LAS VEGAS--(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC), NeighborWorks® America and its network member Neighborhood Housing Services of Southern Nevada today announced the NeighborhoodLIFT® program is expanding to Las Vegas Valley with a $5.55 million commitment by Wells Fargo to boost homeownership.
“I want to extend my appreciation to Wells Fargo for returning to Las Vegas with this innovative homeownership initiative,” said Las Vegas Mayor Carolyn Goodman. “Working together, we are committed to strengthening neighborhoods and helping our residents put homeownership within reach.”
Interested homebuyers can attend the free event on March 3-4 when eligibility will be determined for an opportunity to reserve a matching down payment assistance grant ranging from $2,500 up to $7,500 based on the homebuyer’s contribution.
“The NeighborhoodLIFT program is another example of our commitment to the Las Vegas Valley and efforts to create affordable homeownership in our local communities,” said Kirk Clausen, regional president for Wells Fargo. “This will be Wells Fargo’s 50th LIFT program event and follows the successful 2012 NeighborhoodLIFT program for Las Vegas and North Las Vegas that created 422 homeowners.”
Registration for the NeighborhoodLIFT event on March 3-4
The Wells Fargo NeighborhoodLIFT program will begin with a free event March 3-4 from 10 a.m. to 7 p.m. at the Flamingo Hotel, located at 3555 S. Las Vegas Blvd. To learn more about the eligibility requirements and to register, visit www.NeighborhoodLIFT.com or call or (866) 858-2151.
Pre-registration is strongly recommended for an opportunity to reserve a matching down payment assistance grant. The event also includes a Wells Fargo Virtual Affordable Home Tour® viewing center where attendees can preview local homes available for purchase.
To be eligible, annual incomes must not exceed 80 percent of the local area median income, which is about $48,150 for an individual homebuyer up to a family of four, and $52,050 for a family of five in Las Vegas Valley with income maximums varying depending on family size and type of loan. Eligibility for Military servicemembers and veterans may earn up to 100 percent of the area median income, which is about $60,200 for a family of four.
Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in Las Vegas Valley participating communities including Las Vegas, Henderson, North Las Vegas and the towns of Enterprise, Paradise, Spring Valley, Sunrise Manor, Whitney, or Winchester. To reserve the full grant amount, participants buying homes with the NeighborhoodLIFT program must commit to live in the home for three years.
“This innovative collaboration between NeighborWorks America, our network member Neighborhood Housing Services of Southern Nevada, Wells Fargo and Las Vegas will create about 560 homeowners,” said Steve Barbier, regional executive, NeighborWorks America. “The required homebuyer education classes provided by certified professionals help people achieve their goal of sustainable homeownership.”
To be eligible, down payment recipients must complete an eight-hour homebuyer education session with Neighborhood Housing Services of Southern Nevada or another HUD-approved housing counseling agency. NeighborhoodLIFT program grants may be combined with other down payment assistance programs to provide additional financial benefits, and homebuyers can obtain mortgage financing from any qualified lender.
“We are ready to help families qualify for the Wells Fargo NeighborhoodLIFT down payment assistance grants,” said Michelle Merced, President of Neighborhood Housing Services of Southern Nevada. “Wells Fargo’s investment will help make the Las Vegas Valley stronger.”
First launched in February 2012 in Los Angeles and Atlanta, LIFT programs have helped create more than 13,000 homeowners in 49 communities, including 422 homeowners as a result of a NeighborhoodLIFT in 2012, which was launched in Las Vegas and expanded to North Las Vegas. A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.
About Neighborhood Housing Services of Southern Nevada and NeighborWorks America
Neighborhood Housing Services of Southern Nevada 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 240 nonprofits, located in every state, the District of Columbia and Puerto Rico. Visit www.neighborworks.org, or www.nwsn.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. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 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 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.