Well Fargo says it will use the allocation to support high-impact commercial real estate projects that bring economic development and essential services to low income communities and distressed neighborhoods. The money will be utilized by Wells Fargo's Community Lending and Investment division, which provides debt and equity capital for economic development, job creation and affordable housing in areas of need nationwide.

It is one of the largest participants in the NMTC program, having has closed approximately 100 transactions for projects valued at more than $800 million. Projects have included urban in-fill redevelopment projects, adaptive re-use and military base conversions, cultural facilities, charter schools and medical clinics.

Recently merged with Wachovia, Wells Fargo is a diversified financial services company with $1.2 trillion in assets.