BIRMINGHAM, Ala.--(EON: Enhanced Online News)--Wells Fargo & Company (NYSE:WFC), NeighborWorks® America, and Neighborhood Housing Services of Birmingham today announced the NeighborhoodLIFT® program for Birmingham and Jefferson County with a $2.55 million investment by Wells Fargo to boost local homeownership.
“We are pleased that Wells Fargo has selected Birmingham to participate in this national homeownership initiative,” said Birmingham Mayor William Bell, Sr. “Working together, we are committed to strengthening neighborhoods and helping put homeownership within reach for our city’s residents.”
Interested homebuyers can attend the free event on April 28-29 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 homebuyer’s contribution.
“We care about the Birmingham and Jefferson County community and this collaboration is another example of our efforts to create affordable and sustainable homeownership in our local neighborhoods,” said Leigh Collier, Mid-South region president for Wells Fargo. “The NeighborhoodLIFT program will help hard-working families and individuals get on the path to achieve homeownership with down payment assistance and homebuyer education.”
Registration for the NeighborhoodLIFT event on April 28-29
The Wells Fargo NeighborhoodLIFT program will begin with a free event April 28-29 from 10 a.m. to 7 p.m. at the Birmingham-Jefferson Convention Complex, located at 2100 Richard Arrington Jr Blvd N, Birmingham. 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, homebuyer incomes must not exceed 80 percent of the local area median income, which is $51,200 in Birmingham and Jefferson County for a single family household up to a family of four, with income maximums varying depending on family size and type of loan. Eligibility for Military servicemembers and veterans is 100 percent of the area median income, or about $64,000 for an individual up to a family of four.
Participating homebuyers can obtain mortgage financing from any qualified lender and NHS of Birmingham will determine eligibility and NeighborWorks Columbus will administer the down payment assistance grants. 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 public-private collaboration will create about 225 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.”
Down payment recipients must complete an eight-hour homebuyer education session with NHS of Birmingham or another HUD-approved housing counseling agency. NeighborhoodLIFT program grants may be combined with other down payment assistance programs.
“We are ready to help families qualify for the Wells Fargo NeighborhoodLIFT down payment assistance grants,” said Kelleigh Gamble, chief executive officer of NHS of Birmingham. “Wells Fargo’s investment will help make the Birmingham and Jefferson County community stronger.”
Since February 2012, LIFT programs have helped create more than 13,250 homeowners in 50 communities. A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.
About NHS of Birmingham, NeighborWorks Columbus and NeighborWorks America
NHS of Birmingham and NeighborWorks Columbus are chartered members 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, www.nhsbham.org, or www.nwcolumbus.org.
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 Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. News, insights and perspectives are also available at Wells Fargo Stories.