Wells Fargo & Company (NYSE:WFC), NeighborWorks® America, and Neighborhood Housing Services of Los Angeles County today announced the NeighborhoodLIFT® program will expand in Los Angeles County with a $9.8 million commitment by Wells Fargo to boost local homeownership.
The 2019 Los Angeles County NeighborhoodLIFT program follows the program’s first-ever launch in Los Angeles in 2012, which created 386 homeowners. Overall, Wells Fargo has conducted 66 LIFT program events in the U.S. since 2012 that have created more than 19,800 homeowners.
Hundreds of homebuyers registered to attend free event on Feb. 1–2
More than 360 interested homebuyers are registered to attend the free event on Friday, Feb. 1, from 10 a.m. to 7 p.m. and on Saturday, Feb. 2, from 9 a.m. to 2 p.m. at the Los Angeles Convention Center, located at 1201 S. Figueroa St., Los Angeles. Walk-ins also are welcome while grants are available. Those intending to walk in should be prepared with documents required to reserve funds posted at nhslacounty.org/lift.
Participating homebuyers can obtain mortgage financing from any participating lender, and Neighborhood Housing Services will determine eligibility, administer the grants, and provide homebuyer and financial education. Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in Los Angeles County.
“The NeighborhoodLIFT program is another example of our commitment to Los Angeles and our efforts to build better communities through sustainable homeownership,” said David Galasso, Wells Fargo regional president in Los Angeles. “The program will help hardworking families and individuals get on the path to successfully becoming homeowners.”
To be eligible to reserve a down payment assistance grant, annual incomes must not exceed 100 percent of the local area median income in Los Angeles County, which is about $96,900 for up to a family of four. In addition, there are special parameters for veterans and service members, teachers, law enforcement officers, firefighters and emergency medical technicians who meet eligibility requirements; they may obtain $27,500 down payment assistance grants.
In addition, Wells Fargo has committed $275,000 for up to 550 consumers to receive complimentary face-to-face homeownership counseling. Interested homebuyers can receive a voucher at the Los Angeles NeighborhoodLIFT launch event that will provide in-person homeownership counseling at no charge with a participating HUD-approved housing counselor in Los Angeles County. The complimentary Home Ownership Counseling grant program is an additional resource to the homebuyer education required for a NeighborhoodLIFT down payment assistance grant.
“This innovative public-private collaboration will create more 300 Los Angeles County homeowners,” said Lauren Hornett, senior director, Western region, NeighborWorks America. “The required homebuyer education classes provided by certified professionals better prepare NeighborhoodLIFT homebuyers to achieve their goal of sustainable homeownership.”
Approved homebuyers must be approved for home financing with an eligible lender and be in contract to purchase a home in Los Angeles County. 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.
“We’re ready to help more families become homeowners with the support of NeighborhoodLIFT homebuyer education and down payment assistance,” said Lori Gay, president and chief executive officer with Neighborhood Housing Services. “We are pleased to join Wells Fargo and NeighborWorks America to create this opportunity to make homeownership more affordable, achievable and sustainable.”
A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.