Wells Fargo Bank announced Tuesday that it had made an $8 million contribution to ecumenical Christian non-profit Habitat for Humanity International.
The contribution, which will largely go toward Habitat's Neighborhood Revitalization Initiative, is part of the bank's national effort to prevent foreclosures, stabilize communities and promote sustainable homeownership through education.
"We have steadfastly focused on doing what's right for our customers and our marketplaces," stated Cara Heiden, co-president of Wells Fargo Home Mortgage, in Tuesday's announcement.
"Consistent with our ongoing commitment to Habitat for Humanity, this funding – coupled with the hundreds of volunteer hours our team members contribute – reflects an increase over prior years' support to further help Habitat broaden the array of solutions it has to serve families and improve communities," she added.
Heiden also noted that the bank had joined with "numerous" leaders and organizations since the beginning of the housing crisis and recession to preserve and advance homeownership and help stabilize communities.
In tandem with the bank executive's statement, Habitat CEO Jonathan Rockford noted how neighborhood revitalization relies on partnership with other organizations to solve a variety of problems associated with foreclosed and abandoned properties throughout the country.
"Working with Wells Fargo, Habitat affiliates and partner families, we can help entire neighborhoods once again become healthy and thriving communities," he stated.
With the additional funds from Wells Fargo, Habitat will advance its Neighborhood Revitalization Initiative, which constructs, repairs and rehabilitates affordable housing for low-income families in markets hit hard by foreclosures.
A portion of the donation will also support Habitat's annual Jimmy and Rosalynn Carter Work Project, through which volunteers will build, rehabilitate and repair 75 homes in six cities – Washington, D.C.; Baltimore and Annapolis, Md.; Minneapolis and St. Paul, Minn.; and Birmingham, Ala.
The project, which will commence in October, will see participation from Wells Fargo volunteers in Minneapolis, St. Paul and Birmingham, where houses will be worked on as part of the week-long event.
Wells Fargo, the fourth largest bank in the United States by assets and the third largest bank by market cap, has had a long-standing relationship with Habitat for Humanity.
The company is based in San Francisco.