Wells Fargo Supports NHS OC

Wells Fargo contributes $125,000 for housing revitalization effort in Anaheim Neighborhood Housing Services of Orange County to expand its Home Again program

IRVINE, September 16, 2009 – Neighborhood Housing Services of Orange County (NHS OC) will receive $125,000 and help from Wells Fargo volunteers as a winner of the company’s Priority Markets program, a nationwide Wells Fargo effort to help communities increase the local supply of affordable housing.   NHS OC has helped more than 2,000 people find affordable places to live. Thanks to the contribution from Wells Fargo and pledged help from Wells Fargo volunteers, another 160 people will soon have a place to call home.   The contribution to NHS OC is one of 19 grants totaling $1.6 million that Wells Fargo made in 17 markets in 2009.

“This support is in addition to the many ways that Wells Fargo contributes to the well-being of Orange County,” said Hector Retta, regional president for Wells Fargo in Orange County. “We’re excited about supporting NHS OC’s efforts to revitalize housing in distressed neighborhoods. In addition to our financial investment, our team members look forward to contributing their time and talents helping to rehabilitate properties in the program – making them clean, safe places for people to live.”

The contribution also will help the area qualify for additional federal money available through the Housing and Economic Recovery Act of 2008’s Neighborhood Stabilization Program, which helps cities revitalize neighborhoods destabilized by excessive home foreclosures.

“Orange County has one of the highest foreclosure rates in the nation and with the support of Wells Fargo, NHS OC will increase our ability to expand housing opportunities, promote sound financial management and encourage civic engagement,” Glenn Hayes, Executive Director of NHS OC said, “Wells Fargo’s continued partnership with NHS OC literally helps turn distressed neighborhoods into vibrant communities.”

Wells Fargo’s Priority Markets Program provides up to $250,000 to nonprofit organizations for large building or renovation projects in Empowerment Zones (EZones). EZones areas are targeted for economic revitalization to stimulate growth, stability and investment in distressed areas. EZones can be designated by federal or local government, the community or Wells Fargo.

Priority Markets Program contributions can be used for any costs associated with the development or redevelopment of the project except advertising and marketing. A maximum 20 percent of the grant can be used for homebuyer subsidies such as down payment/closing costs. Recipients must be IRS 501c3 organizations or government entities with successful histories of building or renovating housing for low-to moderate-income homebuyers.

The Wells Fargo Housing Foundation makes the contributions. More information about the foundation is posted on wellsfargo.com (enter “Housing Foundation” in the Search box).

Wells Fargo employs more than 4,400 team members in Orange County, serves customers from 131 financial services stores across the county and last year contributed nearly $3 million to Orange county non-profits.  Wells Fargo was named a Top Workplace in Orange County by the Orange County Register’s Top Workplaces 2008, ranking 3^rd among large companies.  Wells Fargo was awarded the first annual Corporate Cultural Diversity Award by St. Anselm’s Cross Cultural Community Center in Grove and was named 2008 Spirit of Philanthropy Outstanding Business by the Association of Fundraising Professionals, Orange County Chapter and the Orange County Register in celebration of National Philanthropy Day.

Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores  and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.