As Houston continues to battle COVID-19, $5 million effort will
help residents with $15,000 home down payment assistance
As the pandemic continues to put a strain on Houstonians, Wells
Fargo will bring the NeighborhoodLIFT® program back to Houston for
a third time to help more than 300 low- and moderate-income
individuals get on a path to homeownership with $15,000 down
payment assistance grants.
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Warren Fikes purchased his home after
receiving down payment assistance through the Houston LIFT program
in 2019. (Photo: Wells Fargo)
“Saving for a down payment is one of the biggest barriers to
homeownership for many first-time home buyers, and the pandemic has
made saving for it even more challenging,” said Bill Daley, vice
chairman of Wells Fargo Public Affairs. “The LIFT initiative will
help put more than 300 Houston families on a pathway toward housing
stability and building generational wealth.”
In collaboration with NeighborWorks® America and its network
member Avenue, Daley announced the NeighborhoodLIFT® program today
in front of the Houston home of Amanda Bridgewater, a single mother
who previously received down payment assistance through
NeighborhoodLIFT.
“Houston is a special place to call home, and this investment
will help our local community of hardworking Houstonians with big
dreams for the future,” said Mayor Sylvester Turner. “We appreciate
the efforts of Wells Fargo, NeighborWorks America and its local
affiliates to bring the NeighborhoodLIFT program to Houston again
and help put homeownership within reach for hundreds of
households.”
LIFT programs have created more than 25,000 homeowners Today’s
expansion of the NeighborhoodLIFT program celebrates more than
25,100 homeowners created through 82 LIFT launches nationwide since
2012. The $5 million commitment from Wells Fargo Bank, N.A. follows
LIFT programs in 2012 and 2019 in Houston, which created more than
700 local homeowners. In addition to $15,000 home down payment
assistance grants, the program includes $250,000 for 500
Houstonians to receive homeownership counseling so they can learn
how to navigate the home purchasing process and determine how to
best budget for ongoing homeownership costs.
Nurse Amanda Bridgewater purchased a home through Houston
NeighborhoodLIFT in 2019 and learned valuable lessons about
homeownership through the program.
“As a first-time homebuyer, learning all the mortgage terms was
like learning a different language,” said Bridgewater. “Through the
program I learned all about the homebuying process and, without
LIFT, I may never have been able to buy a home. I’ve recommended
the program to a few of my coworkers.”
“We’re ready to help more people like Ms. Bridgewater become
homeowners with the support of NeighborhoodLIFT homebuyer education
and down payment assistance,” said Mary Lawler, executive director
of Avenue. “Through homeownership, she has been able to provide a
safe home that’s close to school for her children, gotten a family
dog and avoided the anxiety that can come with rising rental costs.
NeighborhoodLIFT is a tremendous program and we are thrilled to
have it back in our community for a third time to help people
achieve homeownership.”
Applications for down payment assistance begin Nov. 8 Eligible
homebuyers must earn 80% or less of family median income in
Houston, as determined by the Federal Financial Institutions
Examination Council. In Houston, the income limit is $63,840 for
all borrowers. Participating homebuyers can obtain mortgage
financing from any participating NeighborhoodLIFT lender and Avenue
will determine eligibility and administer the down payment
assistance.
“This important collaboration will assist more than 300
homeowners while maintaining social distancing guidelines via a
virtual platform,” said Lisa Hasegawa, regional vice president,
western region, NeighborWorks America. “In addition, the required
homebuyer education provided by trained professionals will help
homebuyers better understand financial commitments of
homeownership, from differences in mortgage loans, to property
taxes, and more.”
Homebuyers can view a list of participating lenders, learn about
the steps to apply for down payment assistance, and sign-up for
homebuyer education with a HUD-approved provider at
www.wellsfargo.com/lift or www.avenuecdc.org/lift. The material is
also available in Spanish at www.avenuecdc.org/lift/espanol.
Applications for down payment assistance may be submitted beginning
Monday, Nov. 8, 2021, at 9 a.m. Central Time.
Committed to housing affordability Since 2012, Wells Fargo has
invested $521 million in NeighborhoodLIFT and other LIFT programs.
While the LIFT program is focused on serving low- and
moderate-income families regardless of race or ethnicity, the
majority of LIFT homeowners represent people from various racial
and ethnic backgrounds, with 25% of all LIFT down payment
assistance recipients self-identifying as Black homeowners and 29%
representing Hispanic households.
These grants are part of Wells Fargo’s housing affordability
philanthropic commitment to address community needs in response to
COVID-19. Since March of last year, Wells Fargo has provided more
than $25 million in grant funding to national nonprofit housing and
legal assistance organizations in support of housing counseling,
renter stabilization, and eviction avoidance.
About NeighborWorks America and Avenue
Avenue 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 nearly 250
nonprofits, located in every state, the District of Columbia and
Puerto Rico. Visit www.avenuecdc.org or www.neighborworks.org to
learn more.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is the leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment, and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories. Additional
information may be found at www.wellsfargo.com | Twitter:
@WellsFargo.
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Stephanie Grant, 760-317-6505
Stephanie.Grant2@wellsfargo.com
Ty Morrison, 713-319-1752 Tymika.Morrison@wellsfargo.com
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