Atlanta Homeownership to Get $6 Million Boost
Mayor Bottoms joins Wells Fargo to announce NeighborhoodLIFT program will offer homebuyer education plus $15,000 down payment assistance grants
ATLANTA, April 17, 2018 /3BL Media/ – Wells Fargo & Company (NYSE:WFC), NeighborWorks® America and its network members — Atlanta Neighborhood Development Partnership, Inc., and NeighborWorks Columbus — today announced the NeighborhoodLIFT® program will expand in the Atlanta area with a $6 million commitment by Wells Fargo to boost homeownership in the counties of Clayton, Cobb, DeKalb, Fulton, and Gwinnett.
The 2018 Atlanta NeighborhoodLIFT follows one in 2012 that created 378 homeowners by offering homebuyer education plus $15,000 down payment assistance grants in an $8 million commitment by Wells Fargo. Overall, Wells Fargo has conducted 58 LIFT program events in the U.S. since 2012.
Free NeighborhoodLIFT homebuyer event May 4–5
More than 500 homebuyers are registered to attend the NeighborhoodLIFT event scheduled May 4–5 from 10 a.m. to 7 p.m. at the Atlanta Convention Center at AmericasMart, when eligibility will be determined to reserve a grant to purchase a home in the counties of Clayton, Cobb, DeKalb, Fulton, or Gwinnett. While registration is full, walk-ins are welcome to meet with a nonprofit specialist while funds are available for reservation. Those intending to walk in should be prepared with documents required to reserve funds posted at www.andpi.org/lift.
In addition, prospective homebuyers may participate in financial education sessions at the homebuyer event. Participating homebuyers can obtain mortgage financing from any participating lender, and the Atlanta Neighborhood Development Partnership will determine eligibility. NeighborWorks Columbus will administer the down payment assistance grants.
“The NeighborhoodLIFT program is another example of our commitment to the Atlanta area and our efforts to build better communities through sustainable homeownership,” said Chad Gregory, Wells Fargo South metro Atlanta and West Georgia region bank president. “The program will help hardworking families and individuals get on the path to achieve homeownership and follows the 2012 LIFT program that created 378 homeowners.”
To be eligible, annual incomes must not exceed 80 percent of the local area median income, which is about $59,850 in the Atlanta community for a single household up to a family of four and up to $64,650 for a family of five. In addition, there are special parameters for veterans and service members, teachers, law enforcement officers, firefighters and emergency medical technicians who may reserve $17,500 down payment assistance grants within eligibility requirements including earning up to 100 percent of the area median income, which is about $74,800 for up to a family of four and $80,800 for a family of five.
Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in the Atlanta metro counties of Clayton, Cobb, DeKalb, Fulton, and Gwinnett.
“This innovative public-private collaboration will create about 300 more homeowners in the Atlanta area,” 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.”
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 are ready to equip Atlanta families with education and down payment assistance grants through the Wells Fargo NeighborhoodLIFT program to help them achieve sustainable homeownership,” said John O’Callaghan, president and chief executive officer, Atlanta Neighborhood Development Partnership. “Wells Fargo’s homeownership investment will help Atlanta and the surrounding counties address our growing need for affordable housing.”
Since February 2012, LIFT programs have helped create more than 17,150 homeowners in 57 communities. A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.
About Atlanta Neighborhood Development Partnership, Inc., NeighborWorks Columbus and NeighborWorks America
Atlanta Neighborhood Development Partnership, Inc. and NeighborWorks Columbus are chartered members 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 https://www.andpi.org/, https://nwcolumbus.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, investments, mortgage, and consumer and commercial finance through 8,200 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 265,000 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.
Media Contacts:
Crystal Drake, 404-783-5402
Crystal.Drake@wellsfargo.com
@crystaldrakeWF
or
Stephanie Grant, 760-317-6505
Stephanie.Grant2@wellsfargo.com
@SgrantWF
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