Program kicks off on January 16-17 at the San
Antonio Convention Center where eligible homebuyers can reserve
$15,000 in down payment assistance grants
Wells Fargo & Company (NYSE:WFC), NeighborWorks America® and
Alamo Community Group will join Mayor Ivy Taylor to announce the
San Antonio Wells Fargo NeighborhoodLIFT® program, a $6 million
initiative to boost homeownership and strengthen local
neighborhoods.
Of the $6 million committed by Wells Fargo, $5 million will go
toward down payment assistance grants and program support to help
potential homebuyers overcome the barrier of making a sufficient
down payment.
“Making homeownership more affordable and revitalizing our
neighborhoods will help San Antonio be an even stronger community,”
said Mayor Taylor. “This innovative public-private collaboration
will make a significant difference for families and neighborhoods
through sustainable homeownership.”
Down payment assistance grants of $15,000 will be available for
eligible homebuyers with annual incomes that do not exceed 120
percent of the San Antonio area median income – which is about
$70,550 for a family of four – with income maximums varying
depending on family size and type of loan. To be eligible,
homebuyers must meet criteria including completing an eight-hour
homebuyer education session with Alamo Community Group or another
HUD-approved counseling agency.
“Like many communities, San Antonio was impacted by the housing
crisis,” said Jeff Schumacher, regional president with Wells Fargo
Bank in San Antonio. “While mortgages are available at relatively
low interest rates, many families are unable to buy a home because
they struggle with making the down payment. The NeighborhoodLIFT
program can help local mortgage-ready homebuyers realize their
dream of owning a home.”
To reserve a $15,000 grant, participants buying homes with LIFT
program down payment assistance grants must commit to live in the
home for five years and qualify for a first mortgage on the
property. The down payment assistance grants may also be used to
buy a home that needs improvements with a new mortgage purchase
203k renovation loan.
In addition to providing down payment assistance for homebuyers,
Wells Fargo will donate $500,000 to support stabilization efforts
in San Antonio neighborhoods.
Registration now open for free event on
January 16-17
The San Antonio NeighborhoodLIFT® program will begin with a free
homebuyer event on Jan. 16-17 from 10 a.m. to 7 p.m. at the San
Antonio Convention Center, grand ballroom C, located at 200 E.
Market.
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 $15,000 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 sale.
“This innovative collaboration between NeighborWorks America,
our network member, Alamo Community Group, and Wells Fargo will put
more San Antonio 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 goal of
sustainable homeownership.”
The San Antonio 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 the Jan. 16-17 event.
Participating homebuyers can obtain mortgage financing from any
qualified lender and Alamo Community Group will determine
eligibility and Affordable Homes of South Texas will administer the
down payment assistance grants. Approved homebuyers will have up to
60 days to finalize a contract to purchase a home in San Antonio to
receive a grant.
“We are proud to help families qualify for the Wells Fargo
NeighborhoodLIFT program down payment assistance grants,” said
Jennifer Gonzalez, executive director, Alamo Community Group. “This
investment will help individuals and families become homeowners,
and make our community stronger. It’s a good time for families to
invest in homeownership and Alamo Community Group is ready to help
people prepare.”
San Antonio is the first city in 2015 to receive the
NeighborhoodLIFT ® program, and is now one of 32 housing
markets across the country that will benefit from a total of $230
million Wells Fargo has committed through its LIFT programs. Since
February 2012, LIFT programs have helped create more than 8,300
homeowners in the 31 communities where the programs have been
introduced.
About the NeighborhoodLIFT® program
The NeighborhoodLIFT® program is a collaboration between Wells
Fargo, the nonprofit NeighborWorks America and local nonprofit
organizations. The NeighborhoodLIFT program is designed to provide
sustainable homeownership initiatives in cities affected by the
housing crisis. A video about the NeighborhoodLIFT program is
posted on the Wells Fargo YouTube Channel.
About Alamo Community Group, Affordable Home of South Texas
and NeighborWorks America
Alamo Community Group and Affordable Home of South Texas are
chartered members 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 235 nonprofits, located in
every state, the District of Columbia and Puerto Rico. Visit
www.alamocommunitygroup.org, www.ahsti.org or www.neighborworks.org to learn
more.
About Wells Fargo (Twitter @WellsFargo)
Wells Fargo & Company (NYSE:WFC) is a nationwide,
diversified, community-based financial services company with $1.6
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
8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com),
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. 29 on Fortune’s
2014 rankings of America’s largest corporations. Wells Fargo’s
vision is to satisfy all our customers’ financial needs and help
them succeed financially. Wells Fargo perspectives are also
available at Wells Fargo Blogs and Wells Fargo Stories.
Wells Fargo & CompanyMediaChris Hammond,
415-222-4106Chris.L.Hammond@wellsfargo.com@ChrisHammondWFHelen
Bow, 281-650-2714Helen.k.bow@wellsfargo.com@HelenBowWF
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