Wells Fargo, Los Angeles, NeighborWorks America Celebrate One-Year Anniversary of NeighborhoodLIFTSM Program

  Wells Fargo, Los Angeles, NeighborWorks America Celebrate One-Year
  Anniversary of NeighborhoodLIFTSM Program

  *$5.4 million in down payment assistance helps more than 180 Angelenos buy
    homes
  *$4.3 million in down payment assistance still available for Los Angeles
    buyers who qualify
  *Program also awards $1.5 million to Los Angeles-based community
    revitalization initiatives

Business Wire

LOS ANGELES -- February 11, 2013

Wells Fargo & Company (NYSE:WFC), one of America’s leading community banks;
the City of Los Angeles; and NeighborWorks America, a national non-profit
organization which creates opportunities for people to live in affordable
homes and improve their lives, today celebrated the one-year anniversary of
the NeighborhoodLIFT^SM program by announcing 184 Angelenos have purchased a
home through the initiative and $4.3 million of down payment assistance grants
are still available for eligible home buyers who apply through Neighborhood
Housing Services of Los Angeles County.

The NeighborhoodLIFT^SM program debuted in Los Angeles a year ago, offering
$30,000 down payment assistance grants for qualifying program applicants to
use towards the purchase of a home. Qualified applicants also agreed to
complete home buyer education training administered by a HUD-approved
counselor; have annual income not exceeding 120 percent of the median income
for the area; 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.

“Thanks to Wells Fargo’s generous grant donations and community programs,
Angelenos from San Fernando to San Pedro can own their own piece of the City
and help to revitalize their neighborhoods,” said Los Angeles Mayor Antonio
Villaraigosa.

The Los Angeles effort – which to date has made $5.4 million in down payment
assistance grants to local homebuyers – was the first of several LIFT programs
Wells Fargo and NeighborWorks America would introduce over the course of 2012
as they joined community leaders across the country to help housing markets
recover from the foreclosure crisis.

“Wells Fargo’s funding of the NeighborhoodLIFT^SM program and its work in
collaboration with NeighborWorks America speaks to the passion our bank has
for investing in and being part of programs that help communities succeed,”
said John Sotoodeh, Wells Fargo’s Los Angeles region president. “While no
single program will ever reverse the effects of the country’s foreclosure
crisis, we’re proud to continue doing our part to support the recovery by
helping promising homebuyers achieve ownership success in a sustainable and
responsible way.”

In addition to the 184 Angelenos who have purchased a home through the program
and received part of $5.4 million in down payment assistance grants, another
51 applicants have a contract to purchase a home in Los Angeles with the help
of another $1.53 million for down payment assistance.

“Every family that has received this incredible down payment assistance has
had the chance to start life in their new home with more disposable income,”
said Lori R. Gay, president and CEO of Neighborhood Housing Services of Los
Angeles County. “Access to these funds provides life changing opportunities
for the many home buyers we’ve shepherded through the process.”

Additionally, the NeighborhoodLIFT^SM program in Los Angeles has allocated
$1.5 million – as part of the overall $15 million local program – to local
community development initiatives, such as GRYD, a Gang Reduction and Youth
Development; MEND, West Angeles CDC; and East LA Community Corporation for
food, health and nutrition programs in Boyle Heights; Los Angeles Neighborhood
Initiative for economic development; and LA’s Best for after school programs.

“This unique public-private collaboration is already making a tremendous
difference for local neighborhoods,” said Drew Collins, Wells Fargo Home
Mortgage Pacific Region Manager. “The NeighborhoodLIFT^SM program is providing
real help for families who want to buy and live in a Los Angeles home.”

Los Angeles is one of 20 housing markets benefiting from a total of $170
million that Wells Fargo has committed through its  LIFT programs
(NeighborhoodLIFT^SM and CityLIFT^SM). To date, this includes delivering $89.9
million for down payment assistance grants and $11.8 million for non-profit
housing counseling, homebuyer education, and local program support.

Wells Fargo introduced similar programs in additional California cities
including Sacramento, Oakland (among nine East Bay cities), and plans to
expand to the Inland Empire in 2013. LIFT programs currently have down payment
assistance funds available for prospective homebuyers to purchase and live in
homes in the following housing markets: Los Angeles, Oakland, Sacramento,
Atlanta, Baltimore, Chicago, Houston, Jacksonville, Las Vegas, Miami, Orlando,
Philadelphia, Phoenix, and Tampa. Prospective home buyers can learn how to
apply at www.wellsfargo.com/lift.

About NeighborhoodLIFT^SM

The NeighborhoodLIFT^SM program is a 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 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 succeed financially.

Contact:

Wells Fargo & Company
Gary Kirshner, 213-253-3720
gary.i.kishner@wellsfargo.com
Darryl Ryan, 213-253-3721
darryl.ryan@wellsfargo.com
Chris Hammond, 415-222-4106
chris.l.hammond@wellsfargo.com
 
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