Wells Fargo NeighborhoodLIFT Program to Boost El Paso Homeownership
EL PASO, Texas, October 28, 2016 /3BL Media/ – Wells Fargo & Company (NYSE: WFC), NeighborWorks® America and its network member Tierra Del Sol Housing Corporation today announced the upcoming El Paso NeighborhoodLIFT® program with a $4.5 million commitment by Wells Fargo to help boost local homeownership.
“I am pleased Wells Fargo has selected El Paso and other communities in El Paso County to participate in this innovative homeownership initiative,” said El Paso Mayor Oscar Leeser. “Working together we hope to build more sustainable and viable neighborhoods and communities by helping homebuyers attain the dream of owning a home.”
Interested homebuyers can attend the free event on December 2-3 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. Annual incomes must not exceed 80 percent of the local area median income, which in El Paso is about $41,900 for a family of four, with income maximums varying depending on family size and type of loan. To learn more about the eligibility requirements and to register, visit www.NeighborhoodLIFT.com or call or (866) 858-2151. Pre-registration is strongly recommended to reserve a matching down payment assistance grant.
“The NeighborhoodLIFT program will help hard-working families and individuals get set up for success with down payment assistance and homebuyer education,” said Lisa Riley, El Paso region president for Wells Fargo’s Community Bank. “The NeighborhoodLIFT program is another example of our commitment to El Paso County and efforts to create affordable homeownership in local communities.”
Registration for the NeighborhoodLIFT event on December 2-3
The Wells Fargo NeighborhoodLIFT program will begin with a free event December 2-3 from 10 a.m. to 7 p.m. at El Paso Convention Center located at 1 Civic Center Plaza.
The event also includes a Wells Fargo Virtual Affordable Home Tour® viewing center where attendees can preview local homes available for purchase.
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 collaboration between NeighborWorks America, our network member, Tierra Del Sol Housing Corporation, Wells Fargo and El Paso will create nearly 400 homeowners,” said Steve Barbier, western region senior relationship manager with NeighborWorks America. “The required homebuyer education classes provided by certified professionals helps people achieve their goal of sustainable homeownership.”
To be eligible, homebuyers must complete an eight-hour homebuyer education session with Tierra Del Sol Housing Corporation or another HUD-approved housing counseling agency. NeighborhoodLIFT program grants may be combined with other down payment assistance programs to provide additional financial benefits, and homebuyers can obtain mortgage financing from any qualified lender.
“We are ready to help families qualify for the Wells Fargo NeighborhoodLIFT down payment assistance grants,” said Rose Garcia, executive director with Tierra Del Sol Housing Corporation. “Wells Fargo’s investment will help make El Paso stronger.”
Since February 2012, LIFT programs have helped create more than 12,300 homeowners in 47 communities; including nearly 1,000 homeowners in Texas as a result of NeighborhoodLIFT events in Austin, San Antonio, Dallas and Houston. A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.
About Tierra Del Sol Housing Corporation and NeighborWorks America
Tierra Del Sol 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 240 nonprofits, located in every state, the District of Columbia and Puerto Rico. Visit www.neighborworks.org, or http://tdshc.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. 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. In 2015, Wells Fargo donated $281.3 million to 16,300 nonprofits, ranking No. 3 on the Chronicle of Philanthropy’s rankings of the top corporate cash philanthropists. Wells Fargo team members volunteered 1.86 million hours in 2015, serving more than 40,000 nonprofits. Wells Fargo’s corporate social responsibility efforts are focused on three priorities: economic empowerment in underserved communities, environmental sustainability, and advancing diversity and social inclusion. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.