Wells Fargo Commits $5 Million to Boost Maricopa Homeownership
Eligible homebuyers can make an appointment now to apply for a
matching down payment assistance grant up to $7,500 Jan. 15-16 at
Sheraton Phoenix Downtown Hotel
PHOENIX–(BUSINESS WIRE)–Wells Fargo & Company (NYSE: WFC), NeighborWorks America®
and its network member Trellis, today announced the Wells Fargo
NeighborhoodLIFT® program will expand to Maricopa
County with a $5 million commitment by Wells Fargo to help boost local
homeownership.
Interested homebuyers can register for the free homebuyer event
scheduled on Jan. 15-16 when eligibility will be determined for an
opportunity to reserve a matching down payment assistance grant ranging
from $2,500 up to $7,500 based on the homebuyer’s contribution. To learn
more about the matching down payment assistance program eligibility
requirements and to register for the homebuyer event, visit www.NeighborhoodLIFT.com.
“Making homeownership more affordable can help hard-working families and
strengthens our neighborhoods,” said Phoenix Mayor Greg Stanton. “This
innovative public-private partnership will make a difference for
eligible homebuyers through financial education and down payment
assistance.”
Approximately $4 million of the NeighborhoodLIFT program funds for
Maricopa County will provide down
payment assistance grants and program support to help hundreds of
homebuyers overcome the barrier of making a sufficient down payment.
“While the local economy continues to show signs of improvement, many
families have yet to re-enter the housing market because they struggle
with coming up with a sufficient down payment,” Michael Riley, Metro
West area president for Wells Fargo. “We believe these matching down
payment assistance grants will add up to make a huge difference for
hundreds of people and families who want to own a home.”
Matching down payment assistance grants ranging from $2,500 up to $7,500
will be based on the eligible homebuyer’s contribution. Annual incomes
must not exceed 80 percent of the local area median income. In Maricopa
County that is about $51,200 for a family of four, with income maximums
varying depending on family size and type of loan. To be eligible,
homebuyers must meet criteria such as completing an eight-hour homebuyer
education session with Trellis, a HUD-approved counselor.
Registration is open for free NeighborhoodLIFT
event on Jan. 15-16
The Wells
Fargo NeighborhoodLIFT program will begin with a free event on
January 15-16 from 10 a.m. to 7 p.m. at the Sheraton Phoenix Downtown
Hotel located at 340 N. 3rd St. Prospective homebuyers can
register and learn more about the program at www.NeighborhoodLIFT.com
or by calling (866) 858-2151. Pre-registration is strongly recommended
for an opportunity to reserve a matching down payment assistance grant
up to $7,500, although walk-ins will be welcome while funds are
available for reservation. The event also includes a Wells Fargo
Affordable Home Tour® viewing center where attendees
can preview local homes available for purchase.
To reserve a grant, participants buying homes with LIFT
program down payment assistance grants must commit to live in the home
for three years and qualify for a first mortgage on the property.
“This innovative collaboration among NeighborWorks America, our network
member Trellis, Wells Fargo and Maricopa County will put more families
and individuals on the path to homeownership,” said Gary Wolfe, regional
vice president, Rocky Mountain Region, with NeighborWorks America. “The
required housing counseling and education classes provided by certified
professionals have been shown to help people achieve their goals of
buying a home.”
The Wells Fargo NeighborhoodLIFT program down payment assistance grants
may also be combined with other down payment assistance programs to
provide additional financial benefit to qualified buyers. Information
regarding these other programs will be available at NeighborhoodLIFT
events. Participating homebuyers can obtain mortgage financing from any
qualified lender. Trellis will determine homebuyer eligibility and
administer the down payment assistance grants. Approved homebuyers will
have up to 60 days to finalize a contract to purchase a home within
Maricopa County.
“We are ready to help families qualify for the Wells Fargo
NeighborhoodLIFT program down payment assistance grants,” said Patricia
Garcia Duarte, president & CEO, Trellis. “Wells Fargo’s investment will
help more individuals and families become homeowners, making Maricopa
County neighborhoods even stronger.”
Wells Fargo’s NeighborhoodLIFT program for Maricopa County follows the
Phoenix NeighborhoodLIFT program launched in 2012 that created 375
homeowners as a result of an $8 million investment by Wells Fargo.
Maricopa County is the first Wells Fargo NeighborhoodLIFT program of
2016 and is now one of 40 communities across the country that will
benefit from more than $283 million Wells Fargo has committed through
its LIFT programs. NeighborhoodLIFT program is a corporate
philanthropic initiative funded by the Wells Fargo Foundation and since
February 2012, LIFT programs combined have helped create more than
10,500 homeowners in the 39 communities where the programs have been
introduced. A video about LIFT programs is posted on the Wells
Fargo YouTube Channel.
About Trellis and NeighborWorks America
Trellis is a chartered member of NeighborWorks America, a national
organization that creates opportunities for people to live in affordable
homes, improve their lives and strengthen their communities.
NeighborWorks America supports a network of more than 240 nonprofits,
located in every state, the District of Columbia and Puerto Rico. Visit www.trellisaz.org
or www.neighborworks.org
to learn more.
About Wells Fargo (Twitter @WellsFargo)
In Arizona, Wells Fargo has 258 banking stores and more than 14,000 team
members. Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.8 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial
finance through 8,700 locations, 12,800 ATMs, the internet (wellsfargo.com)
and mobile banking, and has offices in 36 countries to support customers
who conduct business in the global economy. With approximately 265,000
team members, Wells Fargo serves one in three households in the United
States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015
rankings of America’s largest corporations. Wells Fargo’s vision is to
satisfy our customers’ financial needs and help them succeed
financially. Wells Fargo perspectives are also available at Wells
Fargo Blogs and Wells
Fargo Stories.
Contacts
Wells Fargo & Company
Lori Brown, 602-378-4434
brownlo@wellsfargo.com
Chris
Hammond, 415-222-4106
chris.l.hammond@wellsfargo.com
Danny
Ischy, 602-378-1049
Danny.ischy@wellsfargo.com
