Wells Fargo & Company (WFC), NeighborWorks® America and its network member, NeighborWorks Southern Mass, today announced the NeighborhoodLIFT® program will expand to the Boston area with a $6.75 million commitment by Wells Fargo to boost homeownership in Essex, Middlesex, Norfolk, Suffolk and Plymouth counties.
The event in Boston is Wells Fargo’s 60th LIFT program launch conducted in collaboration with NeighborWorks America and its network members through NeighborhoodLIFT and other LIFT programs.
Nearly 500 homebuyers registered for free event in Boston June 29–30
About 500 homebuyers are registered to attend the free Wells Fargo NeighborhoodLIFT event June 29–30 from 10 a.m. to 7 p.m. at the Sheraton Boston Hotel, located at 39 Dalton St. Walk-ins are welcome while the $20,000 grants are available for reservation. To learn more about the eligibility requirements and documents needed to apply for a down payment assistance grant, visit www.nwsoma.org. Participating homebuyers can obtain mortgage financing from any participating lender, and NeighborWorks of Southern Mass will determine eligibility and administer the down payment assistance grants.
“The NeighborhoodLIFT program is another example of our commitment to Boston and the eastern Massachusetts region,” said Jennifer Crampton of Wells Fargo’s Low Income Housing Tax Credit group within Community Lending & Investment. “The effort will contribute to strengthening communities by helping hardworking families and individuals get on the path to achieve successful and sustainable homeownership.”
To be eligible, annual incomes must not exceed 100 percent of the local area median income, which is about $107,800 for up to a family of four in Boston. In addition, there are special parameters for veterans and service members, teachers, law enforcement officers, firefighters and emergency medical technicians who may reserve $22,500 down payment assistance grants within eligibility requirements. Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in Essex, Middlesex, Norfolk, Suffolk or Plymouth counties.
“This innovative public-private collaboration will create about 275 homeowners in the Greater Boston area,” said Joanie Straussman Brandon, regional vice president, northeast region, NeighborWorks America. “The required homebuyer education classes provided by certified professionals better prepare NeighborhoodLIFT homebuyers to achieve their goal of sustainable homeownership.”
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 are ready to assist Massachusetts families and provide homebuyer education and down payment assistance to help them achieve successful and sustainable homeownership,” said Robert Corley, executive director of NeighborWorks Southern Mass. “The NeighborhoodLIFT program offers Greater Boston-area families an affordable and achievable way to realize their homeownership goals.”
Since February 2012, LIFT programs have helped create more than 17,600 homeowners in 58 communities. A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.
About NeighborWorks Southern Mass. and NeighborWorks America
NeighborWorks Southern Mass 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 www.nwsoma.org, or http://www.neighborworks.org/ to learn more.
About Wells Fargo
Wells Fargo & Company (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, investments, mortgage, and consumer and commercial finance through 8,200 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.