An agreement between bank giant Wells Fargo, private fair housing organizations and the U.S. Department of Housing and Urban Development will bring some money to Fresno to help rebuild minority neighborhoods affected by foreclosure.
The bank has earmarked nearly $39 million to help Fresno and 43 other cities nationwide promote neighborhood revitalization, home ownership and property rehabilitation.
The agreement is a result of a federal housing discrimination complaint filed in April 2010 with HUD against Wells Fargo. The complaint alleged that the bank’s foreclosed properties in white neighborhoods were better maintained and marketed by Wells Fargo than properties in minority areas.
Here’s how the money will be distributed:
- $27 million will go to the National Fair Housing Alliance to promote home ownership in 19 cities. The alliance will manage the money and provide grants for down payment assistance and renovation costs for homes that were foreclosed.
- $11.5 million will be given to HUD to support neighborhood revitalization efforts in Fresno, Modesto and another 23 cities.
- $300,000 will help support national conferences and $250,000 will go to the National Fair Housing Alliance and other fair housing centers to hold seminars.
The alliance has two similar housing discrimination complaints also filed against US Bank and Bank of America.