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Wells Fargo puts $1.5M into Habitat partnership for modular rural housing
The funding splits, with $1.0 million for Habitat for Humanity International to advance housing innovation and $500,000 for Greater Des Moines Habitat to expand affordable homeownership in Iowa towns including Perry and Indianola.
Wells Fargo will invest $1.5 million with Habitat for Humanity to expand modular and other innovative homebuilding approaches in rural and small-town markets across the U.S., the organizations announced at the Iowa State Fair, according to HousingWire.
The initiative dedicates $1.0 million to Habitat for Humanity International to advance housing innovation, including modular construction, and $500,000 to Greater Des Moines Habitat to support affordable homeownership in central Iowa communities such as Perry and Indianola.
Habitat said modular construction builds major components in a factory, then transports them to a permanent foundation, a process it says can shorten build timelines, standardize quality, and reduce onsite labor needs that are often constrained in smaller markets.
HousingWire reports Habitat will use the funds in part to grow modular home strategies, while emphasizing that homes must meet or exceed local and state building codes to scale without sacrificing safety or durability.