Wells Fargo issued the following announcement on Aug. 29.
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.
Original source can be found here.