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 Stories.
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