SIOUX FALLS, S.D.--(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC), NeighborWorks® America and its network member, GROW South Dakota, today announced the NeighborhoodLIFT® program is coming to South Dakota with a $2 million commitment by Wells Fargo to boost homeownership for eligible homebuyers across the state’s 66 counties. This will be Wells Fargo’s 56th LIFT program and second-statewide effort in the U.S.
“Our great state is the land of plenty, and this investment by Wells Fargo will create opportunities for hard-working families and individuals, including our military service members, veterans, teachers, first responders and law enforcement officials to purchase their own home,” said South Dakota Governor Dennis Daugaard. “On behalf of South Dakotans, I commend Wells Fargo, NeighborWorks and GROW South Dakota for working together to bring this innovative program forward for our residents.”
Down payment assistance grants now available by GROW South Dakota
Homebuyers with a contract to purchase a home may seek an appointment with GROW South Dakota to determine eligibility for a $7,500 down payment assistance grant. Interested homebuyers can learn about eligibility requirements from local Wells Fargo Home Mortgage offices or by visiting the GROW South Dakota website at www.growsd.org/lift.
“The South Dakota NeighborhoodLIFT program demonstrates Wells Fargo’s care and commitment to create more affordable, achievable and sustainable homeownership and help build stronger communities,” said Corey Heaton, Wells Fargo’s South Dakota region bank president. “We understand this investment in and of itself will not solve all housing challenges in our state, but it will have a meaningful impact on hundreds of families and individuals.”
Eligible homebuyers can obtain mortgage financing from any participating lender, and GROW South Dakota will determine eligibility and administer the down payment assistance grants. Eligibility requirements include not exceeding 80 percent of the local area median income. Military service members, teachers, emergency first responders, firefighters, and law enforcement officers may earn 100 percent of the area median income in the county where the home is purchased. Income maximums may vary depending on family size and type of loan.
“This innovative public-private collaboration will create about 224 homeowners,” said John Santner, regional vice president, Midwest 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 South Dakota NeighborhoodLIFT program must live in the home for five years.
“We are ready to assist South Dakota families with education and down payment assistance grants through the Wells Fargo NeighborhoodLIFT program that will help many achieve sustainable homeownership,” said Lori Moen, chief operating officer, GROW South Dakota. “For families across the state, from cities to rural communities, Wells Fargo’s investment will help address the growing need for affordable housing.”
Since February 2012, LIFT programs have helped create nearly 15,400 homeowners in 55 communities. A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.
About GROW South Dakota and NeighborWorks America
GROW South Dakota 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.growsd.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, insurance, investments, mortgage, and consumer and commercial finance through more than 8,400 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 268,000 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.