The program in San Bernardino, Fontana, Riverside, Corona, and Moreno Valley is 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. LIFT programs have helped create more than 3,600 homeowners in the 18 housing markets where the programs have been introduced. The LIFT program in Los Angeles, with $15 million in funding from Wells Fargo, is near complete after having already helped nearly 300 new homeowners purchase a Los Angeles home since the program was first launched in February 2012.“It is vital to the health of Inland Empire cities that we have programs like that of Wells Fargo which will allow us to keep more of our single family homes in the hands of owner occupants,” said Dr. John Husing, Chief Economist of Inland Empire Economic Partnership. “They are much more likely than renters to participate in community affairs and their homes tend to be better maintained, lowering the stress on property values and public safety in their neighborhoods.” To qualify for down payment assistance, applicants must meet certain criteria including annual income not exceeding 120 percent of the median income for the area (income maximums vary depending on family size); an eight-hour homebuyer education session with a HUD-approved counselor such as NeighborWorks America affiliates; and a commitment to stay in the home for five years and qualification for a first mortgage on the property. Participating homebuyers can obtain mortgage financing from any qualified lender. “NeighborWorks America and Wells Fargo’s innovative partnership has already helped thousands of homebuyers achieve sustainable homeownership,” said Dawn Lee, executive director of NHS of the Inland Empire. “The LIFT program is designed to help potential homebuyers achieve their dream of homeownership, and shows them that pre-purchase homebuyer education and counseling is a critical component to successful and sustainable homeownership.”
The CityLIFT SM program is designed to provide down payment assistance and homebuyer education programs in areas most impacted by the financial crisis. The program was developed in connection with the 2012 settlement with the U.S. Department of Justice, and is a collaboration between Wells Fargo Bank N.A. and NeighborWorks America.About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 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, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 275,000 team members, Wells Fargo serves one in three households in the United States. 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.