Wells Fargo CityLIFTSM Program to Provide $3.7 Million in Down Payment Assistance Grants for Clevela
Wells Fargo CityLIFTSMProgram to Provide $3.7 Million in Down Payment Assistance Grants for Cleveland Eligible Homebuyers and $300,000 in Funds to Improve Local Neighborhoods
Cleveland homebuyer event at the Cleveland Convention Center on September 12-13 in collaboration with NeighborWorks® America and Neighborhood Housing Services of Greater Cleveland
CLEVELAND--(BUSINESS WIRE)-- Wells Fargo, the nation's largest home mortgage lender, and Neighborhood Housing Services of Greater Cleveland (NHS), today announced the Cleveland CityLIFTSM program, a $4 million local effort to help the housing market recover. This program will be available for eligible homebuyers to reserve $15,000 down payment assistance grants to purchase a Cleveland home on September 12-13 at the Cleveland Convention Center.
At the free event, potential homebuyers can determine if they qualify for down payment assistance and reserve funds of $15,000 for 60 days to purchase a home in Cleveland even if they have yet to find a property. Cleveland CityLIFTSM program down payment assistance grants may also be applied to 203k renovation loans to enable buyers to make improvements as part of a new mortgage purchase loan.
TheCleveland CityLIFTSM program is a collaboration between Wells Fargo Bank N.A., NHS, and NeighborWorks America, a national non-profit organization to help people to live in affordable homes, improve their lives, and strengthen communities. The program is designed to provide down payment assistance and homebuyer education programs in areas most impacted by the financial crisis. The Cleveland CityLIFTSM program is for qualified potential homebuyers interested in buying and living in a home in Cleveland.
The Cleveland CityLIFTSM program free homebuyer event is scheduled on Thursday, Sept. 12 from 10 a.m. to 7 p.m. and Friday, Sept. 13 from 10 a.m. to 7 p.m., at the Cleveland Convention Center, Halls B and C, located at 1 St. Clair Ave, NE. Prospective homebuyers can register at www.wellsfargo.com/citylift and learn more by calling 1-866-802-0456. Pre-registration is encouraged, although walk-ins are welcome.
"Home matters because it increases the economic, educational and healthy well-being of our city," said Lou Tisler, Executive Director of Neighborhood Housing Services of Greater Cleveland. "CityLIFTSM program is an opportunity to move the needle on all three of these bedrocks for success. This program supports our mission of achieving, promoting and sustaining the dream of homeownership. What's innovative about this opportunity is combining quality homebuyer education, scarce financial resources, and a secure mortgage to stabilize neighborhoods throughout the city of Cleveland."
In addition, prospective homebuyers may also stop by the Wells Fargo Affordable Home TourSM viewing center to preview featured homes available for sale in local neighborhoods.
"Cleveland was one of the cities most deeply affected by the housing crisis and while today mortgages are available at historically low interest rates, many families are still unable to purchase a home because they struggle with making the down payment," said Kim Smith-Moore, program manager with Wells Fargo Home Mortgage. "The CityLIFTSM program can help local homebuyers realize their dreams of owning a home."
The program in Cleveland is part of 20 housing markets across the country that will benefit from a total of $170 million Wells Fargo has committed through its LIFTprograms(including NeighborhoodLIFTSM and CityLIFTSM) to support sustainable housing in cities affected by the economic downturn. LIFT programs have helped create nearly 3,900 homeowners in the 19 housing markets where the programs have been introduced.
To qualify for down payment assistance, applicants must meet certain criteria including annual income not exceeding 120 percent of the Cleveland media area income ($76,100 for a family of four and income maximums vary depending on family size and loan product); an eight-hour homebuyer education session with NHS, a NeighborWorks® America affiliate and HUD-approved counseling agency; a commitment to stay in the home for five years and qualification for a first mortgage on the property. Participating homebuyers can obtain mortgage financing from any qualified lender and NHS of Greater Cleveland will administer the down payment assistance.
"This innovative partnership between NeighborWorks America and Wells Fargo will provide $15,000 down payment assistance grants to help Cleveland home buyers overcome a significant hurdle to homeownership," said Corinne Cahill, NeighborWorks America's Midwest region deputy director. "Eligibility requires an eight-hour homebuyer education class that has been proven to help homebuyers achieve successful and sustainable homeownership."
In addition, $300,000 of the $4 million program will be administered by Neighborhood Progress, Inc. to help make green neighborhood beautification improvements in local Cleveland neighborhoods in 2014.
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.
NHS of Greater Cleveland is a member of NeighborWorks America, which supports a network of more than 235 nonprofits, located in every state, the District of Columbia and Puerto Rico.
About Wells Fargo
Wells Fargo & Company (NYS: 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, and 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 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune's 2013 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 blog.wellsfargo.com.
Anne Schwartz, 414-224-7401
Chris Hammond, 415-310-9152
NHS of Greater Cleveland
David Rothstein, 440-668-7178
KEYWORDS: United States North America California Ohio
The article Wells Fargo CityLIFTSM Program to Provide $3.7 Million in Down Payment Assistance Grants for Cleveland Eligible Homebuyers and $300,000 in Funds to Improve Local Neighborhoods originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.