Wells Fargo Commits $4.1 Million to Boost Columbia, S.C.-Area Homeownership
Eligible homebuyers can make an appointment now to apply for a
matching down payment assistance grant up to $7,500 on July 29-30 at the
Columbia Metropolitan Convention Center
COLUMBIA, S.C.–(BUSINESS WIRE)–Wells Fargo & Company (NYSE:WFC), NeighborWorks® America
and its network member Origin today announced the NeighborhoodLIFT®
program with a $4.1 million commitment by Wells Fargo to help
boost homeownership in Richland and Lexington counties.
“Making homeownership more affordable will help hard-working families
and individuals achieve sustainable homeownership, which will strengthen
our neighborhoods,” said Mayor Steve Benjamin. “This innovative
public-private partnership will make a significant difference for
eligible homebuyers with the support of homebuyer education and down
payment assistance.”
Interested homebuyers can attend the free homebuyer event on July 29-30
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
eligibility requirements and to register, visit www.NeighborhoodLIFT.com
“Like many communities, Columbia felt the effects of a challenging
housing market,” said Kathy Heffley, Wells Fargo region president in
South Carolina. “While the 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. NeighborhoodLIFT can
help by providing mortgage-ready homeowners with up to $7,500 for down
payment assistance to help people buy a home in Richland and Lexington
Counties.”
Registration for the NeighborhoodLIFT event on
July 29-30
The Wells
Fargo NeighborhoodLIFT program will begin with a free event on July
29-30 from 10 a.m. to 7 p.m. at the Columbia Metropolitan Convention
Center located at 11101 Lincoln St. Prospective homebuyers can register
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. The event
includes a Wells Fargo Affordable Home Tour® viewing
center where attendees can preview local homes available for purchase.
Matching down payment assistance grants will be based on the eligible
homebuyer’s contribution. Annual incomes must not exceed 80 percent of
the local area median income, which in Richland and Lexington Counties
is about $51,300 for a family of four, with income maximums varying
depending on family size and type of loan. Approved homebuyers will have
up to 60 days to finalize a contract to purchase a home. To reserve the
full grant amount, participants buying homes with the LIFT
program must commit to live in the home for three years.
The NeighborhoodLIFT event in Columbia will include information about
special financing and resources such as VA loans, homebuyer education
and down payment assistance grants for servicemembers and veterans. Area
median income limit for servicemembers and veterans is 100% in Richland
and Lexington Counties or about $64,100 for a family of four, with
income maximums varying depending on family size and type of loan. Since
announcing its Military
Affairs program in 2012, Wells Fargo has contributed more than $68.5
million to support military and veterans. This includes 19.5 million in
nonprofit grants, and more than 300 home donations to wounded veterans
valued at more than $49 million.
“NeighborWorks America and Wells Fargo’s collaboration has already
helped thousands of people achieve homeownership,” said Don Phoenix,
regional vice president, Southern Region, NeighborWorks America. “One of
the best ways to prepare for homeownership is to work with a housing
counselor who knows their community and can help guide a consumer
through the process.”
To be eligible, homebuyers must complete an eight-hour homebuyer
education session with Origin or another HUD-approved housing counseling
agency. Wells Fargo NeighborhoodLIFT program grants may be combined with
other down payment assistance programs to provide additional financial
benefit and homebuyers can obtain mortgage financing from any qualified
lender.
“This collaborative effort by NeighborWorks America and Wells Fargo will
make a significant impact in helping hundreds achieve affordable and
sustainable homeownership,” said David Geer, chief executive officer,
Origin. “We are prepared to connect Columbia-area homebuyers to
NeighborhoodLIFT down payment assistance grants and the homebuyer
education support services we provide.”
Since February 2012, LIFT programs combined have helped create more than
11,750 homeowners in 44 communities. A video about LIFT programs is
posted on Wells
Fargo Stories.
About Origin and NeighborWorks America
Origin 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.OriginSC.org
to learn more.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a diversified, community-based
financial services company with $1.8 trillion in assets. Founded in 1852
and headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial finance
through 8,800 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 269,000
team members, Wells Fargo serves one in three households in the United
States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015
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
Amy Amirault, 843-870-6385
Amy.Amirault@wellsfargo.com
Chris
Hammond, 415-310-9152
Chris.l.Hammond@wellsfargo.com
