Wells Fargo Helps Keep People Housed through Nearly $11 Million Grants to 19 Nonprofits
August 25 2021 - 2:41PM
Business Wire
As homeowners and renters face COVID-19 economic recovery,
philanthropic funding will provide urgent housing counseling and
legal assistance services to help more than 250,000 people stay in
their homes
The housing crisis has been intensified by the COVID-19 pandemic
and millions are facing housing and rental instability. In response
to these financial challenges, Wells Fargo Foundation is providing
nearly $11 million in additional grant funding to seven
legal-assistance organizations and 12 housing counseling agencies
to help keep people housed. Since March of last year, Wells Fargo
has provided more than $25 million in grant funding to national
nonprofit housing and legal assistance organizations in support of
housing counseling, renter stabilization, and eviction
avoidance.
Supporting families during uncertain times
Miecho Saffo is just one of more than 250,000 renters and
homeowners who will have been helped through the effort. Prior to
the pandemic, Saffo and her three children settled into their new
rental home in St. Louis. During the pandemic, Saffo was furloughed
from her job and worried about paying rent and bills. Beyond
Housing, a local nonprofit that received a Wells Fargo grant,
helped clients with utility bills, rental assistance, food security
and, ultimately, helped keep Saffo and her family in their
home.
“We are thrilled to be part of Miecho’s story and it’s just one
of thousands of examples that have resulted from our collaboration
with nonprofit housing organizations as we work together to help
keep people in stable housing,” said Eileen Fitzgerald, head of
housing affordability philanthropy at Wells Fargo. “The economic
fallout of COVID-19 has caused housing instability for far too many
renters, and Wells Fargo believes supporting organizations that
provide legal assistance, housing counseling, and other housing
support is an important step in helping people avoid eviction,
which is often the first step toward additional financial and
housing instability.”
During a global pandemic that caused widespread income loss,
unemployment, and illness, many found themselves unable to make
mortgage payments or pay rent on time. Nonprofit housing counselors
have helped homeowners and renters navigate available federal and
state housing assistance while providing independent advice on
foreclosure prevention, credit issues, debt management, and
long-term financial health. The work of housing counselors also
helps address systemic inequalities related to housing in an effort
to close the housing security gap.
Helping renters avoid eviction
Up to 40 million U.S. renters impacted by the pandemic-related
economic downturn could face eviction, according to research from
the Aspen Institute and the COVID-19 Eviction Defense Project. And
multiple studies have shown that tenants with legal representation
are significantly more likely to avoid an eviction judgment and
remain in their home. In response, Wells Fargo is continuing to
support legal assistance organizations that work to keep people and
families housed through services and advocacy efforts.
The grants will enable legal assistance organizations to provide
free or low-cost legal counseling and representation to people at
risk of eviction, advance advocacy work, and identify solutions to
mitigate evictions across the U.S., including for Black, Indigenous
and People of Color disproportionately affected by the economic
downturn caused by COVID-19. While the funds are being provided
nationwide, The Legal Aid Society in New York is one of the
grantees.
"New York is still facing a surging pandemic coupled with
looming mass evictions,” said Edward Josephson, supervising
attorney at The Legal Aid Society in New York City. “Rental relief
is desperately needed, especially with the eviction moratorium in
limbo, and many need assistance from organizations like ours to
secure protection from eviction as well as the promise of monetary
relief. With Wells Fargo's commitment, we've been able to extend
outreach and guide our clients through processes that keep them
safe and in their homes."
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is the leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories. Additional
information may be found at www.wellsfargo.com | Twitter:
@WellsFargo.
VIDEO/SUPPLEMENTARY HUMAN INTEREST STORIES:
- 'Stabilizing lives, housing, and communities during crisis'
(Wells Fargo Stories; April 7, 2021)
- 'To fight poverty, we must have civil legal aid' (Wells Fargo
Stories; March 22, 2021)
- 'How housing nonprofits are supporting families during
COVID-19' (Wells Fargo Stories; June 4, 2020)
- 'The benefits of affordable homeownership are too tremendous to
ignore' (Wells Fargo Stories; Jan. 21, 2021)
News Release Category: WF-PESG
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version on businesswire.com: https://www.businesswire.com/news/home/20210825005740/en/
Stephanie Grant, 760-317-6505
Stephanie.Grant2@wellsfargo.com
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