Wells Fargo Drops Big Bucks on Housing Affordability Causes in Minnesota
Wells Fargo says it’s spent hundreds of millions of dollars on housing affordability initiatives in Minnesota over the last decade.
Between 2009 and 2018, the bank has invested nearly $800 million in various Minnesota housing causes, according to a news release issued Wednesday.
The company’s investments include $383 million given to local developers for 56 affordable housing development projects. That’s led to the creation or renovation of nearly 4,000 affordable rental units in the state.
Laurie Nordquist, president and CEO for Wells Fargo in Minnesota, said the company remains “deeply committed to finding commonsense solutions to the affordability challenges in the Twin Cities and across Minnesota.”
“We look forward to growing these efforts by continuing to work closely with local and state leaders, as well as Minnesota community groups and customers to provide positive impact in the communities we serve,” Nordquist said in the release.
So far this year, Wells Fargo has donated $593,000 to Minnesota housing affordability initiatives.
Through 2025, the company has pledged to provide $1 billion to combat the housing affordability crisis across the U.S. In 2017, the Wells Fargo Foundation was the second biggest corporate-cash giver in the nation. That year, the foundation donated $286.5 million.