Wells Fargo wants to see more Black homeowners and as a result, the financial institution plans to assist 250,000 African-Americans by 2027.
According to a press release on its website, over the next ten years, Wells Fargo will build up a $60 million lending commitment specifically for African-Americans. This program will focus on continued support and create initiatives that promote financial education and counseling, as well as increasing the diversity of their home lending sales team.
“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. “We are proud to be the first mortgage lender to make a public commitment to help increase African-American homeownership. 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.”
Blacks in America were hit the hardest by the housing crisis and when the Fair Housing Act passed, African-American homeownership grew by six percent. But that growth was stunted between 2000 and 2015 and eventually reversed. Blacks have experienced the most decline in homeownership than any group.
“Homeownership has become an indispensable part of being a full participant in American society,” National Urban League President and CEO Marc H. Morial said. “An erosion of homeownership rates among African Americans represents not only a devastating financial loss but a barrier to full participation in the American dream.”