Another $1 million will be divided among up to three non-profit organizations that implement the city's Residential Mortgage Foreclosure Prevention Program. The program was developed in the wake of the 2008 financial crisis as a way to mitigate the effects of the foreclosure proceedings on homeowners, lenders and the city.

An additional $500,000 in grants will be available to the city's land care program, aimed at revitalizing vacant land through clean-up and greening efforts, such as cleaning and planting vegetation on abandoned residential lots in Philadelphia.

The city and Wells Fargo also note that they will collaborate to conduct a program entitled "Understanding Philadelphia" for employees who work at Wells Fargo Home Mortgage in the Philadelphia community, and will include city and PHDC officials and others. The program will analyze the history of the housing market in the city, the city's diverse neighborhoods, and the current housing needs of city residents.

"Home ownership brings stability, security and pride — in yourself, and in your community. Philadelphians who struggle amid poverty need assurance that they face a level playing field as they work to achieve that dream. This agreement brings substantial support to the very communities that most need this assistance," Philadelphia Mayor Jim Kenney says. "Philadelphia is committed to ensuring that no one faces additional hurdles toward home ownership because of their race or ethnicity."

Joe Kirk, Wells Fargo Region Bank President, Greater Philadelphia, says, "We're pleased that we've been able to resolve this matter in a way that will provide real, tangible sustainable homeownership opportunities for many low- and moderate-income residents of Philadelphia. The efforts funded by these grants are consistent with Wells Fargo's broader philanthropic strategy, which includes a $1 billion commitment over the next six years to address the U.S. housing affordability crisis."

He adds that in the past 10 years Wells Fargo has been the largest provider of home loans for low- and moderate-income families in Philadelphia.