Wells Fargo Foundation has pledged $22.5 million to the Local Initiatives Support Corporation (LISC) as part of its efforts to address systemic barriers to homebuying for Black, Hispanic and other underserved families.
The foundation awarded $7.5 million each to LISC-led coalitions in Houston, New York and Richmond, Va. LISC partners with local government agencies, community-based organizations, and business groups to design new mortgage products, support new housing developments, address affordability challenges, and provide education to racially and ethnically diverse homebuyers.
The initiative is part of Wells Fargo’s Wealth Opportunity Realized Through Homeownership (WORTH) program, a $60 million national effort to reduce racial disparities and expand homeownership opportunities for BIPOC families.