Homeownership Program Comes to IndyPosted: Updated:
Wells Fargo & Co. (NYSE: WFC) has announced details of a $5.5 million partnership designed to increase homeownership in low-income areas in Indianapolis. The NeighborhoodLIFT program involves down payment assistance and includes a $500,000 donation to support stabilization efforts. September 5, 2014
INDIANAPOLIS, Ind. - Wells Fargo NeighborWorks America and Indianapolis Neighborhood Housing Partnership (INHP) will join Indianapolis Mayor Greg Ballard to announce the Indianapolis Wells Fargo NeighborhoodLIFT program, an initiative offering $5.5 million from Wells Fargo to boost homeownership and strengthen neighborhoods in the city's low- and moderate-income areas.
Of the $5.5 million committed by Wells Fargo, $4.5 million will go toward down payment assistance grants and program support to help potential homebuyers overcome the barrier of making a sufficient down payment.
"Making homeownership affordable and revitalizing our neighborhoods will make a significant difference for Indy and make the city a more attractive place for people to call home," said Indianapolis Mayor Greg Ballard. "This great partnership will make responsible homeownership possible for more families."
Down payment assistance grants of $15,000 will be available for eligible homebuyers with annual incomes that do not exceed 120 percent of the Indianapolis area median income - which is about $77,150 for a family of four - with income maximums varying depending on family size and type of loan. To be eligible, homebuyers must meet criteria including completing an eight-hour homebuyer education session with INHP or another HUD-approved counseling agency.
"Like many communities, Indianapolis and Marion County were significantly affected by the housing crisis," said Mary E. Bell, Wells Fargo's region president in Indiana. "While mortgages are available at relatively low interest rates, many families are unable to buy a home because they struggle with making the down payment. The NeighborhoodLIFT program can help local mortgage-ready homebuyers realize their dreams of owning a home."
To receive the full grant amount, participants buying homes with LIFT program down payment assistance grants must commit to live in the home for five years and qualify for a first mortgage on the property. The down payment assistance grants may also be used to buy a home that needs improvements with a new mortgage purchase 203k renovation loan.
In addition to providing down payment assistance for homebuyers, Wells Fargo will donate $500,000 to support stabilization efforts in Indianapolis neighborhoods.
Registration now open for free event Sept. 26-27
The Indianapolis NeighborhoodLIFT program will begin with a free homebuyer event Sept. 26 and 27 from 10 a.m. to 7 p.m. at the Indianapolis Convention Center,100 South Capitol Avenue, Exhibit Hall A.
Prospective homebuyers can register and learn more about the program at www.neighborhoodlift.com or by calling (866) 858-2151. Pre-registration is strongly recommended for an opportunity to reserve a $15,000 down payment assistance grant, although walk-ins will be welcome while funds are available. The event also includes a Wells Fargo Affordable Home Tour viewing center where attendees can preview local homes available for sale.
"This innovative collaboration between NeighborWorks America, the Indianapolis Neighborhood Housing Partnership, and Wells Fargo will put more Marion County families and individuals on the path to homeownership," said Elizabeth Hollins, senior director, Midwest Region, NeighborWorks America. "The required housing counseling and education classes, provided by certified professionals, have been shown to help homebuyers achieve successful and sustainable homeownership."
Indianapolis NeighborhoodLIFT program down payment assistance grants may also be combined with other down payment assistance programs to provide additional financial benefit to qualified buyers. Information regarding these other programs will be available at the event.
Participating homebuyers can obtain mortgage financing from any approved lender, and INHP will determine eligibility for the NeighborhoodLIFT program while nonprofit Pathfinder Services, Inc. will administer the down payment assistance grants. Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in Marion County to receive a grant.
"The Indianapolis Neighborhood Housing Partnership is honored to participate in the NeighborhoodLIFT program," said Moira Carlstedt, president of INHP. "This powerful collaboration between the private, public and nonprofit sectors will bring lasting benefit to Indianapolis families and neighborhoods. While INHP has been helping families become and remain homeowners for the past 26 years, we are proud to be a partner in this community initiative providing unprecedented access to down payment assistance for even more hard-working Indianapolis families."
Indianapolis is the seventh city in 2014 to receive the NeighborhoodLIFT program, and is now one of 29 housing markets across the country that will benefit from a total of $215 million Wells Fargo has committed through its LIFTprograms. Since February 2012, LIFT programs have helped create more than 7,600 homeowners in the 28 communities where the programs have been introduced.
About the NeighborhoodLIFT program
The NeighborhoodLIFT program is a collaboration between Wells Fargo, the nonprofit NeighborWorks America and local nonprofit organizations. The NeighborhoodLIFT program is designed to provide sustainable homeownership initiatives in cities affected by the housing crisis. A video about the NeighborhoodLIFT program is posted on the Wells Fargo YouTube Channel.
The Indianapolis Neighborhood Housing Partnership (INHP) is the homeownership resource in Marion County dedicated to serving homeowners and homebuyers with low, moderate and middle incomes. As an unbiased and trusted nonprofit, INHP has empowered thousands of working families for nearly 25 years to become and remain homeowners through lending, homeownership education, financial and mortgage advising services. Visit www.INHP.org to learn more.
About NeighborWorks America
NeighborWorks America is 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 www.nw.org to learn more.
About Wells Fargo (Twitter @WellsFargo)
Wells Fargo & Company is a nationwide, diversified, community-based financial services company with $1.6 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries 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. 29 on Fortune’s 2014 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially. Wells Fargo perspectives and stories are also available at blogs.wellsfargo.com and at stories.wellsfargobank.com.
SOURCE: Wells Fargo & Co