SACRAMENTO, Calif.--(BUSINESS WIRE)--
NeighborhoodLIFT® program will offer $20,000 down payment assistance grants and homebuyer education for eligible Sacramento County and West Sacramento residents; special parameters for veterans, military, teachers and first responders
Wells Fargo & Company (WFC), NeighborWorks® America and its local network member, NeighborWorks HomeOwnership Center Sacramento Region, today announced an additional $6 million donation by Wells Fargo to boost homeownership through the NeighborhoodLIFT® program for Sacramento County and the city of West Sacramento. This effort to create approximately 225 local homeowners follows the success of the 2012 NeighborhoodLIFT program for Sacramento that included a $7 million philanthropic investment by Wells Fargo and created 329 homeowners.
“The NeighborhoodLIFT program is another example of our commitment to Sacramento and our efforts to bring forward solutions to address housing affordability,” said David Galasso, Wells Fargo Greater California lead region president. “The program will help hardworking families and individuals get on the path to achieve successful and sustainable homeownership.”
Free NeighborhoodLIFT event scheduled May 31–June 1
Interested homebuyers are encouraged to register beginning Monday, May 13 at 9 a.m. at www.wellsfargo.com/lift to attend the free event scheduled for Friday, May 31, from 10 a.m. to 7 p.m. and on Saturday, June 1, from 9 a.m. to 2 p.m. at the Sacramento Convention Center, located at 1400 J St. in Sacramento. Walk-ins also are welcome while grants are available for reservation. NeighborWorks Sacramento will administer the $20,000 down payment assistance grants, determine eligibility and provide homebuyer education.
To be eligible to reserve a $20,000 down payment assistance grant, annual incomes must not exceed 100% of the local area median income where the home is being purchased, which is $83,600 in Sacramento and $87,900 in West Sacramento for up to a family of four. In addition, there are special parameters for eligible military service members and veterans, teachers, law enforcement officers, firefighters and emergency medical technicians who may reserve $22,500 down payment assistance grants.
Participating homebuyers can obtain mortgage financing from any participating lender. Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in Sacramento County or West Sacramento.
“This innovative public-private collaboration will create about 225 Sacramento-area homeowners,” said Heather Starzynski, vice president of field operations with 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 Sacramento County or West Sacramento. 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.
“Our experienced counselors are ready to help people become homeowners with the support of NeighborhoodLIFT homebuyer education and down payment assistance,” said Juan Rivera, president and CEO of NeighborWorks Sacramento. “We are pleased to join Wells Fargo and NeighborWorks America to make homeownership more affordable, achievable and sustainable for the people of Sacramento County and the city of West Sacramento.”
In addition, Wells Fargo has committed up to $325,000 to enable as many as 650 consumers to receive complimentary face-to-face homeownership counseling. Interested homebuyers can receive a voucher at the Sacramento NeighborhoodLIFT launch event that will provide in-person homeownership counseling at no charge with a local participating HUD-approved housing counselor in Sacramento. The homeownership counseling grant program is a resource in addition to the homebuyer education required for a NeighborhoodLIFT down payment assistance grant.
In 2018, Wells Fargo increased its philanthropic impact by donating $444 million, including $75 million for the NeighborhoodLIFT program, to nearly 11,000 nonprofits to help communities and people in need. Overall, Wells Fargo has invested $456 million for the LIFT program and conducted 69 launches across the U.S. since 2012, creating more than 20,800 homeowners. A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.
About NeighborWorks America and its network members
NeighborWorks Sacramento 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 or https://www.nwsac.org/ or 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, investment and mortgage products and services, as well as consumer and commercial finance, through 7,700 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 33 countries and territories to support customers who conduct business in the global economy. With approximately 262,000 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.