Wells Fargo Commits $5 Million to Boost San Diego County Homeownership
February 11 2016 - 2:00PM
Business Wire
Eligible homebuyers can make an appointment now
to apply for a matching down payment assistance grant up to $7,500
on March 4-5 at the Hilton San Diego Bayfront Hotel
Wells Fargo & Company (NYSE:WFC), NeighborWorks America® and
its network member NHSIE, today announced the upcoming San Diego
County NeighborhoodLIFT® program with a $5 million
commitment by Wells Fargo to help boost local homeownership.
Interested homebuyers can attend the free homebuyer event on
March 4-5 when eligibility will be determined for an opportunity to
reserve a matching down payment assistance grant ranging from
$2,500 up to $7,500 based on the homebuyer’s contribution. To learn
more about the matching down payment assistance program eligibility
requirements and to register, visit www.NeighborhoodLIFT.com.
“There’s no better way to help create economic equality in San
Diego than by giving more families the opportunity to own their own
home,” said San Diego Mayor Kevin L. Faulconer. “Homeownership is
the key to economic empowerment and I’m proud to support Wells
Fargo and this program that will surely help hundreds of San Diego
families.”
Approximately $4 million of the NeighborhoodLIFT program funds
for San Diego County will provide down payment assistance grants
and program support to help homebuyers overcome the barrier of
making a sufficient down payment.
“Making homeownership affordable will help hard-working families
and individuals to achieve homeownership and help make San Diego
County neighborhoods even stronger,” said Celia Lanning, Community
Bank regional president with Wells Fargo Bank in San Diego. “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 goal of owning a home.”
Matching down payment assistance grants ranging from $2,500 up
to $7,500 will be based on the eligible homebuyer’s contribution.
Annual incomes must not exceed 100 percent of the local area median
income. In San Diego County that is about $81,000 for a family of
four, with income maximums varying depending on family size and
type of loan. To be eligible, homebuyers must meet criteria such as
completing an eight-hour homebuyer education session with NHSIE, or
another HUD-approved housing counseling agency.
Registration is open for the
NeighborhoodLIFT event on March 4-5
The Wells Fargo NeighborhoodLIFT program will begin with a free
event on March 4-5 from 10 a.m. to 7 p.m. at the Hilton San Diego
Bayfront Hotel located at One Park Blvd. 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 matching down payment assistance grant, although walk-ins
will be welcome while funds are available for reservation. The
event also includes a Wells Fargo Affordable Home Tour®
viewing center where attendees can preview local homes available
for purchase, and information about special financing and resources
such as VA loans, homebuyer education and down payment assistance
grants for servicemembers and veterans.
To reserve a grant, participants buying homes with LIFT program
down payment assistance grants must commit to live in the home for
three years and qualify for a first mortgage on the property.
“This innovative collaboration between NeighborWorks America,
our network member, NHSIE, Wells Fargo and San Diego County will
put more families and individuals on the path to homeownership,”
said Joe Dabek, regional vice president, Pacific 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.”
The Wells Fargo NeighborhoodLIFT program 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. NHSIE in San Diego
will determine homebuyer eligibility and administer the down
payment assistance grants. Approved homebuyers will have up to 60
days to finalize a contract to purchase a home within San Diego
County.
“NeighborWorks America and Wells Fargo’s collaboration has
already helped thousands of homebuyers achieve sustainable
homeownership,” said Dawn Lee, executive director of NHSIE. “We are
ready to help families qualify for the Wells Fargo NeighborhoodLIFT
program down payment assistance grants.”
Wells Fargo’s NeighborhoodLIFT program for San Diego County
follows similar LIFT programs, including in Los Angeles and in the
Inland Empire that combined to create 705 homeowners in Southern
California. San Diego County is the second NeighborhoodLIFT program
of 2016 and one of 41 communities across the country that will
benefit from more than $288 million Wells Fargo has committed
through its LIFT programs. NeighborhoodLIFT program is a corporate
philanthropic initiative funded by the Wells Fargo Foundation and
since February 2012, LIFT programs combined have helped create more
than 10,850 homeowners in the 40 communities. A video about LIFT
programs is posted on the Wells Fargo YouTube Channel.
About NHSIE and NeighborWorks America
NHSIE 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.nhsie.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 8,700 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 265,000 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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Wells Fargo & CompanyLuis Gonzalez,
619-204-3236Luis.gonzalez2@wellsfargo.comorAlfredo Padilla,
213-369-6122alfredo.padilla@wellsfargo.com
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