Wells Fargo funds rural housing with $1.5M Habitat partnership

Wells Fargo is investing $1.5 million in Habitat for Humanity to scale modular and other innovative home construction approaches in rural and small-town communities across the U.S., the organizations announced Monday at the Iowa State Fair. The initiative comes as the U.S. faces a severe housing shortage that has pushed home prices and rents beyond the reach of many households, particularly in rural markets where development capital and construction labor are limited. For housing professionals, the investment signals continued momentum behind factory-built and off-site construction as a tool to expand the for-sale housing stock. According to the announcement, $1 million of the Wells Fargo funding will go to Habitat for Humanity International to advance housing innovation, including modular construction. The remaining $500,000 will support Greater Des Moines Habitat for Humanity’s work to expand affordable homeownership in central Iowa towns and rural communities such as Perry and Indianola. “Housing affordability is a growing challenge in Iowa and across the country,” Jason Rosenberg, head of public affairs at Wells Fargo, said in the release. “Through our partnership with Habitat ...