Wells Fargo is the first mortgage lender to launch a lending commitment program that seeks to increase home ownership in the black community. The $60 billion program focuses on increasing the number of African-American homeowners by at least 250,000 in the next 10 years (2017-2027). According to Brad Blackwell, the executive vice president and head of housing policy and homeownership growth strategies in Wells Fargo, the drive will ease the difficulties that come with home ownership hence contributing immensely to economic growth among the African American communities.

Other key housing and civil rights organizations working alongside Wells Fargo include the National Association of Real Estate Brokers (NAREB), NAACP, and the National Urban League (NUL). NAREB is comprised of African American real estate professionals, NAACP is a stable civil rights organization, while NUL offers education and counseling to homebuyers across the country. Each entity is significantly pitching in towards this initiative to bring to a close the high rates of homeownership erosions among the African Americans. NAREB has welcomed the ambition, and as a result, it targets at least Two Million New Black Homeowners in the next 5 years.

The Wells Fargo initiative offers several and affordable home financing options. For instance, “Your First Mortgage,” offers a downpayment as low as 3% for fixed-rate loans, a “VA loan” for veterans does not require any downpayment while the “Neighbourhood LIFT program” offers downpayment assistance to low-and-moderate-income homebuyers. This program will not only empower the black community but will also help them live the American dream.