NeighborhoodLIFT® offers homebuyers $15,000 grants for home down
payments in the city of Dallas and Tarrant County; additional
benefits for veterans, military, teachers and first responders
Wells Fargo & Company (NYSE:WFC), NeighborWorks® America and
its network member Business & Community Lenders (BCL) of Texas
today announced the NeighborhoodLIFT® program will expand to the
Dallas-Fort Worth area to boost local homeownership. The $6.6
million philanthropic commitment by the Wells Fargo Foundation will
assist a total of 325 new homeowners in the City of Dallas and
Tarrant County by offering homebuyer education plus $15,000 down
payment assistance grants.
The 2019 Dallas-Fort Worth Area NeighborhoodLIFT program follows
the 2014 Dallas NeighborhoodLIFT program that included a $6.15
million investment from Wells Fargo and created 280 homeowners in
Dallas County.
“Through the NeighborhoodLIFT program we are able to build upon
our commitment to Dallas-Fort Worth by revitalizing communities
through sustainable homeownership,” said Gary Hudson, Wells Fargo
Greater Fort Worth region bank president. “The program will provide
hardworking families and individuals the opportunity to achieve
successful and sustainable homeownership. It’s one more way Wells
Fargo is improving lives and strengthening communities.”
Free NeighborhoodLIFT event scheduled Sept. 20–21
Interested homebuyers are encouraged to register beginning
Tuesday, Sept. 3, at 9 a.m. at www.wellsfargo.com/lift to attend
the free event scheduled for Friday, Sept. 20, from 10 a.m. to 7
p.m. and on Saturday, Sept. 21, from 9 a.m. to 2 p.m. at the Fort
Worth Convention Center, located at 1201 Houston St., Fort Worth.
Walk-ins also are welcome on a first-come, first served basis while
grants are available for reservation. Business & Community
Lenders of Texas will administer the $15,000 grants, determine
eligibility and provide homebuyer and financial education.
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 either the city of Dallas or in
Tarrant County. Eligible homebuyers can earn up to 80% the area
median income, which is $66,500 in the city of Dallas and $60,800
in Tarrant County for a family of up to 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 collaboration is critical to creating more
affordable and sustainable homeownership in Dallas-Fort Worth,”
said Steve Barbier, senior relationship manager, western region
with NeighborWorks America. “The required homebuyer education
classes provided by certified professionals 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 either the City of Dallas or Tarrant
County and can obtain mortgage financing from any participating
lender, as mortgage purchase loans made through NeighborhoodLIFT
program are not exclusive to Wells Fargo. 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’re ready to help more Dallas-Fort Worth area residents
become homeowners with the support of NeighborhoodLIFT homebuyer
education and down payment assistance,” said Rosa Rios Valdez,
president and chief executive officer of Business & Community
Lenders of Texas. “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 may also receive a voucher at the Dallas-Fort
Worth area NeighborhoodLIFT launch event that will provide
in-person homeownership counseling at no charge with a
participating HUD-approved housing counselor. The homeownership
counseling grant program is a resource in addition to the homebuyer
education required for a NeighborhoodLIFT down payment assistance
grant.
“We are absolutely thrilled that Wells Fargo is bringing the
NeighborhoodLIFT® program to Arlington and Tarrant County,” said
Arlington Mayor W. Jeff Williams. “Through this outstanding program
they are not only providing an opportunity for low to moderate
income homebuyers to access financial assistance to purchase a
home, but they are also providing homebuyer counseling to help
consumers make good purchasing choices.”
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 73 LIFT program events across
the U.S. since 2012, creating nearly 22,000 homeowners with a total
commitment of $475 million. A video about the NeighborhoodLIFT
program is posted on Wells Fargo Stories.
About BCL and NeighborWorks America
Business & Community Lenders of Texas is a charted network
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
https://bcloftexas.org/ or 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 7,600 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 32 countries and territories to support customers who
conduct business in the global economy. With approximately 263,000
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/20190828005564/en/
Ruth Villalonga, 817-334-7042
Ruth.Villalonga@wellsfargo.com
Breely Ungar, 202-906-0369
Breely.Ungar@wellsfargo.com
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