Wells Fargo NeighborhoodLIFT Program to Boost Raleigh-Durham Homeownership

Business Wire 13-Jan-2017 11:35 AM

Eligible homebuyers can make an appointment now to apply for a matching down payment assistance grant up to $7,500 on Feb. 3-4

RALEIGH, N.C.--(BUSINESS WIRE)-- Wells Fargo & Company (NYSE:WFC), NeighborWorks America and its network member DHIC, Inc. today announced the upcoming Raleigh-Durham NeighborhoodLIFT program with a $5 million commitment by Wells Fargo to help boost local homeownership.

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I am pleased Wells Fargo has selected Raleigh-Durham to participate in this innovative homeownership initiative, said Raleigh Mayor Nancy McFarlane. Working together we hope to build and strengthen neighborhoods and communities by helping homebuyers attain the dream of owning a home.

This program will help our city and county by making homeownership more affordable for our families, said Durham Mayor William Bell. As a longtime advocate for affordable housing, Im grateful to Wells Fargo for this significant investment in our community, and look forward to working with them, NeighborWorks America, and DHIC to further this important sustainable housing effort.

Interested homebuyers can attend the free event on Feb. 3-4 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 homebuyers contribution.

The NeighborhoodLIFT program will help hard-working families and individuals get set up for success with down payment assistance and homebuyer education, said Jack Clayton, regional president for Wells Fargo. The NeighborhoodLIFT program is another example of our commitment to Raleigh-Durham and efforts to create affordable homeownership in our local communities.

Registration for the NeighborhoodLIFT event on Feb. 3-4

The Wells Fargo NeighborhoodLIFT program will begin with a free event Feb. 3-4 from 10 a.m. to 7 p.m. at the Hilton North Raleigh/Midtown, located at 3415 Wake Forest Rd, Raleigh. To learn more about the eligibility requirements and to register, visit www.NeighborhoodLIFT.com or call (866) 858-2151.

Pre-registration is strongly recommended to reserve a matching down payment assistance grant. The event also includes a Wells Fargo Virtual Affordable Home Tour viewing center where attendees can preview local homes available for purchase.

To be eligible, annual incomes must not exceed 80 percent of the local area median income, which is $56,550 in Durham County and $61,300 in Wake County for a family of four, with income maximums varying depending on family size and type of loan. Eligibility for Military servicemembers and veterans may earn up to 100 percent of the area median income.

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 NeighborhoodLIFT program must commit to live in the home for three years.

This innovative collaboration between NeighborWorks America, our network member DHIC, Wells Fargo and Raleigh-Durham will create nearly 400 homeowners, said Donald Phoenix, regional vice president, southern region, NeighborWorks America. The required homebuyer education classes provided by certified professionals help people achieve their goal of sustainable homeownership.

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

We are ready to help families qualify for the Wells Fargo NeighborhoodLIFT down payment assistance grants, said Gregg Warren, President of DHIC. Wells Fargos investment will help make Raleigh-Durham stronger.

Since February 2012, LIFT programs have helped create more than 12,900 homeowners in 48 communities, including more than 300 homeowners in North Carolina as a result of a NeighborhoodLIFT event in Charlotte. A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.

About DHIC, Inc. and NeighborWorks America

Established in 1974 and based in downtown Raleigh, DHIC, Inc. has built or rehabilitated more than 2,200 affordable rental apartments and 400 homes for sale in the greater Research Triangle area. In addition, DHICs Homeownership Center provides homebuyer education and advisory services to close to 400+ first-time homebuyers annually. DHIC Inc. 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.dhic.org to learn more.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 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 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories 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. 27 on Fortunes 2016 rankings of Americas largest corporations. Wells Fargos vision is to satisfy our customers financial needs and help them succeed financially. In 2015, Wells Fargo donated $281.3 million to 16,300 nonprofits, ranking No. 3 on the Chronicle of Philanthropys rankings of the top corporate cash philanthropists. Wells Fargo team members volunteered 1.86 million hours in 2015, serving more than 40,000 nonprofits. Wells Fargos corporate social responsibility efforts are focused on three priorities: economic empowerment in underserved communities, environmental sustainability, and advancing diversity and social inclusion. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

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Wells Fargo & Company Josh Dunn, 704-374-4835josh.dunn@wellsfargo.comStacie Bendixen,515-398-7157stacie.a.bendixen@wellsfargo.com

Source: Wells Fargo & Company