Wells Fargo & Company (NYSE: WFC), one of America’s leading community banks and the nation’s largest home mortgage lender; NeighborWorks America, a national organization which creates opportunities for people to live in affordable homes; and its affiliate Neighborhood Housing Services of Baltimore today announced a $4.5 million public-private collaboration with the City of Baltimore that will provide $15,000 down payment assistance grants to eligible Baltimore homebuyers through the CityLIFT SM program which will be rolled out in two phases.
The first phase of the Baltimore CityLIFT SM program includes $1 million that is immediately available in the form of $15,000 down payment assistance grants for prospective homebuyers who meet eligibility requirements, complete a homebuyer education course, and have a signed contract to purchase a home in the city of Baltimore and who meet income guidelines.
The second phase starts with a Wells Fargo homebuyer event on April 5-6, 2013 where prospective homebuyers can apply for the remaining funds in the form of down payment assistance grants. No purchase of sale contract is required to apply, but eligible homeowners must be mortgage ready, be able to complete 8-hour homebuyer education class and close on a home within 90 days.
“This collaboration with Wells Fargo and local nonprofits will help Baltimore residents achieve the American dream of homeownership by offering financial support, as well as the resources to help them make successful investment decisions,” said Mayor Rawlings-Blake. “The CityLIFT Program supports ongoing efforts like Vacants to Value by creating new opportunities for families to live in great neighborhoods. We appreciate Wells Fargo for supporting our effort to grow Baltimore City by 10,000 families in the next 10 years.”Baltimore is one of 20 cities 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 Andy Bertamini, Wells Fargo’s Regional President for Maryland. “The CityLIFT program will help address this issue for homebuyers by providing down payment assistance and will help them achieve successful homeownership.”