View our most recent news releases below.
With our roots as a community-based organization, we strive to provide high quality and easily accessible services to the customers we serve. We are excited to announce that we are bringing all of our staff together in a central location that will be more accessible to our customers throughout Saint Paul and Minneapolis whether they travel by train, bus, foot, bike, or car.
In late June the staff currently housed at our Water Street office will join our staff at 533 Dale Street. To prepare for this move, our Frogtown location will be undergoing some interior renovations that may require temporary closures – we apologize in advance for any inconveniences this may cause. Once the dust settles we’d love to have you come visit! Please watch for our open house announcement.
We will never forget our roots (as Community NHS) as an organization started by West Side citizens. Their purpose was to provide home improvement lending that was community-based. We will continue to provide these core services to the West Side as well as the rest of St. Paul and the surrounding communities. Moving our office to a residential neighborhood provides a different experience and connection to community that we believe will strengthen our service for all of Saint Paul.
We look forward to helping even more customers at our Dale Street office as they buy, build, fix, and keep their homes.
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You’re laid off at work. Your car needs a new transmission. Your furnace blows. These are all costly emergencies that can’t usually be anticipated and cannot be avoided once they occur. Without a fund set aside just for such emergencies, they can trigger even greater disasters.
Last year, NeighborWorks America released the findings of its third annual consumer finance survey. Chief among them is the alarming fact that nearly a third of adult Americans (29 percent) have no emergency savings. Ninety-one percent of those with incomes of $100,000 reported holding emergency savings, compared to just 30 percent of who earn less than $20,000, 63 percent of those with incomes below $40,000 and 78 percent of those with incomes between $40,000 -$50,000.
There also were significant differences by race and education. The highest percentages of households without any emergency savings at all were reported by African-Americans, adults with lower incomes, and among those with a high school education or less.
A good rule of thumb is to have enough funds set aside to cover three to six months (some say four to seven) of living expenses. This will give you enough time, for instance, to find a new job or supplement your unemployment benefits until you do. However, anything in the bank is better than nothing — and $500 will get you out of many scrapes that would otherwise put you in the hole. In other words, start small if you have to, but start.
Here are a few tips:
- * Set up a savings account just for this purpose. Separate it from the accounts you tap into on a regular basis so you’re not tempted to dip into your reserves. Do not get access to it via debit card. And if you are issued a checkbook, hide it.
- * Arrange the automatic deposit of a portion of your paycheck into that savings account. Most employers allow direct deposits into multiple accounts. This is the most painless way to create a regular savings habit; you won’t even notice it! But make sure you’ve created a realistic budget. Otherwise, you’ll be pulling money out of savings regularly to pay bills, defeating the purpose.
- * Keep the change. When you get $1 and $5 bills after breaking a $20, drop some in a jar at home. When the jar fills up, move it into your savings account. And if you have money left after paying your bills at the end of a pay period, move some into your emergency fund.
- * Save your tax refund. The average refund is in the thousands, which can give a good boost to your emergency savings. When you file your taxes, consider having your refund directly deposited into your emergency account. Alternatively, adjust your W-4 tax form so that you have less money withheld, and direct the extra into your emergency fund.
- * Cut back on costs. If you’re still falling short on saving, track your spending for a month to find discretionary expenses you don’t really need. Meals out, stops at coffee shops, drinks with friends all add up fast, but you may not realize how much you’re spending in total until you’ve put it on paper.
Remember: Expenses you should be able to anticipate, such as holiday gifts and annual auto insurance payments, are not emergencies! One of the most common problems people have with emergency funds is forgetting to plan for one-time expenses each year.
Members of the NeighborWorks America network of nonprofit housing and community-development organizations offer financial education and coaching to help you follow these guidelines. Emergencies are upsetting enough. Don’t allow them to turn into financial catastrophes as well.
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, May 10, 2016 – 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 $7500.
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.
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