Wells Fargo & Co. has announced that it will donate $5.53 million to 52 nonprofits through its ‘Leading the Way Home’ Priority Markets Initiative, a grant program that supports the purchase and redevelopment of foreclosed and abandoned properties in hard-hit neighborhoods. The donation represents an increase of 11% over last year's contributions.
The Priority Markets Initiative grants can be used for any costs associated with the development or redevelopment of the project except advertising and marketing. A maximum of 20% of the grant can be used for home buyer subsidies such as down payment/closing costs.
"These grants will help stabilize and rebuild local communities," says Kimberly Jackson, executive director of Wells Fargo's Housing Foundation. "We want to do what we can to make resources available to support efforts led by nonprofits to revitalize neighborhoods in cities that have felt the effects of financial difficulties and a challenging economy."
Grant recipients were selected from requests submitted by local team members and nonprofits Wells Fargo identified as being in need of extra help with large-scale neighborhood revitalization projects. A full list of grantees is available on Wells Fargo's website.