Chicago, Cook County Homeownership to Get Boost with $8 Million NeighborhoodLIFT Program
Program offers homebuyer education plus $15,000 down payment
assistance grants; special parameters for veterans, military, teachers,
first-responders
CHICAGO–(BUSINESS WIRE)–#Chicago–Wells Fargo & Company (NYSE:WFC), NeighborWorks® America
and its network member, Neighborhood Housing Services of Chicago, today
announced the NeighborhoodLIFT®
program will expand to the Chicago area with an $8 million
commitment by Wells Fargo to boost homeownership in Cook County.
The event in Chicago is Wells Fargo’s 62nd LIFT program launch conducted
in collaboration with NeighborWorks America and its network members. The
2018 NeighborhoodLIFT program for Cook County follows the 2012 Chicago
LIFT program, which created 547 homeowners by offering homebuyer
education plus down payment assistance grants as a result of a $10
million commitment by Wells Fargo.
“The NeighborhoodLIFT program is another example of our commitment to
Chicago and Cook County,” said Monica Cole, Wells Fargo’s head of middle
market banking for the North region. “The effort will contribute to the
strength of the community by helping hardworking families and
individuals get on the path to achieve successful and sustainable
homeownership.”
Free NeighborhoodLIFT event in Chicago August 24–25
Nearly 400 homebuyers are registered to attend the free Wells Fargo
NeighborhoodLIFT event Aug. 24 from 10 a.m. to 7 p.m. and Aug. 25 from 9
a.m. to 2 p.m. at the McCormick Convention Center, Grand Ballroom, South
Building, level one located at 2301 S. King Dr., Chicago, Ill., 60616.
Walk-ins are welcome while the $15,000 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.nhschicago.org/lift.
Participating homebuyers can obtain mortgage financing from any
participating lender. Neighborhood Housing Services of Chicago will
determine eligibility and administer the down payment assistance grants.
“This innovative collaboration will create about 425 homeowners,” said
John Santner, regional vice president, Midwest region, NeighborWorks
America. “The required homebuyer education classes provided by certified
professionals better prepare NeighborhoodLIFT homebuyers to achieve
their goal of sustainable homeownership.”
To be eligible, annual incomes must not exceed 80 percent of the local
area median income, which is about $67,700 for up to a family of four in
Cook 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 $84,600, to reserve $17,500
down payment assistance grants within eligibility requirements. Approved
homebuyers will have up to 60 days to finalize a contract to purchase a
home in Cook 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.
“We are ready to assist Cook County families and provide homebuyer
education and down payment assistance to help them achieve successful
and sustainable homeownership,” said Kristin Faust, president,
Neighborhood Housing Services of Chicago. “This unique program both
prepares people for homeownership and can also help overcome the barrier
of coming up with a sufficient down payment.”
Since February 2012, LIFT programs have helped create more than 18,000
homeowners in 60 communities. A video about the NeighborhoodLIFT program
is posted on Wells
Fargo Stories.
About Neighborhood Housing Services of Chicago and NeighborWorks
America
Neighborhood Housing Services of Chicago 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.nhschicago.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.
Contacts
Media Contacts:
Jim Hines, 312-954-6635
James.E.Hines@wellsfargo.com
@JimHinesWF
or
Stacie
Bendixen, 515-398-7157
Stacie.A.Bendixen@wellsfargo.com
@SBendixenWF
