NEW YORK–(BUSINESS WIRE)–Wells Fargo & Company (NYSE:WFC), NeighborWorks® America and its network member, Neighborhood Housing Services of New York, Inc., today announced the NeighborhoodLIFT® program is coming to the New York City area with an $8.3 million commitment by Wells Fargo to boost homeownership in the boroughs of Brooklyn, Bronx and Queens. This will be Wells Fargo’s 55th LIFT program event in the U.S.
“My office is committed to helping all Bronxites find appropriate homes, and that includes expanding opportunities for home ownership,” said Bronx Borough President Ruben Diaz Jr. “The Wells Fargo NeighborhoodLIFT program has already proven successful in our borough, and I urge Bronxites who are thinking about purchasing their own home to consider taking part in this program. I want to thank Wells Fargo for bringing the NeighborhoodLIFT program back to our borough, and I appreciate the company’s financial commitment to helping families buy their own home.”
Walk-ins are welcome at the free event Nov. 3-4, when interested homebuyer eligibility will be determined for an opportunity to reserve a $20,000 down payment assistance grant.
Walk-ins welcome for the NeighborhoodLIFT event Nov. 3-4
The Wells Fargo NeighborhoodLIFT program will begin with a free event Nov. 3-4 from 10 a.m. to 7 p.m. at the Brooklyn Expo Center (located at 72 Noble St, Brooklyn). A list of documents required to determine eligibility is available at NHSNYC.org. Participating homebuyers can obtain mortgage financing from any participating lender, and Neighborhood Housing Services of New York City, Inc. will determine eligibility and administer the down payment assistance grants.
“The NeighborhoodLIFT program is another example of our commitment to the greater New York City area and our efforts to building better communities through sustainable homeownership,” said Fred Bertoldo, Wells Fargo region bank president. “The program will help hardworking families and individuals get on the path to achieve homeownership and follows the 2013 New York/New Jersey CityLIFT program that created 352 homeowners.”
To be eligible, annual incomes must not exceed 100 percent of the local area median income, which is about $95,400 in the New York City community for a single household up to a family of four; and up to $103,050 for a family of five. Income maximums may vary depending on family size and type of loan.
Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in the New York City area to receive a grant. Participating communities include the boroughs of Brooklyn, Bronx and Queens.
“This innovative public-private collaboration will create more than 350 homeowners,” said Joan Straussman, 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 equip New York City families with education and down payment assistance grants through the Wells Fargo NeighborhoodLIFT program to help them achieve sustainable homeownership,” said Susan M. Ifill, Chief Executive Officer, Neighborhood Housing Services of New York City, Inc. “Wells Fargo’s homeownership investment will help New York City and the surrounding counties address our growing need for affordable housing.”
Since February 2012, LIFT programs have helped create nearly 15,000 homeowners in 54 communities. A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.