CUSP (Community and Urban Stabilization Program) - Wells Fargo
CUSP - Wells Fargo’s property donation program
With CUSP, Wells Fargo has an inventory of properties they would like to donate to nonprofits, government entities or faith-based organizations in order to assist with community stabilization and improvement. These are all residential properties that are often in need of extensive rehab. Wells Fargo has seen thousands of these properties brought back to life by organizations like yours. Their supply of properties available for donation does vary by region and, in some areas, there may be no properties available.
Wells Fargo will provide marketable title to the property, pay taxes up to the day of closing, pay all past due utility bills, and pay for closing costs to transfer title (if you use our title company). Wells Fargo transfers title via a Quit Claim Deed. Wells Fargo's expectation is that the property is rehabbed or demolished (with final disposition that contributes to neighborhood stabilization) for the benefit of the community.
Currently, Wells Fargo's REO inventory is very low across the US and that means there are not many properties available for donation. However, there are other ways for organizations like yours to acquire properties. Following are several websites you can check to see if there are REO properties available in your area for sale.
- reo.wellsfargo.com – These are properties for sale through Premier Asset Services (PAS), a Wells Fargo subsidiary.
- www.auction.com - These are properties available for auction.
Additionally, Wells Fargo lists their FHA-insured properties available for auction on these websites, as HUD doesn’t allow us to donate these properties at this time. This website will also list properties available for auction from other vendors, not just Wells Fargo. Please be aware that as an auction site, you could be bidding against other interested parties.
Blight And Land Bank Funding Options
Recorder of Deeds Fee Law – Pennsylvania Act 152 of 2016
Recorder of Deeds Fee Law:
- Additional Optional Fee Imposed and Used for Demolition (Act 152 of 2016) Signed into Law by Governor November 4, 2016. Act 152 amends Act 87 of 1982 authorizing an additional fee to be imposed and used for demolition. This fee is optional, may not exceed $15.00, and must be deposited into a demolition fund that will exclusively fund the demolition of blighted property in the county. Within 90 days of imposing the fee, a county must file an initial report with the Department of Community and Economic Development, which includes plans on how the fund will be spent. Each county must also submit an annual report detailing how many properties were demolished and the cost of demolition per property. Act 152 of 2016 will expire 10 years from its effective date, January 4, 2017.
- Below is a map denoting the counties in Pennsylvania that have increased their Recorder of Deeds Fee and will use the funds for demolition (counties are marked in red). The blue counties mark counties that are currently considering an additional fee.