Program offers homebuyer education plus $20,000 down payment assistance grants; special parameters for veterans, military, teachers, first-responders
Wells Fargo & Company (NYSE:WFC), NeighborWorks® America
and its network member, NeighborWorks Southern Mass, today announced the NeighborhoodLIFT®
program will expand to the Boston area with a $6.75 million
commitment by Wells Fargo to boost homeownership in Essex, Middlesex,
Norfolk, Suffolk and Plymouth counties.
The event in Boston is Wells Fargo’s 60th LIFT program launch
conducted in collaboration with NeighborWorks America and its network
members through NeighborhoodLIFT and other LIFT programs.
Nearly 500 homebuyers registered for free event in Boston June 29–30
About 500 homebuyers are registered to attend the free Wells Fargo
NeighborhoodLIFT event June 29–30 from 10 a.m. to 7 p.m. at the
Sheraton Boston Hotel, located at 39 Dalton St. Walk-ins are welcome
while the $20,000 grants are available for reservation. To learn more
about the eligibility requirements and documents needed to apply for a
down payment assistance grant, visit www.nwsoma.org.
Participating homebuyers can obtain mortgage financing from any
participating lender, and NeighborWorks of Southern Mass will determine
eligibility and administer the down payment assistance grants.
“The NeighborhoodLIFT program is another example of our commitment to
Boston and the eastern Massachusetts region,” said Jennifer Crampton of
Wells Fargo’s Low Income Housing Tax Credit group within Community
Lending & Investment. “The effort will contribute to strengthening
communities by helping hardworking families and individuals get on the
path to achieve successful and sustainable homeownership.”
To be eligible, annual incomes must not exceed 100 percent of the local
area median income, which is about $107,800 for up to a family of four
in Boston. In addition, there are special parameters for veterans and
service members, teachers, law enforcement officers, firefighters and
emergency medical technicians who may reserve $22,500 down payment
assistance grants within eligibility requirements. Approved homebuyers
will have up to 60 days to finalize a contract to purchase a home in
Essex, Middlesex, Norfolk, Suffolk or Plymouth counties.
“This innovative public-private collaboration will create about 275
homeowners in the Greater Boston area,” said Joanie Straussman Brandon,
regional vice president, northeast 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 Massachusetts families and provide homebuyer
education and down payment assistance to help them achieve successful
and sustainable homeownership,” said Robert Corley, executive director
of NeighborWorks Southern Mass. “The NeighborhoodLIFT program offers
Greater Boston-area families an affordable and achievable way to realize
their homeownership goals.”
Since February 2012, LIFT programs have helped create more than 17,600
homeowners in 58 communities. A video about the NeighborhoodLIFT program
is posted on Wells
Fargo Stories.
About NeighborWorks Southern Mass. and NeighborWorks America
NeighborWorks Southern Mass 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 245
nonprofits, located in every state, the District of Columbia and Puerto
Rico. Visit www.nwsoma.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, investments, mortgage, and consumer and
commercial finance through 8,200 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 265,000 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.