Northern Oregon Homeownership to Get $7.1 Million Boost
NeighborhoodLIFT® program is part of a $1 billion commitment by the Wells Fargo Foundation to address housing affordability
PORTLAND, Ore., November 19, 2019 /3BL Media/ - Wells Fargo and Company (NYSE: WFC), NeighborWorks® America, and its network member Portland Housing Center today announced the NeighborhoodLIFT program will expand to the city of Portland and Multnomah County this December. With a $7.1 million philanthropic commitment by the Wells Fargo Foundation, the NeighborhoodLIFT program will create more than 270 homeowners by offering $20,000 down payment assistance grants that require completion of HUD-certified homebuyer education.
The NeighborhoodLIFT program for the city of Portland and Multnomah County follows Wells Fargo’s announcement in June of an evolution in the company’s philanthropic strategy, which includes a $1 billion commitment over the next six years to address the U.S. housing affordability crisis. This marks the 78th LIFT program launch since 2012. Wells Fargo has committed more than $500 million to NeighborhoodLIFT and other LIFT programs since its inception that have assisted more than 22,500 homeowners, including 259 homeowners from the 2013 Portland NeighborhoodLIFT program.
“The NeighborhoodLIFT program is a terrific example of our commitment to Portland and Multnomah County and our efforts to bring housing affordability solutions to communities across the U.S.,” said Tracy Curtis, Wells Fargo Northern Oregon region bank president. “The program will help hardworking local families and individuals get on the path to achieve successful and sustainable homeownership.”
Free NeighborhoodLIFT event scheduled Dec. 13–14
Two hundred appointments are available for interested homebuyers who may register beginning Monday, Nov. 25, at 9 a.m. at www.wellsfargo.com/lift to attend the free event scheduled for Friday, Dec. 13, from 10 a.m. to 7 p.m. and on Saturday, Dec. 14, from 9 a.m. to 2 p.m. at the Portland Expo Center, located at 2060 N. Marine Drive., Portland. Walk-ins also are welcome on a first-come, first-served basis while grants are available for reservation. Portland Housing Center will determine eligibility and administer the $20,000 down payment assistance grants.
To be eligible, annual incomes must not exceed 100% of the local area median income, which is $87,900 for an individual up to a family of four in the city of Portland and Multnomah County. In addition, there are special parameters for veterans and service members, teachers, law enforcement officers, firefighters and emergency medical technicians, who may reserve $22,500 down payment assistance grants.
“This innovative collaboration is critical to creating more affordable and sustainable housing opportunities in Portland and Multnomah County,” said Lisa Hasegawa, regional vice president, 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 will have up to 60 days to finalize a contract to purchase a home in the city of Portland of Multnomah County and can obtain mortgage financing from any participating lender, as mortgage purchase loans made through NeighborhoodLIFT program are not exclusive to Wells Fargo. 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 delighted to once again join the effort to bring the NeighborhoodLIFT program to Portland and Multnomah County that will provide homebuyer education and down payment assistance to help families achieve the dream of homeownership,” said Peg Malloy, executive director of the Portland Housing Center. “We are pleased to team with Wells Fargo and NeighborWorks America to make homeownership more affordable, achievable and sustainable.”
NeighborhoodLIFT local initiative grants to support neighborhood revitalization, beautification and complimentary credit counseling
As part of the NeighborhoodLIFT program for the city of Portland and Multnomah County, the Wells Fargo Foundation will provide $825,000 in grants to support housing affordability solutions, including:
- $400,000 in NeighborhoodLIFT local initiative grants to support housing affordability with nonprofits Portland Community Reinvestment Initiatives, Inc. ($150,000), Rosewood Initiative ($100,000), Hacienda Community Development Corporation ($50,000), Portland Homeless Family Solutions ($50,000) and Urban League of Portland ($50,000) each receiving grants.
- $100,000 in “LIFT the Block” grants and Wells Fargo volunteer efforts in collaboration with nonprofits focused on neighborhood beautification. With this effort, an $80,000 grant will be made to Active Children Portland to support the construction of Kirk Park Playground in Gresham, and a $20,000 grant will be presented to Asian Pacific American Network of Portland that will support repairs and upgrades to Harrison Park.
- $325,000 for NeighborhoodLIFT Home Ownership Counseling grants, which will provide up to 650 interested homebuyers an opportunity for complimentary face-to-face credit counseling by participating HUD-approved agencies. The Home Ownership Counseling grants are an additional resource and do not meet the homebuyer education requirement for NeighborhoodLIFT program down payment assistance grants.
A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.
About Portland Housing Center and NeighborWorks America
Portland Housing Center is 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 245 nonprofits, located in every state, the District of Columbia and Puerto Rico. Visit https://portlandhousingcenter.org or www.neighborworks.org to learn more.
About Wells Fargo
Founded in 1852 and headquartered in San Francisco, Wells Fargo & Company (NYSE: WFC) provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,500 locations, more than 13,000 ATMs, and the internet (wellsfargo.com). With approximately 261,000 team members, Wells Fargo serves one in three households in the United States. With its corporate philanthropy, Wells Fargo aims to pave a path to stability and financial success for underserved communities by focusing on housing affordability, small business growth, and financial health, among other local community needs. In 2018, Wells Fargo donated $444 million to nearly 11,000 nonprofits. For 10 consecutive years, Wells Fargo has held the honor of No. 1 in workplace giving by United Way Worldwide. Wells Fargo team members also actively support communities by donating more than 2 million hours of volunteer time in the last year. News, insights and more information on the company’s overall corporate responsibility are available at Wells Fargo Stories and www.wellsfargo.com/impact.
