Wells Fargo & Company (NYSE: WFC), one of Americas leading community
banks and the nations largest home mortgage lender, today announced
that its NeighborhoodLIFTSM
program is coming to a third market, Phoenix, on March 23-24 at the
Phoenix Convention Center, as it collaborates with city officials and
non-profit organizations on helping this community overcome the effects
of the countrys foreclosure crisis.
The company said the NeighborhoodLIFTSM program
has been designed to help communities attract qualified, prospective
homebuyers to neighborhoods struggling with high inventories of unsold
homes. In Phoenix, this will include a five-year goal of $3 billion in
mortgage purchase loans by Wells Fargo, and an $8 million investment the
bank is making this year for down payment assistance grants and
homebuyer support programs that help consumers achieve successful,
sustainable home ownership.
Wells Fargo chose Phoenix as its third market for the NeighborhoodLIFTSM
program based on the citys high concentrations of homeowners,
foreclosures, delinquencies, and overall housing inventory. Similar
criteria resulted in Los Angeles and Atlanta becoming the programs
first pilot markets.
Two-day NeighborhoodLIFTSM events were held in
each city in February that helped more than 640 prospective homebuyers
qualify for down payment assistance reservations totaling up to $16.4
Though no one program will re-stabilize housing markets, the positive
reception of the NeighborhoodLIFT program in Los Angeles and
Atlanta encouraged us to expand this effort to Phoenix, said Jon
Campbell, Wells Fargos head of Social Responsibility. As Americas
largest mortgage lender, Wells Fargo knows there are Americans who want
to take advantage of todays great home values and historically low
interest rates, but do not because of barriers to home ownership, such
as affording a down payment. We hope this effort helps those aspiring to
successful home ownership, and communities seeking to recover from the
worst housing downturn in a generation.
“This is a tremendous commitment by Wells Fargo to support homeowners
and communities,” said Eileen Fitzgerald, chief executive officer of NeighborWorks
America, the national non-profit collaborating with Wells Fargo on NeighborhoodLIFTSM
in Atlanta, Los Angeles and Phoenix. “This is the kind of
public-private collaboration that can help communities tackle difficult
challenges and families realize their goal of sustainable home
At the March 23-24 NeighborhoodLIFT
Phoenix, prospective homebuyers will be able to apply for down payment
assistance grants of up to $15,000, covering home and renovation
financing, and to participate in homebuyer education sessions and tours
of residential properties for sale in the Phoenix market.
Representatives from Neighborhood Housing Services of Phoenix, a NeighborWorks
America affiliate, and the city of Phoenix will be on site to help
with the processing of applications for grants and other services.
The downturn in the economy has created challenges for many of our
Phoenix citizens to become homeowners, said Phoenix Mayor Greg Stanton.
Everyone corporations, nonprofits, the city, should step up to the
plate on homeownership so we can get our housing market moving again. We
are looking forward to collaborating with Wells Fargo, NeighborWorks
America, and Neighborhood Housing Services of Phoenix on this important
sustainable housing effort. Its time to get Phoenix back on its feet,
and we all can do that by helping our residents put down roots and make
Prospective homebuyers can register to attend the events at www.neighborhoodlift.com.
Helping Homeowners: Wells Fargos efforts to date
Since January 2009, Wells Fargo has contributed to efforts to stabilize
housing markets through the following initiatives:
About Neighborhood LIFTSM
The NeighborhoodLIFT SM program is a
collaboration between Wells Fargo Bank, N.A., Wells Fargo Foundation, NeighborWorks
America, an independent non-profit organization, and local
non-profit organizations. The NeighborhoodLIFT SM
program is designed to provide sustainable homeownership initiatives in
cities deeply affected by the housing crisis. A video about the
NeighborhoodLIFT program is posted at www.youtube.com/wellsfargo.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.3 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial
finance through more than 9,000 stores, 12,000 ATMs, the Internet
(wellsfargo.com), and other distribution channels across North America
and internationally. With more than 272,000 team members, Wells Fargo
serves one in three households in America. Wells Fargo & Company was
ranked No. 23 on Fortunes 2011 rankings of Americas largest
corporations. Wells Fargos vision is to satisfy all our customers
financial needs and help them succeed financially.