NeighborhoodLIFT® program is part of a $1 billion commitment by the Wells Fargo Foundation to address housing affordability
Submitted by: Wells Fargo & Company
Posted: Oct 30, 2019 – 06:06 PM EST
PITTSBURGH, Oct. 30 /CSRwire/ - Wells Fargo and Company (NYSE: WFC), NeighborWorks® America, and its network members NeighborWorks Western Pennsylvania and Neighborhood Housing Services (NHS) of Greater Berks today announced the NeighborhoodLIFT program will expand to Allegheny County this fall. With a $3.3 million philanthropic commitment by the Wells Fargo Foundation, the NeighborhoodLIFT program will create about 175 homeowners by offering $15,000 down payment assistance grants that require completion of HUD-certified homebuyer education.
The NeighborhoodLIFT program for Allegheny County follows Wells Fargo’s announcement in June of an evolution in the company’s philanthropic strategy, which includes a $1 billion commitment over the next six years to address the U.S. housing affordability crisis. Supported by a $500 million combined investment, Wells Fargo has conducted 76 program launches in the U.S. since 2012 that have created more than 22,400 homeowners.
Grants available for reservation starting Nov. 4
The Wells Fargo Allegheny County NeighborhoodLIFT program will begin offering $15,000 down payment assistance grants on Monday, Nov. 4, to eligible homebuyers. To learn more about the eligibility requirements, visit www.neighborworkswpa.org/lift or visit a local Wells Fargo Home Lending office. Participating homebuyers can obtain mortgage financing from any participating lender, and NeighborWorks Western Pennsylvania and NHS of Greater Berks will determine eligibility and administer the down payment assistance grants.
“The NeighborhoodLIFT program is a terrific example of our commitment to Allegheny County and our efforts to bring housing affordability solutions to communities across the U.S.,” said Nicholas Bruno, Wells Fargo Private Client Group market manager. “The program will help hardworking local families and individuals get on the path to achieve successful and sustainable homeownership.”
To be eligible, annual incomes must not exceed 80% of the local area median income in Allegheny County, which is $63,900 for an individual up to a family of four. 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% of the area median income in Allegheny County, which is $79,900 for up to a family of four, and reserve $17,500 down payment assistance grants.
“This innovative collaboration is critical to creating more affordable and sustainable housing opportunities in Allegheny County,” said Joanie Straussman Brandon, senior vice president, Northeast 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 a contract to purchase a home in Allegheny County. 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 Colin Kelley, CEO of NeighborWorks Western Pennsylvania. “We are pleased to team with Wells Fargo, NeighborWorks America and NHS of Greater Berks to make this opportunity available to so many deserving families.”
NeighborhoodLIFT local initiative grants to support neighborhood revitalization, beautification and complimentary credit counseling
As part of the NeighborhoodLIFT program for Allegheny County, the Wells Fargo Foundation will provide $350,000 in grants to support housing affordability solutions, including:
$150,000 in NeighborhoodLIFT local initiative grants to support housing affordability and financial health resources in Allegheny County with nonprofits Mon Valley Initiative, Inc., Pittsburgh Housing Development Corporation, and Sisters Place, Inc., each receiving a $50,000 grant.
$100,000 in “LIFT the Block” Wells Fargo volunteer efforts in collaboration with nonprofits focused on neighborhood beautification. Through the “LIFT the Block,” a $25,000 grant will be made to Military Warriors Support Foundation and Wells Fargo team members will volunteer to rehabilitate a home for female veterans attending college or a trade school. Additionally, a $75,000 grant will be made to Pittsburgh Housing Development, Inc. in support of the Pittsburgh Roof-A-Thon; over a two-week period the roofs of low-income homeowners will be repaired in collaboration with Urban Redevelopment Authority of Pittsburgh’s Housing Opportunity Fund Department.
$100,000 for NeighborhoodLIFT Home Ownership Counseling grants, which will provide up to 200 interested homebuyers an opportunity for complimentary face-to-face credit counseling by participating HUD-approved agencies. The Home Ownership Counseling grants are an additional resource and do not meet the homebuyer education requirement for NeighborhoodLIFT program down payment assistance grants.
A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.
About NeighborWorks Western Pennsylvania, NHS of Greater Berks and NeighborWorks America
NeighborWorks Western Pennsylvania and NHS of Greater Berks are 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.neighborworkswpa.org/, www.nhsgreaterberks.org, or www.neighborworks.org to learn more.
About Wells Fargo
Founded in 1852 and headquartered in San Francisco, Wells Fargo & Company (NYSE: WFC) provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,500 locations, more than 13,000 ATMs, and the internet (wellsfargo.com). With approximately 261,000 team members, Wells Fargo serves one in three households in the United States. With its corporate philanthropy, Wells Fargo aims to pave a path to stability and financial success for underserved communities by focusing on housing affordability, small business growth, and financial health, among other local community needs. In 2018, Wells Fargo donated $444 million to nearly 11,000 nonprofits. For 10 consecutive years, Wells Fargo has held the honor of No. 1 in workplace giving by United Way Worldwide. Wells Fargo team members also actively support communities by donating more than 2 million hours of volunteer time in the last year. News, insights and more information on the company’s overall corporate responsibility are available at Wells Fargo Stories and www.wellsfargo.com/impact.
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