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TMCNet:  Denver-Aurora Area Homeownership to Get a Boost with the Wells Fargo NeighborhoodLIFT Program

[August 17, 2017]

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.


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