NeighborhoodLIFT® program offers homebuyer
education plus $15,000 down payment assistance grants for eligible
Baltimore homebuyers; special parameters for veterans, military,
teachers and first responders
BALTIMORE–(BUSINESS WIRE)–Wells Fargo & Company (NYSE:WFC), NeighborWorks® America
and Neighborhood Housing Services (NHS) of Baltimore today announced the NeighborhoodLIFT®
program will expand for Baltimore with a $6 million commitment by
Wells Fargo to boost local homeownership. The 2019 Baltimore
NeighborhoodLIFT program follows the 2012 CityLIFT program for Baltimore
that included a $5.8 million investment from Wells Fargo and created 386
homeowners.
“All Baltimoreans, from diverse economic backgrounds and communities,
deserve access to safe, high-quality housing that they can afford,” said
Baltimore Mayor Bernard C. “Jack” Young. “Through the efforts of Wells
Fargo, NeighborWorks America, and Neighborhood Housing Services, the
NeighborhoodLIFT program will help unlock more housing options and usher
in a new era of revitalization for our great city.”
Free NeighborhoodLIFT event scheduled July 19–20
Interested homebuyers are encouraged to register beginning Monday, July
1, at www.wellsfargo.com/lift
to attend the free event scheduled on Friday, July 19, from 10 a.m. to 7
p.m. and on Saturday, July 20, from 9 a.m. to 2 p.m. at the Baltimore
Convention Center, located at 1 West Pratt Street, Baltimore. Walk-ins
also are welcome while grants are available. NHS of Baltimore will
administer the $15,000 grants, determine eligibility and provide
homebuyer and financial education.
“The NeighborhoodLIFT program is another example of our commitment to
Baltimore and our efforts to build better communities through
sustainable homeownership,” said Monica Mitchell, Wells Fargo community
relations leader in Maryland. “The program will help hardworking
families and individuals get on the path to achieve successful and
sustainable homeownership.”
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 Baltimore and earn 80% or less of the area median income, which
is $75,500 for up to 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
$17,500 and earn up to 100% of the area median income.
“This innovative public-private collaboration will create 350 Baltimore
homeowners,” said Donald Phoenix, regional vice president, Southern
region, 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 Baltimore 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.
“Baltimore has not been immune to the housing crisis, and we’re ready to
help people become homeowners with the support of NeighborhoodLIFT
homebuyer education and down payment assistance,” said Dan Ellis,
executive director of NHS Baltimore. “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 can receive a voucher at the Baltimore NeighborhoodLIFT
launch event that will provide in-person homeownership counseling at no
charge with a participating HUD-approved housing counselor in Baltimore.
The homeownership counseling grant program is a resource in addition to
the homebuyer education required for a NeighborhoodLIFT down payment
assistance grant.
NeighborhoodLIFT follows Wells Fargo’s announcement of an evolution in
the company’s philanthropic strategy that includes a 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 71 LIFT program events across the
U.S. since 2012, creating more than 21,100 homeowners with a total
commitment of $460 million. A video about the NeighborhoodLIFT program
is posted on Wells
Fargo Stories.
About Neighborhood Housing Services of Baltimore
Neighborhood Housing Services (NHS) of Baltimore is a chartered member
of the NeighborWorks network. It was founded as a consortium of local
residents, community groups, foundations, business leaders and local
government. It worked to reverse the decline of the Southeast Baltimore
neighborhoods north of Patterson Park. As it grew, other neighborhoods
became interested in replicating the NHS partnership model for
rehabilitation lending, homeownership promotion and revitalization. NHS
will administer the Baltimore NeighborhoodLIFT program. Visit www.nhsbaltimore.org
to learn more.
About NeighborWorks America
NeighborWorks America is 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.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 7,700
locations, more than 13,000 ATMs, the internet (wellsfargo.com) and
mobile banking, and has offices in 33 countries and territories to
support customers who conduct business in the global economy. With
approximately 262,000 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.
Contacts
Del Galloway, 202-380-8050
Del.Galloway@wellsfargo.com
@DelGallowayWF
Stephanie Grant, 760-317-6505
Stephanie.Grant2@wellsfargo.com
@SGrantWF
