The NeighborhoodLIFT program announced $9.5 million for new homebuyers in Alameda, Contra Costa, San Francisco, San Mateo, Santa Clara, and Solano counties.
The program will offer $25,000 in down payment assistance to 359 eligible homebuyers. It also includes includes $525,000 for 700 people to receive homeownership counseling to learn the homebuying process and plan how to budget for the ongoing costs of homeownership.
From the press release on December 2, 2020:
In the Bay Area, more than four in 10 renters pay over 30% of their income on housing. Additionally, nearly 25% of renters are severely cost-burdened, paying over half of their income on housing, according to the Joint Center for Housing Studies of Harvard University. Renters, including people of color, are disadvantaged in being able to build equity and wealth as the Bay Area grapples with recovery from the economic fallout and housing instability caused by COVID-19.
To address this ongoing issue, Wells Fargo, NeighborWorks® America, and its network member Community Housing Development Corporation today announced the NeighborhoodLIFT® program, a $9.5 million collaboration funded by the Wells Fargo Foundation to boost homeownership in the Bay Area for low- and moderate-income individuals. The NeighborhoodLIFT program will offer $25,000 in down payment assistance to 359 eligible homebuyers.
The program provides a forgivable loan, meaning it doesn’t need to be repaid, with the homeowner required to live in the home as their primary residence for at least five years without selling, refinancing, foreclosing, or transferring the title in that time.
Other requirements include homebuyer education and location – the home must be located in a designated NeighborhoodLIFT area.
NeighborhoodLIFT is a long-standing program that has already helped 24,600 Americans become homeowners through programs across more than 1,000 communities.
Montie Cross, a retired technology company worker, purchased her family’s Fairfield, CA home with the program. “This is my first time owning a home so working with the credit counselor to prepare for the steps to qualify for a mortgage made everything go smooth,” said Cross. “This is my house now and I don’t need to rent any longer.”
This expansion of the program is Wells Fargo’s 80th LIFT programs launch, and similar Bay Area initiatives in 2012 and 2017 assisted 536 homebuyers with down payment assistance.
Visit wellsfargo.com/mortgage/lift to learn more. Applications can be submitted beginning Monday, February 1, 2021.
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