[August 17, 2017] |
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Denver-Aurora Area Homeownership to Get a Boost with the Wells Fargo NeighborhoodLIFT Program
Wells Fargo (News - Alert) & Company (NYSE:WFC), NeighborWorks® America and its network
member Community Resources and Housing Development Corporation (CRHDC)
today announced the NeighborhoodLIFT®
program is coming to the Denver-Aurora area with a $4.8 million
commitment by Wells Fargo to boost homeownership.
"Affordable housing is the foundation to building a strong and healthy
Denver," said Denver Mayor Michael B. Hancock. "For our families,
veterans, teachers, first responders and others working to own a home,
this program can be a catalyst for achieving this dream."
This will be Wells Fargo's 53rd LIFT program event in the United States
and follows the successful 2014 Denver area NeighborhoodLIFT program
that created 252 homeowners.
"Homeownership is a cornerstone of economic vitality for families in
Aurora, and we are so pleased to be able to partner with Wells Fargo in
providing new opportunities to first time homebuyers," said Aurora Mayor
Steve Hogan.
Interested homebuyers can attend the free event on Sept. 8-9, when
eligibility will be determined for an opportunity to reserve a $15,000
down payment assistance grant.
Registration for the NeighborhoodLIFT event on
Sept. 8-9
The Wells Fargo NeighborhoodLIFT program will begin with a free event
Sept. 8-9 from 10 a.m. to 7 p.m. at the Marriot Tech Center, located at
4900 S Syracuse St., Denver. To learn more about the eligibility
requirements and to register, visit NeighborhoodLIFT.com
or call (866) 858-2151. Pre-registration is strongly recommended for an
opportunity to reserve a matching down payment assistance grant.
"The NeighborhoodLIFT program is another example of our commitment to
the greater Denver-Aurora area and our efforts to building better
communities through sustainable homeownership," said John Sotoodeh,
Wells Fargo regional president. "In addition to being tailored for
average- and lower-income homebuyers, we enhanced the program for
veterans, military servicemembers, teachers, law enforceent officers,
fire fighters and emergency medical technicians in honor of the services
they provide to the community."
To be eligible, annual incomes must not exceed 80 percent of the local
area median income, which in Denver-Aurora is about $67,100 for an
individual homebuyer with a family of up to four members (and about
$72,500 for a family with five members). Income maximums may vary
depending on family size and type of loan.
Veterans and servicemembers, teachers, law enforcement officers,
firefighters and emergency medical technicians may earn up to 100
percent of the area median income, which in Denver-Aurora is about
$83,900 for up a family of four and $90,650 for a family of five.
Approved homebuyers will have up to 60 days to finalize a contract to
purchase a home in the Denver-Aurora area to receive a grant.
Participating communities include Denver, Adams, Arapahoe, Douglas and
Jefferson Counties. 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.
"This innovative public-private collaboration will create more
than 240 homeowners," said Gary Wolfe (News - Alert), regional vice president, Western
region, NeighborWorks America. "The required homebuyer education classes
provided by certified professionals better prepare NeighborhoodLIFT
homebuyers to achieve their goal of sustainable homeownership."
Participating homebuyers can obtain mortgage financing from any
qualified lender, and CRHDC will determine eligibility and administer
the down payment assistance grants.
"We are ready to equip more Denver-Aurora families with education and
down payment assistance grants through the Wells Fargo NeighborhoodLIFT
program to help them achieve sustainable homeownership," said Al Gold,
executive director of CRHDC. "Wells Fargo's homeownership investment
will provide a stabilizing effect that will help make Denver-Aurora area
communities stronger."
Since February 2012, LIFT programs have helped create more than 14,200
homeowners in 52 communities. A video about the NeighborhoodLIFT program
is posted on Wells
Fargo Stories.
About Community Resources and Housing Development Corporation and
NeighborWorks America
Community Resources and Housing Development Corporation 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 http://www.crhdc.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, insurance, investments, mortgage, and
consumer and commercial finance through more than 8,500 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 271,000 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170817005927/en/
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