Nearly eight years after the onset of the foreclosure crisis that decimated cities across America, it seems like it has finally receded. But with over five million homes lost, many lives have been irreparably damaged.
The San Francisco-based Wells Fargo has been on a mission to help clean up the enormous mess it helped create, contributing tens of millions of dollars a year to housing and community development initiatives through its Wells Fargo Housing Foundation. This week, the foundation announced it had awarded $6 million in grants to 69 nonprofits engaged in neighborhood revitalization initiatives across the country through its Priority Markets Program.
This latest announcement is basically a repeat of the same gift we told you about last October, when it announced $6 million in grants for 54 housing nonprofits across the country as part of the same program.
Who got grants this year? Many of the same types of organizations that got funding last year. You can see a partial list here. As we've pointed out, Wells Fargo—like many corporate funders—is a big fan of local branches of Habitat for Humanity, and over a dozen such groups received funds this time around. But money also went to a range of groups working on housing, including some affliated with churches.
Since 2009, Priority Markets Program has provided grants totaling more than $36 million for nonprofits in 125 U.S. communities. But with the bank’s revenue topping $86 billion just last year, $36 million is merely a drop in a very deep bucket.
When we first told you of Well’s Fargo pledge to give back to the communities its shady lending practices helped decimate, we were optimistic. But we're still waiting for bigger money to flow.