Wells Fargo, NeighborWorks America ® and Community Resources and Housing Development Corporation (CRHDC), today joined Denver Mayor Michael B. Hancock to announce the Denver Wells Fargo NeighborhoodLIFT® program, an initiative offering $5.65 million from Wells Fargo to boost homeownership and strengthen neighborhoods in the city’s low- and moderate-income areas.
“This public-private partnership has the potential to make a significant difference for Denver families and neighborhoods, by making homeownership more affordable for people who want to live here,” said Mayor Hancock. “Teachers should have the ability to live in the communities where they teach, officers the chance to live where they patrol. I commend Wells Fargo, NeighborWorks America, and CRHDC for their commitment to the City and County of Denver.”
Of the $5.65 million committed by Wells Fargo, $4.5 million will go toward down payment assistance grants and program support to help potential homebuyers overcome the barrier of making a sufficient down payment.
Down payment assistance grants of $15,000 will be available for eligible homebuyers with annual incomes that do not exceed 120 percent of the Denver area median income – which is about $92,050 for a family of four – with income maximums varying depending on family size and type of loan. To be eligible, homebuyers must meet criteria including completing an eight-hour homebuyer education session with CRHDC or another HUD-approved counseling agency.“Like many cities, Denver was significantly affected by the housing crisis,” said Frank Newman, Wells Fargo’s lead region president for the Rocky Mountain Region. “While mortgages are available at relatively low-interest rates, many families are unable to buy a home because they struggle with making the down payment. The NeighborhoodLIFT program can help local mortgage-ready homebuyers realize their dreams of owning a home.” To receive the full grant amount, participants buying homes with LIFT program down payment assistance grants must commit to live in the home for five years and qualify for a first mortgage on the property. The down payment assistance grants may also be used to buy a home that needs improvements with a new mortgage purchase 203k renovation loan.
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