Wells Fargo, NeighborWorks America Help 1,600 Successfully Buy Homes through `LIFT` Programs

Tue Feb 5, 2013 9:00am EST

* Reuters is not responsible for the content in this press release.

http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130205:nBw055613a

$170 million Effort Offers Home-buying Education, Down Payment Assistance for
Moderate Income Buyers in 20 U.S. Housing Markets
SAN FRANCISCO & WASHINGTON--(Business Wire)--
Wells Fargo, one of America`s leading financial services companies, and
NeighborWorks America, a national non-profit organization which creates
opportunities for people to live in affordable homes and improve their lives,
today marked the one-year anniversary of their NeighborhoodLIFTSM and CityLIFTSM
programs by announcing the efforts have helped 1,624 moderate income buyers
purchase homes with the help of homebuyer education training and $27 million of
down payment assistance grants. In addition, 460 applicants have a contract to
purchase a home through the programs with the help of nearly $8 million for down
payment assistance. More than $64 million remains available for down payment
assistance grants through LIFT programs in participating housing markets. 

The $170 million initiative created by Wells Fargo and NeighborWorks America has
sought to keep the dream of homeownership within reach for prospective
homebuyers facing down payment challenges in cities deeply affected by the
housing crisis. The programs - first launched in February 2012 in Los Angeles
and Atlanta - have made down payment assistance grants ranging from $15,000 to
$30,000 per homebuyer depending on the housing market. 

Pre-qualified applicants must meet certain criteria including annual income not
exceeding 120 percent of the median income for the area; complete required
homebuyer education training administered by HUD-approved housing counselors
such as NeighborWorks America affiliates; 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,
America`s largest mortgage lender, and the down payment grants, while funded by
Wells Fargo, are administered by NeighborWorks America`s network of non-profit
affiliates. 

"NeighborWorks America and Wells Fargo have reached an important milestone in
helping more than 1,600 families achieve the dream of homeownership through the
LIFT programs," said NeighborWorks America CEO Eileen Fitzgerald. "These
programs contribute to community stabilization because they promote successful,
sustainable homeownership that`s grounded in making responsible buying choices."


"At Wells Fargo, we believe in programs like LIFT because they provide
community-based solutions that deliver real help to families," said Jon
Campbell, Wells Fargo`s executive vice president and head of Government and
Community Relations. "These programs encourage the kind of collaboration that
needs to keep happening between the private sector, the non-profit sector and
elected and public officials." 

Since the inception of the programs, more than 14,000 potential home buyers have
attended NeighborhoodLIFTSM and CityLIFTSM events in the following cities: Los
Angeles, Atlanta, Phoenix, Las Vegas, Houston, Miami, Tampa, Orlando,
Jacksonville, Minneapolis/St. Paul, Philadelphia, Washington, DC, Chicago,
Sacramento, and Oakland. The next CityLIFTSM program homebuyer event is
scheduled April 5-6 in Baltimore. Visit www.nhsbaltimore.org for more
information about the CityLIFTSM program in Baltimore. 

For more information about LIFT programs, go to www.neighborhoodlift.org. For
more information about NeighborWorks America, go to nw.org. 

About NeighborhoodLIFTSM

The NeighborhoodLIFTSM 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
NeighborhoodLIFTSM program is designed to provide sustainable homeownership
initiatives in cities affected by the housing crisis. A video about the
NeighborhoodLIFTSMprogram is posted at www.youtube.com/wellsfargo. 

About CityLIFTSM

The CityLIFTSM 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 NeighborWorks America

For 35 years, NeighborWorks America has created opportunities for people to
improve their lives and strengthen their communities by providing access to
homeownership and to safe and affordable rental housing. In the last five years,
NeighborWorks organizations have generated more than $19.5 billion in
reinvestment in these communities. NeighborWorks America is the nation`s leading
trainer of community development and affordable housing professionals. 

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.

Wells Fargo
Chris Hammond, 415-222-4106
chris.l.hammond@wellsfargo.com
or
NeighborWorks America
Lindsay Moore, 202-220-6317
lmoore@nw.org


Copyright Business Wire 2013