Wells Fargo Commits $4.1 Million to Boost Columbia, S.C.-Area Homeownership

COLUMBIA, S.C., July 13, 2016 /3BL Media/ – Wells Fargo & Company (NYSE: WFC), NeighborWorks^® America and its network member Origin today announced the NeighborhoodLIFT^® program with a $4.1 million commitment by Wells Fargo to help boost homeownership in Richland and Lexington counties.                                                        

“Making homeownership more affordable will help hard-working families and individuals achieve sustainable homeownership, which will strengthen our neighborhoods,” said Mayor Steve Benjamin.  “This innovative public-private partnership will make a significant difference for eligible homebuyers with the support of homebuyer education and down payment assistance.”

Interested homebuyers can attend the free homebuyer event on July 29-30 when eligibility will be determined for an opportunity to reserve a matching down payment assistance grant ranging from $2,500 up to $7,500 based on the homebuyer’s contribution. To learn more about the eligibility requirements and to register, visit www.NeighborhoodLIFT.com

“Like many communities, Columbia felt the effects of a challenging housing market,” said Kathy Heffley, Wells Fargo region president in South Carolina. “While the economy continues to show signs of improvement, many families have yet to re-enter the housing market because they struggle with making a down payment.  NeighborhoodLIFT can help by providing mortgage-ready homeowners with up to $7,500 for down payment assistance to help people buy a home in Richland and Lexington Counties.”

Registration for the NeighborhoodLIFT event on July 29-30
The Wells Fargo NeighborhoodLIFT program will begin with a free event on July 29-30 from 10 a.m. to 7 p.m. at the Columbia Metropolitan Convention Center located at 11101 Lincoln St. Prospective homebuyers can register at www.NeighborhoodLIFT.com or by calling (866) 858-2151. Pre-registration is strongly recommended for an opportunity to reserve a matching down payment assistance grant, although walk-ins will be welcome while funds are available. The event includes a Wells Fargo Affordable Home Tour^® viewing center where attendees can preview local homes available for purchase.  

Matching down payment assistance grants will be based on the eligible homebuyer’s contribution.  Annual incomes must not exceed 80 percent of the local area median income, which in Richland and Lexington Counties is about $51,300 for a family of four, with income maximums varying depending on family size and type of loan.  Approved homebuyers will have up to 60 days to finalize a contract to purchase a home. To reserve the full grant amount, participants buying homes with the LIFT program must commit to live in the home for three years.

The NeighborhoodLIFT event in Columbia will include information about special financing and resources such as VA loans, homebuyer education and down payment assistance grants for servicemembers and veterans. Area median income limit for servicemembers and veterans is 100% in Richland and Lexington Counties or about $64,100 for a family of four, with income maximums varying depending on family size and type of loan. Since announcing its Military Affairs program in 2012, Wells Fargo has contributed more than $68.5 million to support military and veterans. This includes 19.5 million in nonprofit grants, and more than 300 home donations to wounded veterans valued at more than $49 million.

“NeighborWorks America and Wells Fargo’s collaboration has already helped thousands of people achieve homeownership,” said Don Phoenix, regional vice president, Southern Region, NeighborWorks America. “One of the best ways to prepare for homeownership is to work with a housing counselor who knows their community and can help guide a consumer through the process.”

To be eligible, homebuyers must complete an eight-hour homebuyer education session with Origin or another HUD-approved housing counseling agency.  Wells Fargo NeighborhoodLIFT program grants may be combined with other down payment assistance programs to provide additional financial benefit and homebuyers can obtain mortgage financing from any qualified lender.

“This collaborative effort by NeighborWorks America and Wells Fargo will make a significant impact in helping hundreds achieve affordable and sustainable homeownership,” said David Geer, chief executive officer, Origin. “We are prepared to connect Columbia-area homebuyers to NeighborhoodLIFT down payment assistance grants and the homebuyer education support services we provide.”

Since February 2012, LIFT programs combined have helped create more than 11,750 homeowners in 44 communities. A video about LIFT programs is posted on Wells Fargo Stories.

About Origin and NeighborWorks America
Origin 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 240 nonprofits, located in every state, the District of Columbia and Puerto Rico. Visit www.neighborworks.org or www.OriginSC.org to learn more.

About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,800 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.