Wells Fargo ranked No. 29 on The Fair360, formerly DiversityInc Top 50 Companies for Diversity list in 2022.
Wells Fargo has launched Wealth Opportunities Realized Through Homeownership (WORTH), a $60 million national effort that aims to create 40,000 new homeowners of color in eight U.S. markets by 2025.
Homeownership is often a difficult goal to reach for people of color in America. Seventy-three percent of white households are homeowners, compared to only 50% of Hispanic and 44% of Black households, according to a National Association of Realtors article.
The reasons for the homeownership gap includes “historic redlining, challenges to accessing credit and capital, public policy and the real estate industry intentionally steering people of color away from certain communities and neighborhoods,” said Otis Rolley, President of the Wells Fargo Foundation and Head of Philanthropy and Community Impact. “As intentional as people were in creating these racist practices, we have to be as intentional in tearing them down.”
WORTH partners with nonprofit organizations to aid the process of closing the homeownership gap, including the the Urban League of Philadelphia, Congreso De Latinos Unidos, New Kensington Community Development Corp and the Urban Affairs Coalition.
Read more at stories.wf.com.