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Wells Fargo, NeighborWorks America and BCL of Texas Announce $6 Million Initiative to Boost Homeownership in Dallas



  Wells Fargo, NeighborWorks America and BCL of Texas Announce $6 Million
  Initiative to Boost Homeownership in Dallas

    Dallas NeighborhoodLIFT^® program to kick off Feb. 28 at Dallas Hilton
   Anatole; eligible homebuyers can reserve $15,000 down payment assistance
      grants; program includes $500,000 to help improve Southern Dallas
                                neighborhoods

Business Wire

DALLAS -- February 13, 2014

Wells Fargo, NeighborWorks America^® and Business & Community Lenders of Texas
today joined Mayor Mike Rawlings to announce the Dallas NeighborhoodLIFT^®
program, an initiative offering $6.15 million from Wells Fargo to boost
homeownership and strengthen neighborhoods in the city’s low- and
moderate-income areas.

“Homeownership is key to strengthening Dallas neighborhoods,” said Mayor
Rawlings. “This public-private partnership has the potential to make a
significant difference for the Dallas community. I want to recognize Wells
Fargo, NeighborWorks America, and BCL of Texas for their commitment to the
city of Dallas.”

Of the $6.15 million committed by Wells Fargo, $5 million will go toward down
payment assistance grants and program support to help potential homebuyers
overcome the barrier of making a sufficient down payment.

Down payment assistance grants of $15,000 will be available for eligible
homebuyers with annual incomes that do not exceed 120 percent of the Dallas
area median income – which is $81,500 for a family of four – with income
maximums varying depending on family size and type of loan. To be eligible,
homebuyers must meet criteria including completing an eight-hour homebuyer
education session with BCL of Texas or another HUD-approved counseling agency.

“Like many cities, Dallas was deeply impacted by the housing crisis,” said
John Gavin, Wells Fargo Regional President in the Dallas community. “While
mortgages are available at relatively low-interest rates, some families are
unable to buy or renovate a home because they struggle with making the down
payment. The NeighborhoodLIFT program can help local mortgage-ready homebuyers
realize their dreams of owning a home.”

Participants buying homes with LIFT program down payment assistance grants
must commit to live in the home for five years and qualify for a first
mortgage on the property. The down payment assistance grants may also be used
to take out a new mortgage purchase 203k renovation loan.

In addition to providing grants for homebuyers, the Wells Fargo program will
also donate $500,000 to support stabilization efforts in Dallas neighborhoods.
The balance of the local financial commitment will provide homebuyer program
support including the large-scale kickoff event.

Registration now open for free event Feb. 28 and March 1

The Dallas NeighborhoodLIFT^® program will begin with a free homebuyer event
on Feb. 28 and March. 1 from 10 a.m. to 7 p.m. at the Dallas Hilton Anatole
located at 2201 N Stemmons Freeway.

Prospective homebuyers can register and learn more about the program at
www.neighborhoodlift.com or by calling (866) 858-2151. Pre-registration is
strongly recommended for an opportunity to reserve a $15,000 down payment
assistance grant, although walk-ins will be welcome while funds are available.
The event will also include a Wells Fargo Affordable Home Tour^® viewing
center where attendees can preview local homes available for sale.

“This innovative partnership between NeighborWorks America, our network member
BCL of Texas, and Wells Fargo will put more Dallas families and individuals on
the path to homeownership,” said Gary Wolfe, Regional Vice President for
NeighborWorks America. “The required housing counseling and education classes,
provided by certified professionals, have been shown to help homebuyers
achieve successful and sustainable homeownership.”

Participating homebuyers can obtain mortgage financing from any qualified
lender and BCL of Texas will determine eligibility and administer the down
payment assistance grants. Approved homebuyers will have up to 60 days to
finalize a contract to purchase a home in Dallas to receive a grant.

“BCL of Texas is excited to help families qualify for the Wells Fargo
NeighborhoodLIFT program down payment assistance,” said Rosa Rios Valdez,
chief executive officer of BCL of Texas. “If your goal for 2014 is to become a
Dallas homeowner, the opportunity is now. Families need to register and get
prepared to work with the BCL of Texas staff to be first in line to access the
down payment funds.”

Dallas is the second city in 2014 to receive the NeighborhoodLIFT ^ ® program,
and is now one of 24 housing markets across the country that will benefit from
a total of $190 million Wells Fargo has committed through its LIFT ^ programs.
Since February 2012, LIFT programs have helped create more than 5,550
homeowners in housing markets where the programs have been introduced.

About the NeighborhoodLIFT^® program

The NeighborhoodLIFT^® program is a collaboration between Wells Fargo, the
nonprofit NeighborWorks America and local non-profit organizations. The
NeighborhoodLIFT program is designed to provide sustainable homeownership
initiatives in cities affected by the housing crisis. A video about the
NeighborhoodLIFT program is posted at www.youtube.com/wellsfargo.

About BCL of Texas and NeighborWorks America

Business & Community Lenders of Texas 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 235 nonprofits, located
in every state, the District of Columbia and Puerto Rico. Visit hope-ec.org or
www.nw.org to learn more.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.5 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, and 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
270,000 team members, Wells Fargo serves one in three households in the United
States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of
America’s largest corporations. Wells Fargo’s vision is to satisfy all our
customers’ financial needs and help them succeed financially. Wells Fargo
perspectives are also available at blogs.wellsfargo.com.

Contact:

Wells Fargo & Company
Joe Stroop, 817-334-7130
joe.stroop@wellsfargo.com
Chris Hammond, 415-310-9152
chris.l.hammond@wellsfargo.com
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