New York City Homeownership to Get $8.3 Million Boost
October 24 2017 - 10:15AM
Business Wire
More than 500 homebuyers registered to apply
for $20,000 down payment assistance grants to buy a home in the
Bronx, Queens or Brooklyn on Nov. 3-4; Walk-ins welcome
Wells Fargo & Company (NYSE:WFC), NeighborWorks® America and
its network member, Neighborhood Housing Services of New York,
Inc., today announced the NeighborhoodLIFT® program is coming to
the New York City area with an $8.3 million commitment by Wells
Fargo to boost homeownership in the boroughs of Brooklyn, Bronx and
Queens. This will be Wells Fargo’s 55th LIFT program event in the
U.S.
“My office is committed to helping all Bronxites find
appropriate homes, and that includes expanding opportunities for
home ownership,” said Bronx Borough President Ruben Diaz Jr. “The
Wells Fargo NeighborhoodLIFT program has already proven successful
in our borough, and I urge Bronxites who are thinking about
purchasing their own home to consider taking part in this program.
I want to thank Wells Fargo for bringing the NeighborhoodLIFT
program back to our borough, and I appreciate the company’s
financial commitment to helping families buy their own home.”
Walk-ins are welcome at the free event Nov. 3-4, when interested
homebuyer eligibility will be determined for an opportunity to
reserve a $20,000 down payment assistance grant.
Walk-ins welcome for the
NeighborhoodLIFT event Nov. 3-4
The Wells Fargo NeighborhoodLIFT program will begin with a free
event Nov. 3-4 from 10 a.m. to 7 p.m. at the Brooklyn Expo Center
(located at 72 Noble St, Brooklyn). A list of documents required to
determine eligibility is available at NHSNYC.org. Participating
homebuyers can obtain mortgage financing from any participating
lender, and Neighborhood Housing Services of New York City, Inc.
will determine eligibility and administer the down payment
assistance grants.
“The NeighborhoodLIFT program is another example of our
commitment to the greater New York City area and our efforts to
building better communities through sustainable homeownership,”
said Fred Bertoldo, Wells Fargo region bank president. “The program
will help hardworking families and individuals get on the path to
achieve homeownership and follows the 2013 New York/New Jersey
CityLIFT program that created 352 homeowners.”
To be eligible, annual incomes must not exceed 100 percent of
the local area median income, which is about $95,400 in the New
York City community for a single household up to a family of four;
and up to $103,050 for a family of five. Income maximums may vary
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 the New York City area to receive a
grant. Participating communities include the boroughs of Brooklyn,
Bronx and Queens.
“This innovative public-private collaboration will create more
than 350 homeowners,” said Joan Straussman, regional vice
president, northeast region, NeighborWorks America. “The required
homebuyer education classes provided by certified professionals
better prepare NeighborhoodLIFT homebuyers to achieve their goal of
sustainable homeownership.”
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.
“We are ready to equip New York City families with education and
down payment assistance grants through the Wells Fargo
NeighborhoodLIFT program to help them achieve sustainable
homeownership,” said Susan M. Ifill, Chief Executive Officer,
Neighborhood Housing Services of New York City, Inc. “Wells Fargo’s
homeownership investment will help New York City and the
surrounding counties address our growing need for affordable
housing.”
Since February 2012, LIFT programs have helped create nearly
15,000 homeowners in 54 communities. A video about the
NeighborhoodLIFT program is posted on Wells Fargo Stories.
About Neighborhood Housing Services of New York City, Inc.
and NeighborWorks America
Neighborhood Housing Services of New York City, Inc. serves the
five boroughs of New York City and 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
http://www.nhsnyc.org/ or http://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,
insurance, investments, mortgage, and consumer and commercial
finance through more than 8,400 locations, 13,000 ATMs, the
internet (wellsfargo.com) and mobile banking, and has offices in 42
countries and territories to support customers who conduct business
in the global economy. With approximately 268,000 team members,
Wells Fargo serves one in three households in the United States.
Wells Fargo & Company was ranked No. 25 on Fortune’s 2017
rankings of America’s largest corporations. News, insights and
perspectives from Wells Fargo are also available at Wells Fargo
Stories.
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version on businesswire.com: http://www.businesswire.com/news/home/20171024005426/en/
Kevin Friedlander,
908-907-1317Kevin.Friedlander@wellsfargo.comorChris Hammond,
415-310-9152Chris.L.Hammond@wellsfargo.com
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