NeighborWorks America, Wells Fargo, Help 1,600 Successfully Buy Homes Through
LIFT Programs Assist Potential Homeowners Through Comprehensive Education and
Down Payment Assistance
WASHINGTON and SAN FRANCISCO, Feb. 5, 2013 (GLOBE NEWSWIRE) -- NeighborWorks
America, a national non-profit organization which creates opportunities for
people to live in affordable homes and improve their lives, and Wells Fargo,
one of America's leading financial services companies, today marked the
one-year anniversary of its NeighborhoodLIFT^SM and CityLIFT^SM programs by
announcing the efforts have helped 1,624 moderate income buyers purchase homes
with the help of homebuyer education training and $27 million of down payment
assistance grants. In addition, 460 applicants have a contract to purchase a
home through the programs with the help of nearly $8 million for down payment
assistance. More than $64 million remains available for down payment
assistance grants through LIFT programs in participating housing markets.
The $170 million initiative created by Wells Fargo and NeighborWorks America
has sought to keep the dream of homeownership within reach for prospective
homebuyers facing down payment challenges in cities deeply affected by the
housing crisis. The programs – first launched in February 2012 in Los Angeles
and Atlanta – have made down payment assistance grants ranging from $15,000 to
$30,000 per homebuyer depending on the housing market.
Pre-qualified applicants must meet certain criteria including annual income
not exceeding 120 percent of the median income for the area; complete required
homebuyer education training administered by HUD-approved housing counselors
such as NeighborWorks America affiliates; and earn their down payment
assistance grants when they buy and reside in an eligible home for five years.
Mortgages available through the program are not exclusively offered through
Wells Fargo, America's largest mortgage lender, and the down payment grants,
while funded by Wells Fargo, are administered by NeighborWorks America's
network of non-profit affiliates.
"NeighborWorks America and Wells Fargo have reached an important milestone in
helping more than 1,600 families achieve the dream of homeownership through
the LIFT programs," said NeighborWorks America CEO Eileen Fitzgerald. "These
programs contribute to community stabilization because they promote
successful, sustainable homeownership that's grounded in making responsible
"At Wells Fargo, we believe in programs like LIFT because they provide
community-based solutions that deliver real help to families," said Jon
Campbell, Wells Fargo's executive vice president and head of Government and
Community Relations. "These programs encourage the kind of collaboration that
needs to keep happening between the private sector, the non-profit sector and
elected and public officials."
Since the inception of the programs, more than 14,000 potential home buyers
have attended NeighborhoodLIFT^SM and CityLIFT^SM events in the following
cities: Los Angeles, Atlanta, Phoenix, Las Vegas, Houston, Miami, Tampa,
Orlando, Jacksonville, Minneapolis/St. Paul, Philadelphia, Washington, DC,
Chicago, Sacramento, and Oakland. The next CityLIFT^SM program homebuyer event
is scheduled April 5-6 in Baltimore. Visit www.nhsbaltimore.org for more
information about the CityLIFT^SM program in Baltimore.
For more information about LIFT programs, go to www.neighborhoodlift.org. For
more information about NeighborWorks America, go to nw.org.
The NeighborhoodLIFT^SM program is collaboration between Wells Fargo Bank,
N.A., the Wells Fargo Foundation, NeighborWorks America, an independent
non-profit organization, and local non-profit organizations. The
NeighborhoodLIFT^SM program is designed to provide sustainable homeownership
initiatives in cities affected by the housing crisis. A video about the
NeighborhoodLIFT^SM program is posted at www.youtube.com/wellsfargo.
The CityLIFT^SM program is designed to provide down payment assistance and
homebuyer education programs in areas most impacted by the financial crisis.
The program was developed in connection with the 2012 settlement with the U.S.
Department of Justice, and is a collaboration between Wells Fargo Bank N.A.
and NeighborWorks America.
About NeighborWorks America
For 35 years, NeighborWorks America has created opportunities for people to
improve their lives and strengthen their communities by providing access to
homeownership and to safe and affordable rental housing. In the last five
years, NeighborWorks organizations have generated more than $19.5 billion in
reinvestment in these communities. NeighborWorks America is the nation's
leading trainer of community development and affordable housing professionals.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a nationwide, diversified, community-based
financial services company with $1.4 trillion in assets. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking, insurance,
investments, mortgage, and consumer and commercial finance through more than
9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in
more than 35 countries to support the bank's customers who conduct business in
the global economy. With more than 265,000 team members, Wells Fargo serves
one in three households in the United States. Wells Fargo & Company was ranked
No. 26 on Fortune's 2012 rankings of America's largest corporations. Wells
Fargo's vision is to satisfy all our customers' financial needs and help them
The NeighborWorks America logo is available at
CONTACT: Lindsay Moore, email@example.com, 202-220-6317
Chris Hammond, firstname.lastname@example.org, 415-222-4106
NeighborWorks America Logo
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