Wells Fargo Brings NeighborhoodLIFTSM Program to St. Paul and Minneapolis to Help Local Housing Market
Wells Fargo, Minnesotas leading community bank and the nations 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 Fargos 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 banks 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 Fortunes 2012 rankings of Americas largest
corporations. Wells Fargos vision is to satisfy all our customers
financial needs and help them succeed financially.
