Wells Fargo, NeighborWorks America and Portland Housing Center today joined Portland Mayor Charlie Hales to announce the $5.15 million Portland NeighborhoodLIFT SM, a program to help moderate-income Portlanders purchase a home.
“With the holiday shopping season about to start, this program will help Portlanders make one of the most important purchases of their life: a home of their own,” said Mayor Hales. “This public-private partnership has the potential to make a huge difference to Portland residents and neighborhoods.”
Portland NeighborhoodLIFT SM program is a collaboration between Wells Fargo, the City of Portland, NeighborWorks America, and Portland Housing Center. The program is designed to provide down payment assistance and homebuyer education programs in areas most impacted by the financial crisis.
The Portland NeighborhoodLIFT SM program will include a free homebuyer event on Dec. 13-14 from 10 a.m. to 7 p.m. at the Oregon Convention Center in Hall C at, 777 N.E. Martin Luther King Jr. Blvd. in Portland. Prospective homebuyers can register and learn more about the program at www.neighborhoodlift.com or by calling (866) 858-2151. Pre-registration is encouraged, although walk-ins will be welcome.The event will also include a Wells Fargo Affordable Home Tour® viewing center where attendees can preview homes available for sale in local neighborhoods. “Portland was impacted by the housing crisis and while mortgages are available at low-interest rates, many families are unable to purchase a home because they struggle with making the down payment,” said Don Pearson, Community Banking regional president for Wells Fargo. “NeighborhoodLIFT program can help local homebuyers realize their dreams of owning a home.” To qualify for down payment assistance, applicants must meet certain criteria including annual income not exceeding 120 percent of the Portland area median income ($83,300 for a family of four and income maximums vary depending on family size and loan product); an eight-hour homebuyer education session with Portland Housing Center, a member of the NeighborWorks network and HUD-approved counseling agency; a commitment to stay in the home for five years and qualification for a first mortgage on the property.