It’s no secret that living in the United States is not cheap. But even on top of that, New Jersey is one of the most expensive states to call home. In terms of general cost of living and, in particular, housing, NJ is not an easy state to afford. However, the state itself as well as a few national organizations are looking to solve the issue of affordable housing.
During a recent taping of One-on-One with Steve Adubato, the show host met with Brandee McHale; an executive and head of corporate philanthropy at the San Francisco-based financial services company, Wells Fargo. Of course, their topic of conversation focuses on affordable housing in New Jersey and across the nation.
The Affordable Housing Crisis
How to qualify for affordable housing often differs from state to state; but in most cases, a person needs to have an income below the median household income of the state. Of course, just because someone qualifies for aid does not mean they receive it right away.
With this in mind, Wells Fargo is actively taking part in helping low income families find housing. The company is “really focused on innovation and bringing a new focus to delivering financial services in communities across the US,” McHale explains. In fact, The Wells Fargo Foundation, led by McHale, will be investing almost $450,000,000 this year in local communities.
This would not be possible without the bank’s philanthropic efforts. In fact, corporate philanthropy has changed a lot in recent years, becoming a driving force in community growth and sustainability.
“Corporations really understand and now see corporate philanthropy as adding strategic value both to the external communities but also to the core business model,” says McHale. “We at Wells Fargo think about our corporate philanthropy along a continuum; as an extension of the way that we drive positive impact in society.”
One way Wells Fargo does this is by funding local groups in order to work on key challenges; another way is by taking good ideas and learning how to scale them to work through core products and services.
Want to learn more about how Wells Fargo is helping to make affordable housing more available in the US? Check out this edition of One-on-One with Steve Adubato.
After that, click here for more stories that impact New Jersey residents.
Top (Hero) Photo: © One-on-One with Steve Adubato / Caucus Educational Corporation