NeighborhoodLIFT® program offers homebuyer education plus
$15,000 down payment assistance grants for eligible Baltimore
homebuyers; special parameters for veterans, military, teachers and
first responders
Wells Fargo & Company (NYSE:WFC), NeighborWorks® America and
Neighborhood Housing Services (NHS) of Baltimore today announced
the NeighborhoodLIFT® program will expand for Baltimore with a $6
million commitment by Wells Fargo to boost local homeownership. The
2019 Baltimore NeighborhoodLIFT program follows the 2012 CityLIFT
program for Baltimore that included a $5.8 million investment from
Wells Fargo and created 386 homeowners.
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Wells Fargo has conducted 71 LIFT program
events across the U.S. since 2012, creating more than 21,100
homeowners with a total commitment of $460 million. (Graphic:
Business Wire)
“All Baltimoreans, from diverse economic backgrounds and
communities, deserve access to safe, high-quality housing that they
can afford,” said Baltimore Mayor Bernard C. "Jack" Young. “Through
the efforts of Wells Fargo, NeighborWorks America, and Neighborhood
Housing Services, the NeighborhoodLIFT program will help unlock
more housing options and usher in a new era of revitalization for
our great city.”
Free NeighborhoodLIFT event scheduled July 19–20
Interested homebuyers are encouraged to register beginning
Monday, July 1, at www.wellsfargo.com/lift to attend the free event
scheduled on Friday, July 19, from 10 a.m. to 7 p.m. and on
Saturday, July 20, from 9 a.m. to 2 p.m. at the Baltimore
Convention Center, located at 1 West Pratt Street, Baltimore.
Walk-ins also are welcome while grants are available. NHS of
Baltimore will administer the $15,000 grants, determine eligibility
and provide homebuyer and financial education.
“The NeighborhoodLIFT program is another example of our
commitment to Baltimore and our efforts to build better communities
through sustainable homeownership,” said Monica Mitchell, Wells
Fargo community relations leader in Maryland. “The program will
help hardworking families and individuals get on the path to
achieve successful and sustainable homeownership.”
To reserve a $15,000 down payment assistance grant, eligible
homebuyers must be pre-approved for financing with an eligible
lender to purchase a home in Baltimore and earn 80% or less of the
area median income, which is $75,500 for up to a family of four.
Military service members and veterans, teachers, law enforcement
officers, firefighters and emergency medical technicians may
reserve down payment assistance grants of $17,500 and earn up to
100% of the area median income.
“This innovative public-private collaboration will create 350
Baltimore homeowners,” said Donald Phoenix, regional vice
president, Southern region, NeighborWorks America. “The required
homebuyer education classes provided by certified professionals
better prepare NeighborhoodLIFT homebuyers to achieve their goal of
sustainable homeownership.”
Approved homebuyers will have up to 60 days to finalize a
contract to purchase a home in Baltimore and can obtain mortgage
financing from any participating lender. To reserve the full grant
amount, participants buying a primary residence with the
NeighborhoodLIFT program must commit to live in the home for five
years.
“Baltimore has not been immune to the housing crisis, and we’re
ready to help people become homeowners with the support of
NeighborhoodLIFT homebuyer education and down payment assistance,”
said Dan Ellis, executive director of NHS Baltimore. “We are
pleased to join Wells Fargo and NeighborWorks America to make
homeownership more affordable, achievable and sustainable.”
Wells Fargo has also committed $325,000 for up to 650 consumers
to receive complimentary face-to-face homeownership counseling.
Interested homebuyers can receive a voucher at the Baltimore
NeighborhoodLIFT launch event that will provide in-person
homeownership counseling at no charge with a participating
HUD-approved housing counselor in Baltimore. The homeownership
counseling grant program is a resource in addition to the homebuyer
education required for a NeighborhoodLIFT down payment assistance
grant.
NeighborhoodLIFT follows Wells Fargo’s announcement of an
evolution in the company’s philanthropic strategy that includes a
$1 billion commitment to address the housing affordability crisis,
a $20 million challenge grant aimed at accelerating housing
solutions nationwide and an increased focus on financial health and
small business growth.
Overall, Wells Fargo has conducted 71 LIFT program events across
the U.S. since 2012, creating more than 21,100 homeowners with a
total commitment of $460 million. A video about the
NeighborhoodLIFT program is posted on Wells Fargo Stories.
About Neighborhood Housing Services of Baltimore
Neighborhood Housing Services (NHS) of Baltimore is a chartered
member of the NeighborWorks network. It was founded as a consortium
of local residents, community groups, foundations, business leaders
and local government. It worked to reverse the decline of the
Southeast Baltimore neighborhoods north of Patterson Park. As
it grew, other neighborhoods became interested in replicating the
NHS partnership model for rehabilitation lending, homeownership
promotion and revitalization. NHS will administer the Baltimore
NeighborhoodLIFT program. Visit www.nhsbaltimore.org to learn
more.
About NeighborWorks America
NeighborWorks America is 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 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. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,700 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 33 countries and territories to support customers who
conduct business in the global economy. With approximately 262,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 26 on
Fortune’s 2019 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at
Wells Fargo Stories.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190618005182/en/
Del Galloway,
202-380-8050Del.Galloway@wellsfargo.com@DelGallowayWF
Stephanie Grant,
760-317-6505Stephanie.Grant2@wellsfargo.com@SGrantWF
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