Wells Fargo Commits $5 million to Expand Twin Cities NeighborhoodLIFT Program
Eligible homebuyers can make an appointment now to apply for a
matching down payment assistance grant up to $7,500 on June 10-11 at the
Minneapolis Hyatt Regency
MINNEAPOLIS–(BUSINESS WIRE)–Wells Fargo & Company (NYSE:WFC), NeighborWorks® America
and its network member NeighborWorks Home Partners today announced plans
to expand the NeighborhoodLIFT® program with a $5
million commitment by Wells Fargo to help boost homeownership in the
Twin Cities.
Wells Fargo first launched the NeighborhoodLIFT program in the Twin
Cities in 2012 which created 422 homeowners by offering homebuyer
education plus down payment assistance grants. The 2016 Twin Cities
NeighborhoodLIFT program will create about 450 additional homeowners
with matching down payment assistance grants up to $7,500 for eligible
homebuyers.
“Making homeownership more affordable will help hard-working families
and individuals and strengthen neighborhoods within the Twin Cities,”
said Joe Ravens, Wells Fargo’s Minnesota regional president. “While
mortgages are available at relatively low interest rates, the
NeighborhoodLIFT program can help families overcome the barrier of
coming up with a sufficient down payment to buy a home.”
Interested homebuyers can attend the free homebuyer event on June 10-11
when eligibility will be determined for an opportunity to reserve a
matching down payment assistance grant ranging from $2,500 up to $7,500.
Registration for the NeighborhoodLIFT event on
June 10-11
The Wells
Fargo NeighborhoodLIFT program will begin with a free event on June
10-11 from 10 a.m. to 7 p.m. at the Minneapolis Hyatt Regency located at
1300 Nicollet Mall. Prospective homebuyers can register 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,
although walk-ins will be welcome while funds are available. The event
also includes a Wells Fargo Affordable Home Tour®
viewing center where attendees can preview local homes available for
purchase. Matching down payment assistance grants will be based on the
eligible homebuyer’s contribution. Annual incomes must not exceed 80
percent of the local area median income, which in the Twin Cities is
about $68,650 for a family of four, with income maximums varying
depending on family size and type of loan.
Approved homebuyers will have up to 60 days to finalize a contract to
purchase a home in either Minneapolis or St. Paul. To reserve the full
grant amount, participants buying homes with the LIFT
program must commit to live in the home for three years.
“This collaboration among NeighborWorks America, our network member
NeighborWorks Home Partners, Wells Fargo and the cities of Minneapolis
and St. Paul will put more families and individuals on the path to
homeownership,” said John Santner, regional vice president, Midwest
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.”
To be eligible, homebuyers must complete an eight-hour homebuyer
education session with NeighborWorks Home Partners or another
HUD-approved housing counseling agency.
“This collaboration between NeighborWorks America and Wells Fargo made a
tremendous impact in Minneapolis and Saint Paul by helping more than 400
homebuyers achieve affordable and sustainable homeownership,” said Jason
Peterson, executive director of NeighborWorks Home Partners. “We are
excited to see NeighborhoodLIFT return and are ready to help more
families through these down payment assistance grants and the support
services we provide.”
Wells Fargo NeighborhoodLIFT program grants may be combined with other
down payment assistance programs to provide additional financial benefit
and homebuyers can obtain mortgage financing from any qualified lender.
The 2016 Twin Cities NeighborhoodLIFT follows a similar LIFT program
that Wells Fargo introduced in 2012 with a $9 million commitment that
created 422 homeowners and supported neighborhood revitalization
efforts. Since February 2012, LIFT programs combined have helped create
nearly 11,500 homeowners in 42 communities. A video about LIFT programs
is posted on Wells
Fargo Stories.
About NeighborWorks Home Partners and NeighborWorks America
NeighborWorks Home Partners 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.neighborworks.org
or www.nwhomepartners.org
to learn more.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a 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 8,800 locations, 13,000 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 269,000
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
John Hobot, 612-667-9650
John.Hobot@wellsfargo.com
Chris
Hammond, 415-310-9152
Chris.l.Hammond@wellsfargo.com
