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TheStreet Open House

Wells Fargo Brings CityLIFTSM Program To Alameda And Contra Costa Counties To Help Local Housing Market

Stocks in this article: WFC

Wells Fargo, the nation’s largest home mortgage lender, today announced the company’s CityLIFT SM program will launch in Oakland on December 7-8. The CityLIFT SM program provides down payment assistance of $20,000 to eligible homebuyers and homebuyer education programs in areas most impacted by the housing crisis. The CityLIFT SM program is a collaboration between Wells Fargo Bank N.A., city officials in Alameda and Contra Costa counties, NeighborWorks America , and local NeighborWorks affiliate The Unity Council.

The East Bay CityLIFT SM program includes $5 million for down payment assistance grants to help consumers achieve successful, sustainable homeownership. Similar events in Atlanta, Chicago, Houston, Jacksonville, Las Vegas, Los Angeles, Miami, Orlando, Philadelphia, Phoenix, Sacramento, Tampa, Twin Cities, and Washington, D.C. have helped create 785 new homeowners through Wells Fargo LIFT program down payment assistance, with another 546 potential new homeowners in process of closing on a home.

The East Bay CityLIFT SM program will include a free homebuyer workshop on Friday, Dec. 7 from 10 a.m. – 7 p.m. and Saturday, Dec. 8 from 10 a.m. – 7 p.m., at the Oakland Convention Center Marriott located at 1001 Broadway in Oakland.

At the event, potential homebuyers can determine their eligibility for down payment assistance program and reserve funds – of $20,000 – for 60 days for home purchases within the nine East Bay cities, 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 featured homes available for sale in local neighborhoods. Self-directed tours are also encouraged.

Prospective homebuyers can register at www.wellsfargo.com/citylift until Wednesday, Dec. 5 and learn more about the East Bay CityLIFT SM program by calling 1-866-802-0456. Pre-registration is encouraged, although walk-ins are welcome.

Alameda and Contra Costa counties are part of 20 housing markets that will benefit from a total of $170 million Wells Fargo has committed through its LIFT programs (including NeighborhoodLIFT SM and CityLIFT SM ) to support sustainable housing in cities affected by the economic downturn.

“Today, despite low home prices and historically low interest rates, many families are still unable to purchase a home because they struggle with making the down payment,” said Jim Foley, Wells Fargo’s regional president for Greater Bay Area. “The CityLIFT SM program will help address this issue for homebuyers by providing down payment assistance and help revitalize some of our communities in Alameda and Contra Costa counties most deeply affected by the housing crisis.”

“Thanks in part to the combined and dedicated efforts of city, state and federal government, many banks are trying new ways to help homeowners,” said Oakland Mayor Jean Quan. “Among the most exciting of these, locally, is the Wells Fargo East Bay CityLIFT program. The down payment assistance grants of $20,000 for both first time and re-entering homebuyers is a critical tool to helping Oakland and other East Bay residents achieve their homeownership dreams, especially in the wake of the foreclosure crisis. Wells Fargo has been a strong partner in this, and we look forward to how this program and other strategies can help promote housing stability and economic development.”

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