Alaska Homeownership to Get $3.3 Million Boost
ANCHORAGE, Alaska, Aug. 7, 2019 /3BL Media/ – Wells Fargo & Company (NYSE:WFC), NeighborWorks® America and its network member NeighborWorks Alaska HomeOwnership Center today announced the NeighborhoodLIFT® program will launch for Alaska with a $3.3 million philanthropic commitment by Wells Fargo to boost homeownership.
The 2019 Alaska NeighborhoodLIFT program follows statewide programs in Mississippi, New Mexico, South Dakota and Idaho. Supported by a $475 million combined investment, Wells Fargo has conducted 72 LIFT program launches in the U.S. since 2012 that have created nearly 22,000 homeowners.
Grants available for reservation starting Aug. 12
The Wells Fargo Alaska NeighborhoodLIFT program will begin offering $10,000 down payment assistance grants on Monday, Aug. 12, to eligible homebuyers. To learn more about the eligibility requirements, visit www.nwalaska.org/lift or visit a local Wells Fargo Home Lending office. Participating homebuyers can obtain mortgage financing from any participating lender, and NeighborWorks Alaska HomeOwnership Center will determine eligibility and administer the down payment assistance grants.
“The NeighborhoodLIFT program is another example of our commitment to Alaska and our efforts to build better communities through sustainable homeownership,” said Greg Deal, Wells Fargo Alaska region bank president. “The program will help hardworking Alaskan families and individuals get on the path to achieve successful and sustainable homeownership.”
To be eligible, annual incomes must not exceed 100% of the local area median income in the borough where the home is being purchased, which is $104,900 for a family of four in Anchorage. In addition, there are special parameters for veterans and service members, teachers, law enforcement officers, firefighters and emergency medical technicians, who may reserve $12,500 down payment assistance grants within eligibility requirements.
“This innovative scollaboration will create about 250 more homeowners in Alaska,” said Steve Barbier, senior relationship manager, Western region, NeighborWorks America. “The required homebuyer education classes provided by certified professionals better prepare NeighborhoodLIFT homebuyers to achieve their goal of sustainable homeownership.”
Homebuyers must be approved for financing with an eligible lender and be in contract to purchase a home in Alaska. 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.
“The NeighborhoodLIFT program will provide homebuyer education and down payment assistance to help families achieve the dream of homeownership,” said Jim Nordlund, executive director of NeighborWorks Alaska HomeOwnership Center. “We are excited to team up with Wells Fargo and NeighborWorks America to make this opportunity available for so many deserving families.”
A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.
The Wells Fargo Foundation’s philanthropic support makes the NeighborhoodLIFT program possible. Wells Fargo recently announced an evolution of its philanthropy strategy that includes a $1 billion commitment to address the housing affordability crisis, a $20 million challenge grant aimed at accelerating housing solutions across the U.S. and an increased focus on financial health and small business growth.
About NeighborWorks Alaska HomeOwnership Center and NeighborWorks America
NeighborWorks Alaska HomeOwnership Center, one of the nation’s leading community development financial institutions, 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.nwalaska.org, or http://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 7,600 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.