Wells Fargo has announced a $210 million commitment in support of two initiatives aimed at supporting minority families in attaining homeownership.

The Wells Fargo Foundation will award $60 million in Wealth Opportunities Restored through Homeownership (WORTH) grants to fund public-private partnerships that develop and implement plans to address the root causes of racial gaps in homeownership. WORTH grants will run through 2025 and are expected to support 40,000 homeowners of color in eight markets with significant homeownership gaps between white and minority families. In addition, Wells Fargo is committing $150 million to lower mortgage rates and reduce the refinancing costs to help minority homeowners further benefit from refinancing.

“Wells Fargo has long been a leader in lending to minority families. These efforts are an important next step and will help close the homeownership gap between white and minority families created by decades of systemic inequities,” said Wells Fargo Home Lending CEO Kristy Fercho. “We are taking meaningful action by reimagining the homeownership journey to support minority families in realizing the dream of homeownership.”

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