NASHVILLE--(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC), NeighborWorks® America and its network member Affordable Housing Resources today announced the NeighborhoodLIFT® program is coming to the Nashville area with a $4.2 million commitment by Wells Fargo to boost homeownership. This will be Wells Fargo’s 54th LIFT program event in the U.S.
“Homeownership is part of the American Dream for many individuals and families in the Nashville area,” said Mayor Megan Barry. “The availability of $15,000 down payment assistance grants and other counseling services through Wells Fargo’s NeighborhoodLIFT program is a huge win for our city and truly meets a growing need to help build strong, sustainable communities.”
Interested homebuyers can attend the free event Oct. 6–7, when eligibility will be determined for an opportunity to reserve a $15,000 down payment assistance grant.
Registration for the NeighborhoodLIFT event Oct. 6–7
The Wells Fargo NeighborhoodLIFT program will begin with a free event Oct. 6–7 from 10 a.m. to 7 p.m. at the Music City Center, located at 201 5th Ave S., Nashville. To learn more about the eligibility requirements and to register, visit NeighborhoodLIFT.com or call (866) 858-2151. Pre-registration is strongly recommended for an opportunity to reserve a down payment assistance grant.
“The NeighborhoodLIFT program is another example of our commitment to the greater Nashville area and our efforts to building better communities through sustainable homeownership,” said Stephen Norris, Wells Fargo region president. “The program will help hardworking families and individuals get on the path to achieve homeownership. We recently enhanced the program for veterans, military servicemembers, teachers, law enforcement officers, firefighters and emergency medical technicians in honor of the services they provide to the community.”
To be eligible, annual incomes must not exceed 80 percent of the local area median income, which is about $54,950 in the Nashville community for a single household with a family of up to four members ($59,350 for a family with five members). Income maximums may vary depending on family size and type of loan.
Veterans and servicemembers, teachers, law enforcement officers, firefighters and emergency medical technicians may earn up to 100 percent of the area median income, which in Nashville is about $68,700 for up to a family of four and $74,200 for a family of five.
Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in the Nashville area to receive a grant. Participating communities include greater Nashville, specifically in the counties of Davidson, Rutherford, Sumner and Wilson. To reserve the full grant amount, participants buying a primary residence with the NeighborhoodLIFT program must commit to live in the home for five years.
“This innovative public-private collaboration will create more than 210 homeowners,” said Donald Phoenix, regional vice president, southern region, NeighborWorks America. “The required homebuyer education classes provided by certified professionals better prepare NeighborhoodLIFT homebuyers to achieve their goal of sustainable homeownership.”
Participating homebuyers can obtain mortgage financing from any qualified lender, and Affordable Housing Resources will determine eligibility and administer the down payment assistance grants.
“We are ready to equip Nashville families with education and down payment assistance grants through the Wells Fargo NeighborhoodLIFT program to help them achieve sustainable homeownership,” said Eddie Latimer, chief executive officer, Affordable Housing Resources. “Wells Fargo’s homeownership investment will help Nashville and the surrounding counties address our growing need for affordable housing.”
Since February 2012, LIFT programs have helped create more than 14,600 homeowners in 53 communities. A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.
About Affordable Housing Resources and NeighborWorks America
Affordable Housing Resources is the oldest nonprofit housing organization in Nashville and also 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 http://www.crhdc.org/or http://www.neighborworks.org/to learn more.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. 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 271,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.