NeighborhoodLIFT Program Expands To Inland Empire
$3 million in down payment assistance grants available for eligible Riverside, San Bernardino and San Diego County homebuyers
Matching down payment assistance grants of up to $7,500 available with Neighborhood Housing Services of Inland Empire, Philanthropic program funded through Wells Fargo
Wells Fargo & Company (NYSE: WFC), NeighborWorks America® and its network member Neighborhood Housing Services of Inland Empire (NHSIE), today announced the expansion of the Wells Fargo San Diego County NeighborhoodLIFT® program. Wells Fargo is expanding this initiative to residents in the Riverside and San Bernardino Counties with nearly $3 million in down payment assistance grants available for eligible homebuyers.
“We are ready to help more families qualify for the Wells Fargo NeighborhoodLIFT program down payment assistance grants in Riverside, San Bernardino and San Diego Counties,” said Dawn Lee, executive director, NHSIE. “Wells Fargo’s investment will help more individuals and families become homeowners, making local neighborhoods even stronger.”
Wells Fargo’s San Diego County NeighborhoodLIFT program expansion for Riverside and San Bernardino Counties follows the Inland Empire CityLIFT program which launched in 2013. CityLIFT program created 322 homeowners, and the inaugural Los Angeles NeighborhoodLIFT program launched in 2012 created 386 homeowners. The NeighborhoodLIFT program is a corporate philanthropic initiative funded by the Wells Fargo Foundation.
“Since February 2012 LIFT programs combined with a $337 million commitment from Wells Fargo have helped create more than 13,300 homeowners in 50 communities where the programs have been introduced, and we are happy the Inland Empire is again a part of this amazing effort,” said Evelin Martinez, Wells Fargo Inland Empire Area president. “We have seen how these matching down payment assistance grants add up to make a huge difference for thousands of people and families who want to own a home.”
With a $5 million commitment by Wells Fargo to help boost local homeownership, Wells Fargo, NeighborWorks America, and NHSIE launched the program for San Diego County on March 4, 2016. Since then, 67 San Diego County homeowners completed homebuyer education and received down payment assistance grants to purchase their home, leaving more than 325 grants and nearly $3 million available.
Matching down payment assistance grants ranging from $2,500 up to $7,500 are based on the eligible homebuyer’s contribution. Annual incomes based on household size must not exceed 100 percent of the local area median income. To be eligible, homebuyers must meet criteria such as completing an eight-hour homebuyer education session with NHSIE, or another HUD approved counselor.
To receive the full grant amount, participants buying a home with LIFT program down payment assistance grants must commit to live in the home for three years. To learn more about the matching down payment assistance program eligibility requirements, visit wellsfargo.com/lift or contact NHSIE at (909) 884-6891.
About NHSIE and NeighborWorks America
Neighborhood Housing Services of the Inland Empire 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 www.nhsie.org or www.neighborworks.org to learn more.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $2.0 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 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 273,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially.