Wells Fargo CityLIFTSM Program to Provide $4.8 Million in Down Payment Assistance Grants for Inland Empire Eligible Homebuyers
Wells Fargo, the nation’s largest home mortgage lender, today announced
the company’s Inland Empire CityLIFTSM program,
a $4.8 million local effort, will be available for eligible homebuyers
to purchase a home in one of five Inland Empire cities on August 9-10 at
a homebuyer event in San Bernardino.
The CityLIFTSM program is a collaboration
between Wells Fargo Bank N.A., San Bernardino, Fontana, Riverside,
Corona, and Moreno Valley officials, and NeighborWorks America, a
national non-profit organization which creates opportunities for people
to live in affordable homes, improve their lives, and strengthen
communities. The program is designed to provide down payment assistance
and homebuyer education programs in areas most impacted by the financial
crisis. The Inland Empire CityLIFTSM program is
for qualified potential homebuyers interested in buying and living in a
home in San Bernardino, Fontana, Riverside, Corona or Moreno Valley.
The Inland Empire CityLIFTSM program will
include a free homebuyer event on Friday, August 9 from 10 a.m. to 7
p.m. and Saturday, August 10 from 10 a.m. to 7 p.m., at the National
Orange Show’s Damus Building in San Bernardino. Prospective homebuyers
can register at www.wellsfargo.com/citylift
and learn more about Inland Empire CityLIFTSM
program by calling 1-866-802-0456. Pre-registration is encouraged,
although walk-ins are welcome.
“We know the Inland Empire was one of the areas most deeply affected by
the country’s housing crisis and while today mortgages are available at
historically low interest rates, many families are still unable to
purchase a home because they struggle with making the down payment,”
said Celia Lanning, Wells Fargo’s Inland Empire regional president. “The CityLIFTSM
program will help address this issue by providing down payment
assistance grants and homebuyer education to help local homebuyers
realize their dreams of owning a home.”
At the event, potential homebuyers can find out if they qualify for the
down payment assistance program and reserve funds of $15,000 for 60 days
to purchase a home even if they have yet to find a property. In
addition, prospective homebuyers may stop by the Wells Fargo Affordable
Home TourSM viewing center to preview featured homes
available for sale in local neighborhoods.
“The Inland Empire may have been deeply affected by the housing crisis,
but it is a great place to live, work and raise a family,” said Hon.
Mayor Patrick Morris, City of San Bernardino. “I am delighted the CityLIFTSM
program is coming to the Inland Empire to help 320 new
homeowners plant their roots in one of these five great cities.”
Wells Fargo will collaborate with San Bernardino, Fontana, Riverside,
Corona and Moreno Valley city officials, NeighborWorks America, and
local NeighborWorks affiliate Neighborhood Housing Services (NHS) of the
Inland Empire to implement the CityLIFTSM
program.
“This program will help our residents with quality, affordable housing,”
said Hon. Mayor Rusty Bailey, City of Riverside. “This down payment
assistance program made possible by Wells Fargo and NHS of Inland Empire
will help strengthen our housing market and provide Riverside residents
with the knowledge and resources they need to succeed as homeowners.”
The program in San Bernardino, Fontana, Riverside, Corona, and Moreno
Valley is part of 20 housing markets that will benefit from a total of
$170 million Wells Fargo has committed through its LIFT programs
(including NeighborhoodLIFTSM and CityLIFTSM)
to support sustainable housing in cities affected by the economic
downturn. LIFT programs have helped create more than 3,600 homeowners in
the 18 housing markets where the programs have been introduced. The LIFT
program in Los Angeles, with $15 million in funding from Wells Fargo, is
near complete after having already helped nearly 300 new homeowners
purchase a Los Angeles home since the program was first launched in
February 2012.
“It is vital to the health of Inland Empire cities that we have programs
like that of Wells Fargo which will allow us to keep more of our single
family homes in the hands of owner occupants,” said Dr. John Husing,
Chief Economist of Inland Empire Economic Partnership. “They are much
more likely than renters to participate in community affairs and their
homes tend to be better maintained, lowering the stress on property
values and public safety in their neighborhoods.”
To qualify for down payment assistance, applicants must meet certain
criteria including annual income not exceeding 120 percent of the median
income for the area (income maximums vary depending on family size); an
eight-hour homebuyer education session with a HUD-approved counselor
such as NeighborWorks America affiliates; and a commitment to stay in
the home for five years and qualification for a first mortgage on the
property. Participating homebuyers can obtain mortgage financing from
any qualified lender.
“NeighborWorks America and Wells Fargo’s innovative partnership has
already helped thousands of homebuyers achieve sustainable
homeownership,” said Dawn Lee, executive director of NHS of the Inland
Empire. “The LIFT program is designed to help potential homebuyers
achieve their dream of homeownership, and shows them that pre-purchase
homebuyer education and counseling is a critical component to successful
and sustainable homeownership.”
The CityLIFTSM program is designed to provide
down payment assistance and homebuyer education programs in areas most
impacted by the financial crisis. The program was developed in
connection with the 2012 settlement with the U.S. Department of Justice,
and is a collaboration between Wells Fargo Bank N.A. and NeighborWorks
America.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.4 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial
finance through more than 9,000 stores, 12,000 ATMs, and the Internet
(wellsfargo.com), and has offices in more than 35 countries to support
the bank’s customers who conduct business in the global economy. With
more than 275,000 team members, Wells Fargo serves one in three
households in the United States. Wells Fargo & Company was ranked No. 26
on Fortune’s 2012 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy all our customers’ financial needs and help
them succeed financially.
Copyright Business Wire 2013