Eligible participants may obtain $15,000 down payment assistance grants with homebuyer education
Wells Fargo has committed $6.1 million to expand its NeighborhoodLIFT program in Houston.
The bank partnered with community-development nonprofit NeighborWorks America and its local network members for the program. The money will go toward down-payment-assistance grants of $15,000 and give homeownership counseling.
“Houston is a special place to call home, and this investment will help our local community of hardworking Houstonians with big dreams for the future,” Houston Mayor Sylvester Turner said. “We appreciate the efforts of Wells Fargo, NeighborWorks America and its local affiliates to bring the NeighborhoodLIFT program to Houston again and help put homeownership within reach for hundreds of households.”
In a previous NeighborhoodLIFT program in 2012, Wells Fargo allocated $9 million to 422 homeowners. Since 2012, Wells Fargo has overseen 68 LIFT program events nationwide, creating over 20,000 homeowners.
“The NeighborhoodLIFT program is another example of our commitment to Houston and our efforts to build better communities through sustainable homeownership,” said David Miree, lead region president of Wells Fargo Texas. “The program will help hardworking families and individuals get on the path to achieve successful and sustainable homeownership.”
The grant requires the annual incomes of the participants not to rise above 80% of the local area median income in Houston, which is approximately $59,900 for up to a family of four. But special parameters apply to selected professionals who can earn up to 100% of the area median income including eligible military service members and veterans, teachers, law enforcement officers, firefighter and emergency medical technicians. They may acquire $17,500 down-payment-assistance grants.
Aside from the grants, Wells Fargo also invested $325,000 for complimentary face-to-face homeownership counseling that will be given to approximately 650 consumers.
