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Non-profit organization NeighborWorks America and Wells Fargo ($40.01 0%) announced Tuesday that their efforts have helped 1,624 moderate-income buyers obtain a home. The companies also revealed that they have distributed $27 million worth of down payment assistance grants.
The announcements were made in conjunction with the one-year mark of their NeighborhoodLIFT and CityLIFT programs on Tuesday.
"NeighborWorks America and Wells Fargo have reached an important milestone in helping more than 1,600 families achieve the dream of homeownership through the LIFT programs," said NeighborWorks America CEO Eileen Fitzgerald. "These programs contribute to community stabilization because they promote successful, sustainable homeownership that's grounded in making responsible buying choices."
Additionally, 460 applicants currently have a contract to purchase a home via the programs with the help of nearly $8 million for down payment assistance.
More than $64 million remains available for down payment assistance grants via LIFT programs in participating housing markets.
First launched in February 2012 in Los Angeles and Atlanta, the programs have provided down payment grants that range from $15,000 to $30,000 per homebuyer.
There are plenty of requirements for pre-qualified applicants. For example, applicants’ annual income can’t exceed 120% of the median income for the area. Applicants must also complete a homebuyer education training course administered by HUD-approved counselors and earn their down payment assistant grants when buying and residing in an eligible home for five years.
"At Wells Fargo, we believe in programs like LIFT because they provide community-based solutions that deliver real help to families," said Jon Campbell, Wells Fargo's executive vice president. "These programs encourage the kind of collaboration that needs to keep happening between the private sector, the non-profit sector and elected and public officials."
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