Wells Fargo Brings NeighborhoodLIFTSM Program to St. Paul and Minneapolis to Help Local Housing Market

Wells Fargo, Minnesota’s leading community bank and the nation’s largest

home mortgage lender, today announced that the NeighborhoodLIFTSM

program, a major effort to help promote sustainable homeownership, is

coming to St. Paul and Minneapolis. The program will include a free

large-scale homebuyer workshop on Friday and Saturday, Sept. 7 and 8, at

the Minneapolis Convention Center, Hall A, from 10 a.m. – 7 p.m.

At the event, potential homebuyers can find out if they qualify for the

down payment assistance program and reserve funds – of $15,000 – for 60

days, even if they have yet to find a property. In addition, prospective

homebuyers may stop by the Wells Fargo Affordable Home TourSM

viewing center to preview featured homes available for sale in

Minneapolis and St. Paul neighborhoods. They can also take a free bus

tour to view the homes from noon to 5 p.m. each day. Self-directed tours

are also encouraged.

Prospective homebuyers can register until Wednesday, Sept. 5 and learn

more about the NeighborhoodLIFTSM program at www.neighborhoodlift.org

or by calling 866-858-2151. Pre-registration is encouraged, although

walk-ins are welcome. The NeighborhoodLIFTSM

program was created to help communities encourage sustainable

homeownership by providing assistance for prospective homebuyers. The

program includes a $9 million investment in 2012 for down payment

assistance grants and homebuyer support programs to help consumers

achieve successful, sustainable homeownership. Wells Fargo will

collaborate with the two cities, the nonprofit organization

NeighborWorks America, and its local affiliates, Community

Neighborhood Housing Services of St. Paul and Neighborhood Housing

Services of Minneapolis to implement the program.

Included in the $9 million investment, $575,000 will be for grants for

local priority projects in each city to promote affordable housing in

St. Paul and Minneapolis. The program also includes a five-year goal for

providing mortgage purchase loans to qualified homebuyers in Minneapolis

($1.2 billion) and St. Paul ($700 million).

“Today, despite low home prices and historically low interest rates,

many families are still unable to purchase a home because they struggle

with making the down payment,” said Dave Kvamme, Wells Fargo’s Minnesota

Great Lakes lead region president and Minnesota CEO. “The NeighborhoodLIFTSM

program will help address this issue for homebuyers in St.

Paul and Minneapolis by providing down payment assistance.”

“Creating homeowners and building community are at the core of our

mission,” said Jason Peterson , executive director for Community

Neighborhood Housing Services of St. Paul. “This partnership with Wells

Fargo will help homebuyers overcome some of the financial barriers to

homeownership, equip them with the support and tools they need for

sustainable homeownership, and contribute to the success of the

neighborhoods where they live.”

“This program is an important part of our collective efforts to make

sustainable homeownership a reality for families,” said Glennis Ter

Wisscha, executive director for Neighborhood Housing Services of

Minneapolis. “By providing this valuable assistance, Wells Fargo is

helping to contribute to the vitality of our neighborhoods in

Minneapolis.”

The Sept. 7 and 8 NeighborhoodLIFTSM event is

for anyone interested in buying and living in a home in the city of St.

Paul or Minneapolis. Down payment assistance of $15,000 is available to

those who qualify, buy and reside in a home located in one of the

cities. To qualify for down payment assistance that may be applied to a

mortgage purchase loan with any lender approved by the nonprofit,

applicants must meet certain criteria including annual income not

exceeding 120 percent of the median income for the area (not to exceed

$100,700 for a family of four; income maximums vary depending on family

size); an eight-hour homebuyer education session with an approved

NeighborWorks America affiliate; a commitment to stay in the home for

five years and qualification for a first mortgage on the property.

NeighborhoodLIFTSM

events in Atlanta, Houston,

Las Vegas, Los Angeles, Phoenix, Miami, Tampa, Orlando, and Jacksonville

have helped create 263 new homeowners through NeighborhoodLIFTSM

down payment assistance, with another 244 potential new homeowners in

process of closing on a home.

About NeighborhoodLIFTSM

The NeighborhoodLIFTSM program is collaboration

between Wells Fargo Bank, N.A., Wells Fargo Foundation, NeighborWorks

America, an independent non-profit organization, and local

non-profit organizations. The NeighborhoodLIFTSM

program is designed to provide sustainable homeownership initiatives in

cities affected by the housing crisis. A video about the NeighborhoodLIFTSM

program is posted at www.youtube.com/wellsfargo.

About Wells Fargo

Wells Fargo in Minnesota provides financial services from 211 locations

and employs approximately 20,000 team members throughout the state.

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,

community-based financial services company with $1.3 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 9,000 stores, 12,000 ATMs, the Internet

(wellsfargo.com), and has offices in more than 35 countries to support

the bank’s customers who conduct business in the global economy. With

approximately 265,000 full-time equivalent team members, Wells Fargo

serves one in three households in United States. Wells Fargo & Company

was ranked No. 26 on Fortune’s 2012 rankings of America’s largest

corporations. Wells Fargo’s vision is to satisfy all our customers’

financial needs and help them succeed financially.