Wells Fargo NeighborhoodLIFT Program Invests $5 Million to Boost Homeownership in Salt Lake City

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Wells Fargo NeighborhoodLIFT Program Invests $5 Million to Boost Homeownership in Salt Lake City

Program kicks off on December 12-13 at the Salt Palace Convention Center when eligible homebuyers can reserve $15,000 in down payment assistance grants
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.@SLCMayorsOffice joins @WellsFargo & @NeighborWorks to launch $5MM for #housing in Salt Lake City: http://bit.ly/1xwGbjY
Thursday, November 13, 2014 - 2:00pm

CAMPAIGN: Wells Fargo's Culture of Caring for Communities

CONTENT: Press Release

SALT LAKE CITY, Nov. 13, 2014 /3BL Media/ – Wells Fargo & Company (NYSE: WFC), NeighborWorks America® and NeighborWorks Salt Lake will join Mayor Ralph Becker to announce the Salt Lake City Wells Fargo NeighborhoodLIFT®program, an initiative offering $5 million from Wells Fargo to boost homeownership and strengthen local neighborhoods.

Of the $5 million committed by Wells Fargo, $4 million will go toward down payment assistance grants and program support to help potential homebuyers overcome the barrier of making a sufficient down payment.

“Making homeownership more affordable and revitalizing our neighborhoods will help make Salt Lake City an even stronger community,” said Salt Lake City Mayor Becker.  “This innovative public-private collaboration will make a tremendous difference for families and neighborhoods through sustainable homeownership.”

Down payment assistance grants of $15,000 will be available for eligible homebuyers with annual incomes that do not exceed 120 percent of the Salt Lake City area median income – which is about $82,450 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 NeighborWorks Salt Lake or another HUD-approved counseling agency.

“Like many communities, some Salt Lake City neighborhoods were significantly affected by the housing crisis,” said Dee O’Donnell, Utah regional president with Wells Fargo Bank. “While mortgages are available at relatively low interest rates, many families are unable to buy 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.”

To reserve a $15,000 grant, 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 buy a home that needs improvements with a new mortgage purchase 203k renovation loan.

In addition to providing down payment assistance for homebuyers, Wells Fargo will donate $500,000 to support stabilization efforts in Salt Lake City neighborhoods.

Registration now open for free event on December 12-13
The Salt Lake City NeighborhoodLIFT® program will begin with a free homebuyer event on December 12-13 from 10 a.m. to 7 p.m. at the Salt Lake Palace Convention Center grand ballroom located at 100 S. West Temple.

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 also includes a Wells Fargo Affordable Home Tour® viewing center where attendees can preview local homes available for sale. 

“This innovative collaboration between NeighborWorks America, our network member, NeighborWorks Salt Lake, and Wells Fargo will put more Salt Lake City families and individuals on the path to homeownership,” said Gary Wolfe, regional vice president, Rocky Mountain Region, with NeighborWorks America. “The required housing counseling and education classes provided by certified professionals have been shown to help homebuyers achieve their goal of sustainable homeownership.”

The Salt Lake City NeighborhoodLIFT® program down payment assistance grants may also be combined with other down payment assistance programs to provide additional financial benefit to qualified buyers. Information regarding these other programs will be available at the December 12-13 event.

Participating homebuyers can obtain mortgage financing from any qualified lender and NeighborWorks Salt Lake 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 Salt Lake City to receive a grant.

“We are proud to help families qualify for the Wells Fargo NeighborhoodLIFT program down payment assistance grants,” said Maria Garciaz, executive director, NeighborWorks Salt Lake. “This investment will help individuals and families become homeowners, and make our community stronger. It’s a smart time for families to invest in homeownership and NeighborWorks Salt Lake is ready to help people get prepared.”

Salt Lake City is the ninth city in 2014 to receive the NeighborhoodLIFT ® program, and is now one of 31 housing markets across the country that will benefit from a total of $225 million Wells Fargo has committed through its LIFT programs.  Since February 2012, LIFT programs have helped create more than 8,000 homeowners in the 30 communities 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 nonprofit 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 on the Wells Fargo YouTube Channel.

About NeighborWorks Salt Lake and NeighborWorks America
NeighborWorks Salt Lake 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 www.nwsaltlake.org or www.neighborworks.org to learn more.

About Wells Fargo (Twitter @WellsFargo)
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.6 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 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries 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. 29 on Fortune’s 2014 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 Wells Fargo Blogs and Wells Fargo Stories.

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Chris Hammond
+1 (415) 222-4106
Mark Chapman
+1 (801) 246-2843
Keywords: Finance & Socially Responsible Investment | Business & Trade | Community | Corporate Social Responsibility | Down Payment Assistance | Expert Connections | Housing | LIFT | NeighborhoodLIFT | Volunteerism & Community Engagement | Wells Fargo

CAMPAIGN: Wells Fargo's Culture of Caring for Communities

CONTENT: Press Release