Wells Fargo Invests $9.7 Million to Boost Bay Area Homeownership
November 02 2017 - 8:00AM
Business Wire
Hundreds of homebuyers registered to apply for
$30,000 down payment assistance grants to buy a home in Alameda,
Contra Costa, San Francisco or Solano County on Nov. 16-17;
Walk-ins welcome
Wells Fargo & Company (NYSE:WFC), NeighborWorks® America and
its network member, Community Housing Development Corporation
(CHDC), today announced the NeighborhoodLIFT® program is coming to
the San Francisco Bay Area with a $9.7 million commitment by Wells
Fargo to boost homeownership in Alameda, Contra Costa, San
Francisco, and Solano counties. This will be Wells Fargo’s 57th
LIFT program event in the U.S.
Walk-ins welcome for the NeighborhoodLIFT event Nov.
16–17
More than 500 homebuyers are registered to attend the free Wells
Fargo NeighborhoodLIFT program event Nov. 16–17 from 10 a.m.
to 7 p.m. at the Oakland Marriott City Center, located at 1001
Broadway, when eligibility will be determined for an opportunity to
reserve a $30,000 down payment assistance grant. Those intending to
walk in should be prepared with documents required to reserve funds
posted at www.chdcnr.org/lift.
In addition, prospective homebuyers will be able to take
advantage of homebuyer education and managing credit information
sessions. Participating homebuyers can obtain mortgage financing
from any participating lender, and CHDC will determine eligibility
and administer the down payment assistance grants.
“The Bay Area NeighborhoodLIFT program demonstrates Wells
Fargo’s significant commitment to make sustainable homeownership
more affordable and achievable in the Bay Area’s high-cost housing
market,” said Jim Foley, president of Wells Fargo’s Pacific North
region. “The program will help more hardworking families achieve
successful homeownership, and follows the 2012 $5 million CityLIFT
program that created 250 homeowners in the East Bay.”
To be eligible, annual incomes must not exceed 100 percent of
the local area median income, which is about $104,300 in the
four-county area for a single household up to a family of four; and
up to $112,650 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 Alameda, Contra Costa, San
Francisco, or Solano County.
“This innovative public-private collaboration will create about
285 homeowners,” said Inman Rouce, Senior Relationship Manager,
Western 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 assist Bay area families with education and
down payment assistance grants through the Wells Fargo
NeighborhoodLIFT program to help them achieve sustainable
homeownership,” said Don Gilmore, Community Housing Development
Corporation. “Wells Fargo’s homeownership investment will help San
Francisco and the surrounding counties address our growing need for
affordable housing.”
Since February 2012, LIFT programs have helped create more than
15,000 homeowners in 55 communities. A video about the
NeighborhoodLIFT program is posted on Wells Fargo Stories.
About Community Housing Development Corporation and
NeighborWorks America
Community Housing Development Corporation 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.chdcnr.com 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171102005040/en/
Ruben Pulido,
415-852-1279Ruben.Pulido@wellsfargo.comorChris Hammond,
415-310-9152Chris.L.Hammond@wellsfargo.com
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