FOR IMMEDIATE RELEASE
Habitat for Humanity of Metro Louisville and Wells Fargo team up in Louisville and across the country to help build affordable homes
LOUISVILLE, KY (August 31, 2020) – Wells Fargo Foundation has awarded Habitat for Humanity of Metro Louisville with a $30,000 grant to help build two affordable homes in Louisville. The funding is part of an $8.1 million donation to Habitat for Humanity International for capacity building and direct mission support to build, renovate and repair more than 350 affordable homes across the United States. The grant is provided through Wells Fargo Builds℠ and part of the Wells Fargo Foundation’s $1 billion philanthropic commitment to create more housing affordability solutions by 2025.
“We’ve had a rich history of working with Habitat for Humanity of Metro Louisville to strengthen our neighborhoods through philanthropy and volunteerism,” said Jerome Lynch, Managing Director- Investments, Wells Fargo Advisors. “Safe and stable housing enables people to build upon the rest of their life and, together, we can shift the narrative to help others understand that housing affordability is both an economic and humanitarian crisis that’s taking a toll on millions of people.”
Wells Fargo Builds provides philanthropic financial assistance from the Wells Fargo Foundation to support the construction, renovation, painting or repairing of homes with low-to-moderate income households. In 2019 alone, Wells Fargo employees volunteered more than 1.9 million hours of service to strengthen their communities, including building, repairing, and improving 674 homes across the U.S. with several organizations through Wells Fargo Builds.
“Louisville Habitat is grateful for Wells Fargo Foundation’s long-time support of building homes, community and hope in Louisville, KY,” says Rob Locke, CEO, Habitat for Humanity of Metro Louisville. “Through the support of community-minded partners like Wells Fargo, the families we serve are provided a foundation to transform their lives for generations.”
The grant will support the construction of two single family homes, one in the Russell neighborhood and one in Richmont Terrace. Both builds focus on empowering hard working, single mothers to transform their family’s future by providing the education, skills and resources to become homeowners. Research has shown children who grow up with safe and stable housing have greater educational success and experience positive health outcomes. These projects will allow the families increased financial security and an opportunity to begin building generational wealth.
About Habitat for Humanity of Metro Louisville
Habitat for Humanity of Metro Louisville was founded in 1985 by a group of volunteers concerned with the lack of affordable housing in Louisville. Since then, Habitat for Humanity has built or renovated over 535 homes in Jefferson and Oldham County and completed over 200 home repairs in West Louisville neighborhoods. Through volunteer labor and the donations of money and materials, Habitat builds and rehabs safe, affordable homes for people who make between 30%-80% of the area’s median income. All homebuyer families are required to invest 400 hours of sweat equity in their home and in homeowner education classes. Homes are sold at no profit with a zero interest, 20-year loan. The homeowners’ mortgage payments are reinvested to build more Habitat homes. Habitat has served over 2,350 people including 1,700 children, and celebrated with 81 homeowners who have paid off their mortages. For more information, visit www.louisvillehabitat.org.