Program aims to help 300 individuals attain homeownership
In response to growing housing affordability issues, Wells Fargo has announced that it will be providing prospective homebuyers in Houston with downpayment assistance through its NeighborhoodLIFT program.
More than 300 low- and moderate-income individuals (with 80% or less of the family median income in Houston) can obtain $15,000 downpayment assistance grants through the program. In addition to the grants, the program includes $250,000 for 500 Houstonians to receive homeownership counseling.
“Saving for a downpayment is one of the biggest barriers to homeownership for many first-time home buyers, and the pandemic has made saving for it even more challenging,” said Bill Daley, vice chairman of Wells Fargo Public Affairs. “The LIFT initiative will help put more than 300 Houston families on a pathway toward housing stability and building generational wealth.”
Applications for the downpayment assistance starts November 08.
“This important collaboration will assist more than 300 homeowners while maintaining social distancing guidelines via a virtual platform,” said Lisa Hasegawa, regional vice president of western region at NeighborWorks America. “In addition, the required homebuyer education provided by trained professionals will help homebuyers better understand financial commitments of homeownership, from differences in mortgage loans to property taxes, and more.”