Des Moines and Polk County Homeownership to Get Boost with $4.7 Million NeighborhoodLIFT Program
DES MOINES, Iowa--(BUSINESS WIRE)--Sep 6, 2018--Wells Fargo & Company (NYSE:WFC), NeighborWorks ® America and its network member Neighborhood Finance Corporation today announced the NeighborhoodLIFT ® program will expand to the Des Moines area with a $4.7 million commitment by Wells Fargo to boost homeownership in Polk County.
“NeighborhoodLIFT will put hundreds of our residents on the path to homeownership,” said Des Moines Mayor Frank Cownie. “I commend Wells Fargo, NeighborWorks America and Neighborhood Finance Corporation for working together to bring this innovative program to the Des Moines metro.”
The event in Des Moines is Wells Fargo’s 63rd LIFT program launch conducted in collaboration with NeighborWorks America and its network members.
“The NeighborhoodLIFT program is another example of our commitment to Des Moines and Polk County,” said Marta Codina, Wells Fargo region bank president for Des Moines and western Iowa. “Working together with nonprofits to offer down payment assistance grants and homebuyer education can make a big difference for homebuyers and the community.”
Registration opens Monday for free event in Des Moines Sept. 28–29
Interested homebuyers may register beginning Monday, Sept. 10, at www.wellsfargo.com/lift to attend the free event Sept. 28 from 10 a.m. to 7 p.m. and Sept. 29 from 9 a.m. to 2 p.m. in Hy-Vee Hall at the Iowa Events Center, 730 3rd St., Des Moines. Homebuyers who qualify for the program may be able to reserve a $15,000 down payment assistance grant. Walk-ins are also welcome while grants are available for reservation.
To learn more about the eligibility requirements and documents needed to apply for a down payment assistance grant, visit www.wellsfargo.com/lift. Participating homebuyers can obtain mortgage financing from any participating lender. Neighborhood Finance Corporation will determine eligibility and administer the down payment assistance grants. Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in Polk County.
“NeighborhoodLIFT is one of many ways Wells Fargo focuses on Advancing Homeownership SM throughout the U.S.,” said Michael DeVito, head of Wells Fargo Home Lending, which is headquartered in Des Moines. “We created NeighborhoodLIFT to strengthen communities by helping hardworking families and individuals get on the path to achieve successful and sustainable homeownership.”
To be eligible, annual income must not exceed 80 percent of the local area median income, which is about $63,700 for up to a family of four in Polk County. In addition, there are special parameters for veterans and service members, teachers, law enforcement officers, firefighters and emergency medical technicians, who may earn up to 100 percent of the local area median income, which is about $79,600 for up to a family of four. Individuals in any of these professions may reserve $17,500 down payment assistance grants within eligibility requirements.
“This innovative public-private collaboration will create 250 homeowners in Polk County,” said John Santner, Midwest regional vice president, NeighborWorks America. “The required homebuyer education classes provided by certified professionals better prepare NeighborhoodLIFT homebuyers to achieve their goal of sustainable homeownership.”
To reserve the full grant amount, participants buying a primary residence with the NeighborhoodLIFT program must commit to live in the home for five years.
“We are ready to assist Des Moines-area families and provide homebuyer education and down payment assistance to help them achieve successful and sustainable homeownership,” said Stephanie Preusch, executive director of Neighborhood Finance Corporation. “The NeighborhoodLIFT program offers an affordable and achievable way to realize homeownership goals.”
Since 2012, LIFT programs have helped create more than 18,375 homeowners in the U.S. A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.
About Neighborhood Finance Corporation and NeighborWorks America
Neighborhood Finance Corporation 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 245 nonprofits, located in every state, the District of Columbia and Puerto Rico. Visit www.neighborhoodfinance.org or www.neighborworks.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. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 8,050 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 38 countries and territories to support customers who conduct business in the global economy. With approximately 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 2018 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
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SOURCE: Wells Fargo & Company
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PUB: 09/06/2018 11:45 AM/DISC: 09/06/2018 11:45 AM