Wells Fargo Commits $5 Million to Boost Austin-Area Homeownership
Eligible homebuyers can make an appointment now to apply for a
matching down payment assistance grant up to $7,500 on August 26-27 at
the Renaissance Austin Hotel
AUSTIN, Texas–(BUSINESS WIRE)–Wells Fargo & Company (NYSE:WFC), NeighborWorks America®
and its network member BCL of Texas, today announced the upcoming
Austin, Texas-area NeighborhoodLIFT® program with a $5
million commitment by Wells Fargo to help boost local homeownership in
Travis, Bastrop, and Hays counties.
“The American Dream should be affordable to more Austin families,” said
Mayor Steve Adler, “and giving matching funds on down payments to
families who would ordinarily have to leave Austin, to be able to buy a
home is a godsend. We all know affordability is a huge problem in
Austin. NeighborhoodLIFT is part of the solution.”
Interested homebuyers can attend the free homebuyer event on August
26-27 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. To learn more about the
matching down payment assistance program eligibility requirements and to
register, visit www.NeighborhoodLIFT.com.
“While the Austin economy continues to show signs of improvement, many
families have yet to re-enter the housing market because they struggle
with making a down payment,” said Jeff Schumacher, Wells Fargo regional
president for Central Texas. “NeighborhoodLIFT can make a huge
difference by providing mortgage-ready homeowners with up to $7,500 for
down payment assistance to help people buy a home in Travis, Bastrop or
Hays counties.”
Matching down payment assistance grants ranging from $2,500 up to $7,500
will be based on the eligible homebuyer’s contribution. Annual incomes
must not exceed 80 percent of the local area median income. In the
counties of Travis, Bastrop, or Hays County that is about $62,250 for a
family of four, with income maximums varying depending on family size
and type of loan. To be eligible, homebuyers must meet criteria such as
completing an eight-hour homebuyer education session with BCL of Texas,
or another HUD-approved housing counseling agency.
Registration is open for the NeighborhoodLIFT
event on August 26-27
The Wells
Fargo NeighborhoodLIFT program will begin with a free event on
August 26-27 from 10 a.m. to 7 p.m. at the Renaissance Austin Hotel
located at 9721 Arboretum Blvd. Prospective homebuyers can register and
learn more about the program at www.NeighborhoodLIFT.com
or by calling (866) 858-2151. Pre-registration is strongly recommended
for an opportunity to reserve a matching down payment assistance grant,
although walk-ins will be welcome while funds are available for
reservation. The event also includes a Wells Fargo Affordable Home Tour®
viewing center where attendees can preview local homes available for
purchase, and information about special financing.
“This powerful collaboration between the private, public and nonprofit
sectors will bring lasting benefit to Austin families and neighborhoods,
said Gary Wolfe, regional vice president, with NeighborWorks America.
“We are proud to team-up on this community initiative that will provide
unprecedented access to down payment assistance for even more
hard-working Austin-area families.”
The Wells Fargo NeighborhoodLIFT program down payment assistance grants
may be combined with other down payment assistance programs to provide
additional financial benefit. Homebuyers can obtain mortgage financing
from any qualified lender. BCL of Texas in Austin will determine
homebuyer eligibility and administer the down payment assistance grants.
Approved homebuyers will have up to 60 days to finalize a contract to
purchase a home within Greater Austin.
“At BCL of Texas we have seen firsthand how homebuyer education and
proper financing can foster successful homeowners and stronger
neighborhoods,” said Rosa Rios Valdez, chief executive officer of BCL of
Texas. “That’s why we are very excited about participating in the
Austin-area NeighborhoodLIFT program.”
Since February 2012, LIFT programs have helped create nearly 11,850
homeowners in 45 communities, including 980 combined in Texas through
NeighborhoodLIFT program in Dallas, Houston and San Antonio. A video
about LIFT programs is posted on Wells
Fargo Stories.
About BCL of Texas and NeighborWorks America
BCL of Texas 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 www.bcloftexas.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 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com)
and mobile banking, and has offices in 36 countries to support customers
who conduct business in the global economy. With approximately 268,000
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. Wells Fargo perspectives are also available at Wells
Fargo Blogs and Wells
Fargo Stories.
Contacts
Wells Fargo & Company
Helen Bow, 832-942-1769
helen.k.bow@wellsfargo.com
Alfredo
Padilla, 213-369-6122
alfredo.padilla@wellsfargo.com
