranWINS grant to the Minnesota Assistance Council for Veterans (MACV). VeteranWINS grants support communitybased nonprofits focused on addressing veteran homelessness, transitional housing, and low- to moderate-income veteran home rehabilitation. MACV is using the Wells Fargo grant funds to rehabilitate one of its transitional homes in the Twin Cities, maximizing space to create unparalleled change in the lives of approximately 20 veterans over the next 10 years. Community Lending & Investments: In 2018, Wells Fargo provided $146 million in debt and equity financing throughout Minnesota for nine affordable housing development projects. This financing supported the creation or renovation of 556 affordable rental units for families, veterans, seniors and homeless Minnesotans.
Mortgage-free Homes for Veterans: As the state’s third-largest private employer and a Minnesota Yellow Ribbon Company, Wells Fargo is a strong supporter of the military and veterans. Wells Fargo has donated nine mortgage-free homes to Minnesota veterans since 2012. “Wells Fargo has been a dedicated, strong partner of Habitat’s affordable housing initiatives,” said Chris Coleman, President/CEO of Twin Cities Habitat for Humanity. “For more than 25 years, the company and its network of volunteers have worked alongside Twin Cities Habitat to revitalize local neighborhoods, build stronger diverse communities and provide positive impact through a public/private collaboration.” On the national level, Wells Fargo recently announced it will donate $1 billion through 2025 to organizations that support housing affordability, and launch a $20 million innovation challenge for nonprofit organizations to find new solutions for the lack of low-to-moderate income housing. Wells Fargo has already donated more than $460 million in down payment assistance grants since 2012.
For more information about Wells Fargo’s commitment to housing affordability and other community issues in the Twin Cities and Minnesota, visit stories.wf.com/Minnesota.