For decades, a sign of true economic stability has been homeownership but it’s been a difficult checkpoint to reach for many citizens, especially those in the black community, following an economic crisis.
To help , Wells Fargo plans to help 250,000 Black people become homeowners by 2027, according to a press release.
“Wells Fargo’s $60 billion lending goal can contribute to economic growth by making responsible homeownership possible for more African Americans in communities across the country,” said Brad Blackwell, EVP and head of housing policy and homeownership growth strategies for Wells Fargo.
In order to reach this goal, Wells Fargo announced that it will lend up to $60 billion to qualified borrowers, add more diversity to its staff and invest an additional $15 million into increasing financial literacy in the community over the next 10 years.
“We are proud to be the first mortgage lender to make a public commitment to help increase African American homeownership,” Blackwell continued. “And, we are grateful for the support of key housing and civil rights organizations, who work alongside us to increase economic prosperity in our communities.”
“NAREB applauds Wells Fargo’s $60 billion loan commitment. The bank is the first financial institution to acknowledge publicly Black Americans’ wealth-building potential which could be greatly improved through homeownership,” said Ron Cooper, president, National Association of Real Estate Brokers (NAREB). “NAREB welcomes their entry into the struggle to close the ever-widening wealth gap for Black Americans, and looks forward to having Wells Fargo as a partner in NAREB’s ‘2 Million New Black Homeowners in 5 Years’ program. Let us all work together and grow this initiative which represents a solid and meaningful start for more Black Americans to become homeowners and wealth-builders.”