Wells Fargo & Co. (WFC) plans to revitalize neighborhoods riddled with foreclosures in the Phoenix area.

The lender will launch its NeighborhoodLift program in Arizona later in March, as the program's organizers will meet with area officials and non-profit leaders to discuss the initiative.

Wells Fargo is making an $8 million investment this year to cover down payment assistant grants and homebuyer support programs.

Phoenix is the third market to obtain assistance from the NeighborhoodLifts program.