NeighborhoodLIFT® program is part of a $1 billion commitment by
Wells Fargo over six years to address U.S. housing
affordability
Wells Fargo & Company (NYSE:WFC), NeighborWorks® America and
its network member New Jersey Community Capital today announced
that the 75th LIFT program, designed to boost homeownership, will
expand to Essex County, N.J., this fall. With a $5 million
philanthropic commitment by the Wells Fargo Foundation, the
NeighborhoodLIFT program will create more than 180 Essex County
homeowners by offering $20,000 down payment assistance grants that
require completion of HUD-certified homebuyer education.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20190913005062/en/
Offering homebuyer education plus $20,000
down payment assistance grants, Wells Fargo, NeighborWorks(R)
America and its network member New Jersey Community Capital will
launch the 75th LIFT program for Essex County, N.J. homebuyers this
fall. Registration opens Monday at www.wellsfargo.com/lift. Since
2012, LIFT programs have assisted nearly 22,000 homeowners, in
nearly 900 municipalities, who have purchased more than $3.36
billion in real estate supported by a total investment of $475
million by Wells Fargo. LIFT programs will grow to $500 million
invested by Wells Fargo by the end of 2019. Mortgage loans made
through LIFT programs are not exclusive to Wells Fargo. (Graphic:
Business Wire)
The NeighborhoodLIFT program for Essex County follows Wells
Fargo’s announcement in June of an evolution in the company’s
philanthropic strategy which includes a $1 billion commitment over
the next six years to address the U.S. housing affordability
crisis.
“NeighborhoodLIFT is a great example of a housing affordability
solution Wells Fargo is bringing to communities across the U.S.,”
said Greg White, Wells Fargo Community Bank’s Northern New Jersey
region bank president. “That’s because nearly one-third of U.S.
households spend more than 30% of their income on housing costs.
Through the NeighborhoodLIFT program, Wells Fargo is providing down
payment assistance to hardworking families and individuals in Essex
County so they can realize the dream of homeownership. This
provides them with the opportunity to build wealth and live in
safe, stable, and affordable homes.”
Overall, Wells Fargo and NeighborWorks America have teamed to
implement 74 LIFT program launches across the U.S., with Essex
County being the 75th. Since 2012, LIFT programs have assisted
nearly 22,000 homeowners, in nearly 900 municipalities, who have
purchased more than $3.36 billion in real estate supported by a
total investment of $475 million by Wells Fargo. Mortgage loans
made through LIFT programs are not exclusive to Wells Fargo.
Free NeighborhoodLIFT event scheduled Oct. 5
Interested homebuyers who want to apply for a down payment
assistance grant must register beginning Monday, Sept. 16, at 9
a.m. at www.wellsfargo.com/lift to attend the free event. Wells
Fargo’s 75th LIFT program launch event is scheduled on Saturday,
Oct. 5, from 9 a.m. to 2 p.m. at the Renaissance Newark Airport
Hotel, located at 1000 Spring St. in Elizabeth, N.J. New Jersey
Community Capital will administer the $20,000 grants and determine
eligibility. Local HUD-certified housing counselors will provide
the required homebuyer education.
To reserve a $20,000 down payment assistance grant, eligible
homebuyers must be pre-approved for financing with an eligible
lender to purchase a home in Essex County and earn 100% or less of
the area median income, which is $100,600 in Essex County for 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
$22,500.
“This innovative collaboration is critical to creating
sustainable homeownership in Essex County,” said Joanie Straussman
Brandon, Northeastern regional vice president with 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 Essex County 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.
“We’re ready to help more Essex County residents become
homeowners with the support of NeighborhoodLIFT homebuyer education
and down payment assistance,” said Wayne Meyer, president of New
Jersey Community Capital. “We are pleased to join Wells Fargo and
NeighborWorks America to make homeownership more affordable,
achievable and sustainable for families and individuals.”
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 Essex
County 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.
The 2019 Essex County NeighborhoodLIFT program follows the 2013
CityLIFT program, which included Newark, and created 352
homeowners. A video about the NeighborhoodLIFT program is posted on
Wells Fargo Stories.
About NJCC and NeighborWorks America
New Jersey Community Capital is a chartered 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
www.newjerseycommunitycapital.org or www.neighborworks.org to learn
more.
About Wells Fargo
Founded in 1852 and headquartered in San Francisco, Wells Fargo
& Company (NYSE:WFC) provides banking, investment and mortgage
products and services, as well as consumer and commercial finance,
through 7,600 locations, more than 13,000 ATMs, and the internet
(wellsfargo.com). With approximately 263,000 team members, Wells
Fargo serves one in three households in the United States. With its
corporate philanthropy, Wells Fargo aims to pave a path to
stability and financial success for underserved communities by
focusing on housing affordability, small business growth, and
financial health, among other local community needs. In 2018, Wells
Fargo donated $444 million to nearly 11,000 nonprofits. For 10
consecutive years, Wells Fargo has held the honor of No. 1 in
workplace giving by United Way Worldwide. Wells Fargo team members
also actively support communities by donating more than 2 million
hours of volunteer time in the last year. News, insights and more
information on the company’s overall corporate responsibility are
available at Wells Fargo Stories and www.wellsfargo.com/impact.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190913005062/en/
Media Stephanie Ahenkora, 908-370-4061
Stephanie.Ahenkora@wellsfargo.com (or) Chris Hammond, 415-310-9152
Chris.L.Hammond@wellsfargo.com
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Apr 2023 to Apr 2024