Wells Fargo Announces $1 Billion Affordable Housing Commitment
Style Magazine Newswire | 8/30/2019, 10:45 a.m.
The lack of affordable housing has caught the attention of Wells Fargo and the banking giant isn’t taking it lightly and has unveiled an ambitious plan to tackle the problem. Wells Fargo will invest $1 billion over the next five years from its business and foundation to help make housing more affordable. The bank will address three key issues in underserved communities that have been plagued by the lack of affordable housing – housing affordability, financial health and small business growth according to Candy Moore of Wells Fargo’s Community Relations and Southeast Community Development. The $1 billion pledge is part of a larger effort for the bank to overhaul its philanthropic strategy, Moore said. As part of their commitment, Wells Fargo aims to donate two percent of its after-tax profits to corporate philanthropy concentrating on housing affordability, small business growth and financial health, she said.