LOS ANGELES–(BUSINESS WIRE)–Wells Fargo & Company (NYSE:WFC), NeighborWorks® America, and
Neighborhood Housing Services of Los Angeles County today announced the NeighborhoodLIFT®
program will expand in Los Angeles County with a $9.8 million
commitment by Wells Fargo to boost local homeownership.
The 2019 Los Angeles County NeighborhoodLIFT program follows the
program’s first-ever launch in Los Angeles in 2012, which created 386
homeowners. Overall, Wells Fargo has conducted 66 LIFT program events in
the U.S. since 2012 that have created more than 19,800 homeowners.
Hundreds of homebuyers registered to attend free event on Feb. 1–2
More than 360 interested homebuyers are registered to attend the free
event on Friday, Feb. 1, from 10 a.m. to 7 p.m. and on Saturday, Feb. 2,
from 9 a.m. to 2 p.m. at the Los Angeles Convention Center, located at
1201 S. Figueroa St., Los Angeles. Walk-ins also are welcome while
grants are available. Those intending to walk in should be prepared with
documents required to reserve funds posted at nhslacounty.org/lift.
Participating homebuyers can obtain mortgage financing from any
participating lender, and Neighborhood Housing Services will determine
eligibility, administer the grants, and provide homebuyer and financial
education. Approved homebuyers will have up to 60 days to finalize a
contract to purchase a home in Los Angeles County.
“The NeighborhoodLIFT program is another example of our commitment to
Los Angeles and our efforts to build better communities through
sustainable homeownership,” said David Galasso, Wells Fargo regional
president in Los Angeles. “The program will help hardworking families
and individuals get on the path to successfully becoming homeowners.”
To be eligible to reserve a down payment assistance grant, annual
incomes must not exceed 100 percent of the local area median income in
Los Angeles County, which is about $96,900 for 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 meet eligibility requirements; they may obtain
$27,500 down payment assistance grants.
In addition, Wells Fargo has committed $275,000 for up to 550 consumers
to receive complimentary face-to-face homeownership counseling.
Interested homebuyers can receive a voucher at the Los Angeles
NeighborhoodLIFT launch event that will provide in-person homeownership
counseling at no charge with a participating HUD-approved housing
counselor in Los Angeles County. The complimentary Home Ownership
Counseling grant program is an additional resource to the homebuyer
education required for a NeighborhoodLIFT down payment assistance grant.
“This innovative public-private collaboration will create more 300 Los
Angeles County homeowners,” said Lauren Hornett, senior director,
Western region, NeighborWorks America. “The required homebuyer education
classes provided by certified professionals better prepare
NeighborhoodLIFT homebuyers to achieve their goal of sustainable
homeownership.”
Approved homebuyers must be approved for home financing with an eligible
lender and be in contract to purchase a home in Los Angeles 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’re ready to help more families become homeowners with the support of
NeighborhoodLIFT homebuyer education and down payment assistance,” said
Lori Gay, president and chief executive officer with Neighborhood
Housing Services. “We are pleased to join Wells Fargo and NeighborWorks
America to create this opportunity to make homeownership more
affordable, achievable and sustainable.”
A video about the NeighborhoodLIFT program is posted on Wells
Fargo Stories.
About NHS and NeighborWorks America
Neighborhood Housing Services of Los Angeles County 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 nhslacounty.org,
or http://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 7,800
locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile
banking, and has offices in 37 countries and territories to support
customers who conduct business in the global economy. With approximately
259,000 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.
Source: “Los Angeles” – Google News