Wells Fargo Invests $2 Million to Boost South Dakota Homeownership
November 30 2017 - 11:45AM
Business Wire
Governor Daugaard joins Wells Fargo to announce
NeighborhoodLIFT program that will offer homebuyer education plus
$7,500 down payment assistance grants for all 66 counties and rural
communities
Wells Fargo & Company (NYSE:WFC), NeighborWorks® America and
its network member, GROW South Dakota, today announced the
NeighborhoodLIFT® program is coming to South Dakota with a $2
million commitment by Wells Fargo to boost homeownership for
eligible homebuyers across the state’s 66 counties. This will be
Wells Fargo’s 56th LIFT program and second-statewide effort in the
U.S.
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the full release here:
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Since February 2012, LIFT programs have
helped create more than 15,000 homeowners in 55 communities.
(Graphic: Business Wire)
“Our great state is the land of plenty, and this investment by
Wells Fargo will create opportunities for hard-working families and
individuals, including our military service members, veterans,
teachers, first responders and law enforcement officials to
purchase their own home,” said South Dakota Governor Dennis
Daugaard. “On behalf of South Dakotans, I commend Wells Fargo,
NeighborWorks and GROW South Dakota for working together to bring
this innovative program forward for our residents.”
Down payment assistance grants now available by GROW South
Dakota
Homebuyers with a contract to purchase a home may seek an
appointment with GROW South Dakota to determine eligibility for a
$7,500 down payment assistance grant. Interested homebuyers can
learn about eligibility requirements from local Wells Fargo Home
Mortgage offices or by visiting the GROW South Dakota website at
www.growsd.org/lift.
“The South Dakota NeighborhoodLIFT program demonstrates Wells
Fargo’s care and commitment to create more affordable, achievable
and sustainable homeownership and help build stronger communities,”
said Corey Heaton, Wells Fargo’s South Dakota region bank
president. “We understand this investment in and of itself will not
solve all housing challenges in our state, but it will have a
meaningful impact on hundreds of families and individuals.”
Eligible homebuyers can obtain mortgage financing from any
participating lender, and GROW South Dakota will determine
eligibility and administer the down payment assistance grants.
Eligibility requirements include not exceeding 80 percent of the
local area median income. Military service members, teachers,
emergency first responders, firefighters, and law enforcement
officers may earn 100 percent of the area median income in the
county where the home is purchased. Income maximums may vary
depending on family size and type of loan.
“This innovative public-private collaboration will create about
224 homeowners,” said John Santner, regional vice president,
Midwest 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 South Dakota NeighborhoodLIFT program must live
in the home for five years.
“We are ready to assist South Dakota families with education and
down payment assistance grants through the Wells Fargo
NeighborhoodLIFT program that will help many achieve sustainable
homeownership,” said Lori Moen, chief operating officer, GROW South
Dakota. “For families across the state, from cities to rural
communities, Wells Fargo’s investment will help address the growing
need for affordable housing.”
Since February 2012, LIFT programs have helped create nearly
15,400 homeowners in 55 communities. A video about the
NeighborhoodLIFT program is posted on Wells Fargo Stories.
About GROW South Dakota and NeighborWorks America
GROW South Dakota 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.growsd.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/20171130005102/en/
Staci Schiller,
605-575-6343Staci.L.Schiller@wellsfargo.comChris Hammond,
415-310-9152Chris.L.Hammond@wellsfargo.com
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