Wells Fargo, Los Angeles, NeighborWorks America Celebrate One-Year Anniversary of NeighborhoodLIFTSM Program

Mon Feb 11, 2013 4:00pm EST

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* $5.4 million in down payment assistance helps more than 180 Angelenos buy
homes
* $4.3 million in down payment assistance still available for Los Angeles buyers
who qualify
* Program also awards $1.5 million to Los Angeles-based community revitalization
initiatives

LOS ANGELES--(Business Wire)--
Wells Fargo & Company (NYSE:WFC), one of America`s leading community banks; the
City of Los Angeles; and NeighborWorks America, a national non-profit
organization which creates opportunities for people to live in affordable homes
and improve their lives, today celebrated the one-year anniversary of the
NeighborhoodLIFTSM program by announcing 184 Angelenos have purchased a home
through the initiative and $4.3 million of down payment assistance grants are
still available for eligible home buyers who apply through Neighborhood Housing
Services of Los Angeles County. 

The NeighborhoodLIFTSM program debuted in Los Angeles a year ago, offering
$30,000 down payment assistance grants for qualifying program applicants to use
towards the purchase of a home. Qualified applicants also agreed to complete
home buyer education training administered by a HUD-approved counselor; have
annual income not exceeding 120 percent of the median income for the area; 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. 

"Thanks to Wells Fargo`s generous grant donations and community programs,
Angelenos from San Fernando to San Pedro can own their own piece of the City and
help to revitalize their neighborhoods," said Los Angeles Mayor Antonio
Villaraigosa. 

The Los Angeles effort - which to date has made $5.4 million in down payment
assistance grants to local homebuyers - was the first of several LIFT programs
Wells Fargo and NeighborWorks America would introduce over the course of 2012 as
they joined community leaders across the country to help housing markets recover
from the foreclosure crisis. 

"Wells Fargo`s funding of the NeighborhoodLIFTSM program and its work in
collaboration with NeighborWorks America speaks to the passion our bank has for
investing in and being part of programs that help communities succeed," said
John Sotoodeh, Wells Fargo`s Los Angeles region president. "While no single
program will ever reverse the effects of the country`s foreclosure crisis, we`re
proud to continue doing our part to support the recovery by helping promising
homebuyers achieve ownership success in a sustainable and responsible way." 

In addition to the 184 Angelenos who have purchased a home through the program
and received part of $5.4 million in down payment assistance grants, another 51
applicants have a contract to purchase a home in Los Angeles with the help of
another $1.53 million for down payment assistance. 

"Every family that has received this incredible down payment assistance has had
the chance to start life in their new home with more disposable income," said
Lori R. Gay, president and CEO of Neighborhood Housing Services of Los Angeles
County. "Access to these funds provides life changing opportunities for the many
home buyers we`ve shepherded through the process." 

Additionally, the NeighborhoodLIFTSM program in Los Angeles has allocated $1.5
million - as part of the overall $15 million local program - to local community
development initiatives, such as GRYD, a Gang Reduction and Youth Development;
MEND, West Angeles CDC; and East LA Community Corporation for food, health and
nutrition programs in Boyle Heights; Los Angeles Neighborhood Initiative for
economic development; and LA`s Best for after school programs. 

"This unique public-private collaboration is already making a tremendous
difference for local neighborhoods," said Drew Collins, Wells Fargo Home
Mortgage Pacific Region Manager. "The NeighborhoodLIFTSM program is providing
real help for families who want to buy and live in a Los Angeles home." 

Los Angeles is one of 20 housing markets benefiting from a total of $170 million
that Wells Fargo has committed through itsLIFT programs (NeighborhoodLIFTSM and
CityLIFTSM). To date, this includes delivering $89.9 million for down payment
assistance grants and $11.8 million for non-profit housing counseling, homebuyer
education, and local program support. 

Wells Fargo introduced similar programs in additional California cities
including Sacramento, Oakland (among nine East Bay cities), and plans to expand
to the Inland Empire in 2013. LIFT programs currently have down payment
assistance funds available for prospective homebuyers to purchase and live in
homes in the following housing markets: Los Angeles, Oakland, Sacramento,
Atlanta, Baltimore, Chicago, Houston, Jacksonville, Las Vegas, Miami, Orlando,
Philadelphia, Phoenix, and Tampa. Prospective home buyers can learn how to apply
at www.wellsfargo.com/lift. 

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. 

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 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 & Company
Gary Kirshner, 213-253-3720
gary.i.kishner@wellsfargo.com
Darryl Ryan, 213-253-3721
darryl.ryan@wellsfargo.com
Chris Hammond, 415-222-4106
chris.l.hammond@wellsfargo.com

Copyright Business Wire 2013

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