Wells Fargo is narrowing its focus in philanthropy this year and pledging to boost funding for affordable housing by $1 billion through 2025.
The corporation announced this week that its Minnesota-based foundation will shift its focus nationwide to fund programs that work on affordable housing, financial health and growing small businesses instead of a broader set of goals.
“This is a big change for us to go really deep into really complex issues,” Wells Fargo Foundation President Jon Campbell said. “It’s a trend within philanthropy that you focus on fewer things … go deeper on those fewer things and become an active participant in those things instead of just using your checkbook.”
Minnesota, like the rest of the nation, faces a major shortage of affordable housing. Shelters are full, communities report low apartment vacancy rates and rents are rising statewide.
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