Wells Fargo has partnered with the National Affordable Housing Management Association to launch a new line of insurance that seeks to meet the needs of those looking for affordable housing options. The Multifamily Affordable Housing Insurance Program aims to placate the risks associated with certain development projects that can keep families from finding appropriate housing. The program is comprised of a number of insurance providers, Wells Fargo included, to help mitigate these risks.
The program will make use of a federal subsidy, which will be applied to low-income families to help them find affordable accommodations. The program will also provide coverage for a number of infestation issues, including rodent and insect problems. Tenant discrimination will also be an issue addressed by the program, as it will bar property managers from denying homes to low-income families based solely on socio-economic factors.
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Property owners will receive coverage for a number of natural disasters, as well, including hurricanes, earthquakes and floods. The insurers participating in the program will be granted access to extensive risk management and assessment resources that will allow them to formulate prices for this new line of insurance. The program will be overseen by Wells Fargo, who has already received approval from federal insurance regulators to do business in this way.
Those wishing to participate in the program or apply for coverage may do so through Wells Fargo’s website.