Financial services giant Wells Fargo has announced grants totaling $6 million to fifty-nine nonprofit organizations working to help stabilize and revitalize neighborhoods hard-hit by the economy.

Awarded through Wells Fargo's 2012 Leading the Way Home Priority Markets Initiative, the funds will support large-scale neighborhood stabilization projects designed to stimulate growth, stability, and investment in distressed areas across the country. Administered by the Wells Fargo Housing Foundation, the grants allow up to 20 percent of the funds to be used for homebuyer subsidies, including downpayment and closing costs.

Grant recipients include the Atlanta Neighborhood Development Partnership Inc., Broward Alliance for Neighborhood Development, East Bay Community Foundation, Habitat for Humanity Las Vegas, Rebuilding Together Omaha, Inc., and Virginia Beach Community Development Corporation.

"These grants are focused on stabilizing and rebuilding local communities," said Wells Fargo Housing Foundation executive director Kimberly Jackson. "We're increasing our grant commitments to help even more efforts led by nonprofits to revitalize neighborhoods in cities that have been deeply affected by the challenging economy."