Wells Fargo LIFT Programs Create 2,000 Homeowners in 2016

Program helped 12,725 homeowners since 2012 through homebuyer
education and down payment assistance grants to boost sustainable
homeownership in 48 communities

SAN FRANCISCO–(BUSINESS WIRE)–More than 2,000 families and individuals purchased their home in 2016
through Wells Fargo LIFT programs, which offer homebuyer education plus
down payment assistance in local communities.


Wells Fargo and NeighborWorks® America created the
NeighborhoodLIFT® program to help local economic recovery and
advance neighborhood revitalization through sustainable homeownership.
Since 2012, Wells Fargo has invested more than $327 million in LIFT
programs for 48 communities to help create 12,725 sustainable
homeowners. As part of the effort, Wells Fargo donated $29 million in
local initiative grants to nonprofits in support of neighborhood
revitalization. NeighborWorks America and its local network members
administer the program, determine eligibility and provide the required
homebuyer education.

This year, Wells Fargo and NeighborWorks further enhanced the program by
specifically focusing it to meet the needs of low- and moderate-income
homebuyers, military servicemembers and veterans by offering matching
down payment assistance grants up to $7,500 for those who are eligible.
During the year, with a $50 million investment by Wells Fargo,
NeighborhoodLIFT program was expanded to Maricopa County, AZ; San Diego
County, Calif.; Philadelphia; Minneapolis-St. Paul; Seattle-King County,
Wash.; Columbia, S.C.; Austin, Texas; Jacksonville, Fla.; and El Paso,
Texas.

“The NeighborhoodLIFT program helps make homeownership achievable,” said
Kim Smith-Moore, LIFT programs national manager with Wells Fargo Home
Lending. “Having completed homebuyer education, these 12,725 families
and individuals are better prepared to be successful and sustainable
homeowners over time.”

Grant Money Still Available in Many Communities

Grant funds are still available for LIFT programs down payment
assistance in Detroit; San Diego County; Minneapolis-St. Paul;
Seattle-King County, Wash.; Columbia, S.C.; Austin, Texas; Jacksonville,
Fla.; and El Paso, Texas.

The Wells Fargo 2016 NeighborhoodLIFT program matching down payment
assistance 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. Interested
homebuyers can learn more about the program at www.NeighborhoodLIFT.com.

To be eligible for NeighborhoodLIFT down payment assistance, homebuyers
must meet criteria such as income not exceeding 80 percent of the area
median income – or up to 100 percent for military servicemembers and
veterans, complete an eight-hour homebuyer education course with a
HUD-approved counselor, have a contract to purchase a home, and make an
appointment with a participating NeighborWorks network member to reserve
a down payment assistance grant. A video about the program can be viewed
on Wells
Fargo Stories
.

LIFT programs impact report by NeighborWorks America

An analysis of the impact of LIFT programs among the first 10,000
homebuyers compiled by NeighborWorks America indicates:

  • Sixty-one percent of LIFT homebuyers earn 80 percent or less of the
    area median income, compared with 21 percent of conventional buyers.
  • Among LIFT buyers surveyed, 43 percent pay less for housing than they
    did previously. Of those who are paying more, the average increase is
    just $77.
  • Eighty percent of LIFT participants stated that the homebuyer
    education services they received will help them manage their finances
    and sustain homeownership.

“This collaboration with Wells Fargo, our network members, and local
communities helps put people on the path to homeownership,” said
Marietta Rodriguez, vice president, National Homeownership Programs with
NeighborWorks America. “A study of the first 10,000 homeowners created
through LIFT programs illustrates the majority of grant recipients earn
80 percent or less of their area median income. The program is helping
mortgage-ready families overcome the barrier of coming up with a
sufficient down payment and the required housing counseling education
classes are proven to help buyers both prepare and achieve their goals
of responsible homeownership.”

About NeighborWorks America

NeighborWorks America is a national nonprofit 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
to learn more.

About Wells Fargo

Wells Fargo & Company (NYSE:WFC) is a diversified, community-based
financial services company with $1.9 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 8,600 locations, 13,000 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 42 countries and
territories 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. 27 on Fortune’s 2016 rankings of America’s largest
corporations. Wells Fargo’s vision is to satisfy our customers’
financial needs and help them succeed financially. News, insights, and
perspectives from Wells Fargo are also available at Wells
Fargo Stories
.

Contacts

Wells Fargo & Company
Chris Hammond, 415-222-4106
Chris.L.Hammond@wellsfargo.com
or
NeighborWorks
America
Claudia Askew, 202-760-4055
CAskew@nw.org