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TheStreet Open House

Wells Fargo Brings The NeighborhoodLIFT Program To Jacksonville To Help Local Housing Market Recover

Stocks in this article: WFC

Wells Fargo & Company (NYSE: WFC), one of America’s leading community banks and the nation’s largest home mortgage lender, today announced that the NeighborhoodLIFT SM program, a major effort to help stabilize neighborhoods deeply affected by the foreclosure crisis, is coming to Jacksonville. The program will include a free large-scale homebuyer workshop on Friday and Saturday, July 27 & 28 at the Prime Osborn Convention Center from 10 a.m. – 7 p.m.

Prospective homebuyers can register and learn more about the NeighborhoodLIFT SM program at www.neighborhoodlift.org or by calling 866-858-2151. Pre-registration is encouraged but walk-ins are welcome.

The NeighborhoodLIFT SM program was created to help communities overcome the dual challenge of high inventories of unsold homes while providing assistance for prospective buyers. In Jacksonville, the program includes a five-year goal of $750 million in mortgage purchase loans by Wells Fargo, and a $7 million investment in 2012 for down payment assistance grants and homebuyer support programs to help consumers achieve successful, sustainable homeownership. Wells Fargo will collaborate with the City of Jacksonville, the non-profit organization NeighborWorks America , and its local partners to implement the program.

“This is an excellent example of public-private partnership that will help build a stronger city one household at a time,” said Jacksonville Mayor Alvin Brown. “We’re fortunate in Jacksonville to have community partners like Wells Fargo, NeighborWorks America and Family Foundations willing to come together under a single vision with an opportunity for responsible, hard-working Jacksonville residents to grow personal wealth through homeownership. Investments in our neighborhoods are investments in families, our housing market and our economic future.”

Jacksonville is one of four cities in Florida where the NeighborhoodLIFT SM program is being deployed, along with Miami, Tampa, and Orlando. Wells Fargo has committed $30 million to support the NeighborhoodLIFT SM program in 2012 and made a mortgage lending goal of $1.75 billion over five years in the four Florida cities. The cities were selected for the program based on their high concentration of homeowners, foreclosures, delinquencies and overall housing inventory.

“Jacksonville was significantly affected by the housing crisis,” said Scott Coble, Wells Fargo’s Regional President for North Florida. “Today, despite low home prices and historically low interest rates, many Jacksonville families are still unable to purchase a home because they simply cannot afford the down payment. The NeighborhoodLIFT SM program will help address this issue by providing down payment assistance.”

The July 27 and 28 NeighborhoodLIFT SM event is for anyone interested in buying and living in a home in Jacksonville. Down payment assistance of up to $15,000 is available to those who qualify, buy and reside in a home located in the city. To qualify for down payment assistance that may be applied to a mortgage purchase loan with any lender, applicants must meet certain criteria including annual income not exceeding 120 percent of the median income for the area (for Jacksonville, not to exceed $80,750 for a family of four; income maximums vary depending on family size); an eight-hour homebuyer education session with the approved NeighborWorks America affiliate; a commitment to stay in the home for five years and qualification for a first mortgage on the property.

At the event, potential homebuyers can find out if they qualify for the down payment assistance program and reserve funds for 60 days – even if they have yet to find a property. In addition, prospective homebuyers may stop by the Wells Fargo Affordable Home Tour SM viewing center to preview about 100 homes available for sale in Jacksonville. They can also take a free bus tour to view the homes from noon to 5 p.m. each day. Self-directed tours are also encouraged.

About NeighborhoodLIFT SM

The NeighborhoodLIFT SM program is collaboration between Wells Fargo Bank, N.A., Wells Fargo Foundation, NeighborWorks America, an independent non-profit organization, and local non-profit organizations. The NeighborhoodLIFT SM program is designed to provide sustainable homeownership initiatives in cities deeply affected by the housing crisis. A video about the NeighborhoodLIFT program is posted at www.youtube.com/wellsfargo.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 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 stores, 12,000 ATMs, the Internet (wellsfargo.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.



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