We recently joined efforts with Wells Fargo to help Twin Cities residents find safe, affordable homes through our new Real Estate Owned (REO) Program. Through this collaborative effort, Wells Fargo donated a foreclosed home to Rebuilding Together Twin Cities. We renovated the home and worked with a real estate agent to sell the home to a low-to-moderate income buyer (household income between 80% and 120% of area median income). The buyer was required to complete a Homebuyer Education class and show certificate of completion before closing. The buyer is also required to live in the home; it cannot be re-sold to an investor. The proceeds from the sale of the home are returned to Rebuilding Together Twin Cities’ operating fund, allowing us to continue to make critical home repairs for homeowners in need.
“We are happy to partner with Wells Fargo to increase homeownership opportunities for low-income families,” said Kathy Greiner, our Executive Director. “These renovated homes have a positive impact on the neighborhoods, and the proceeds from the sales allow us to continue our mission: keep homeowners living independently and safely in the homes and neighborhoods they love.”
“Wells Fargo is proud to support the work of Rebuilding Together to help create affordable and sustainable housing opportunities for low-to-moderate income families,” said Kimberly Jackson, head of the Wells Fargo Housing Foundation.
The first house renovated and sold through the REO program is located in Richfield, Minn. Rebuilding Together Twin Cities has plans to renovate and sell a total of four homes this fiscal year.