Wells Fargo Invests $9.7 Million to Boost Bay Area Homeownership
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
OAKLAND, Calif., November 2, 2017 /3BL Media/ – 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.