Kalamazoo, Toledo Are First of 10 Communities Selected for Wells Fargo Grant

DETROIT-The Wells Fargo Housing Foundation of Des Moines, IA is providing a $877,000 grant to Neighborhood Reinvestment Corp., a non-profit community development organization that will use the funds to expand home ownership services to low- and moderate-income home buyers in 30 cities within a three-year period. Kalamazoo, MI and Toledo, OH are two of the first 10 cities that will benefit from the grant.

Neighborhood Reinvestment supports affordable housing initiatives through NeighborWorks, its network of local, non-profit housing organizations. The money will be funneled to NeighborWorks HomeOwnership Centers, which help increase home ownership by helping customers with a wide variety of home buying services including pre-purchase counseling, construction oversight, down payment and closing cost assistance, post-purchase counseling and foreclosure prevention programs. The donation will also support a fellows program whereby local housing representatives will receive advanced training from the Neighborhood Reinvestment Corp. Training Institute.

The Wells Fargo Housing Foundation was created to provide permanent solutions to affordable housing needs in Wells Fargo communities nationwide. Through the volunteer efforts of Wells Fargo team members, more than 1,000 homes have been built or renovated through the foundation since its inception in 1993. The foundation is funded by Wells Fargo Home Mortgage.