Publish Date : 13-Nov-2018
Wells Fargo & Company, NeighborWorks America and its network member The Housing Partnership announced the NeighborhoodLIFT program will expand to the Charlotte area with a $6.85 million commitment by Wells Fargo to boost homeownership in Cabarrus, Gaston, Mecklenburg, Rowan, and Union counties.
NeighborhoodLIFT will make homeownership more affordable, achievable and sustainable for hundreds of families who live in and around the Queen City, said Charlotte Mayor Vi Lyles. I commend Wells Fargo, NeighborWorks America and The Housing Partnership for working together to bring this innovative program to the greater Charlotte community.
The 2018 Charlotte area NeighborhoodLIFT program is part of a $20 million commitment by Wells Fargo announced in August 2018 to support affordable housing in Charlotte; and follows the 2013 Charlotte NeighborhoodLIFT program that created 312 homeowners by offering homebuyer education and down payment assistance grants with the support of a $6.6 million investment by Wells Fargo.
The NeighborhoodLIFT program is another example of Wells Fargos commitment to Charlotte, particularly around affordable housing, said Kendall Alley, region bank president for Wells Fargo in Charlotte. Working together with nonprofits to offer down payment assistance grants and homebuyer education can make a big difference for homebuyers, including local veterans, teachers, firefighters and first-responders who serve the Charlotte community and also want to call it home.
Registration opens Monday for free event in Charlotte Nov. 1617
Interested homebuyers may register beginning Monday, Oct. 29, at www.wellsfargo.com/lift to attend the free event on Friday, Nov. 16, from 10 a.m. to 7 p.m. and Saturday, Nov. 17, from 9 a.m. to 2 p.m. at the Charlotte Convention Center, 501 S. College St., Charlotte, N.C. 28202. Walk-ins are also welcome while grants are available for reservation.
To learn more about the eligibility requirements and documents needed to apply for a down payment assistance grant, visit www.wellsfargo.com/lift. Participating homebuyers can obtain mortgage financing from any participating lender. The Housing Partnership will determine eligibility and administer the down payment assistance grants. Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in Cabarrus, Gaston, Mecklenburg, Rowan, or Union counties.
To be eligible, annual income must not exceed 80 percent of the local area median income, which is about $59,300 for up to a family of four in Cabarrus, Gaston, Mecklenburg and Union counties; and about $44,700 for up to a family of four in Rowan County. In addition, the program offers special parameters including $17,500 down payment assistance grants for eligible veterans and service members, teachers, law enforcement officers, firefighters and emergency medical technicians. These professionals may earn up to 100 percent of the local area median income, which is about $74,100 up to a family of four in Cabarrus, Gaston, Mecklenburg, and Union counties; and, in Rowan County, about $55,900.
This innovative public-private collaboration will create 350 homeowners in the Charlotte community, said Donald Phoenix, Southeast regional vice president, NeighborWorks America. The required homebuyer education classes provided by certified professionals better prepare NeighborhoodLIFT homebuyers to achieve their goal of sustainable homeownership.
To reserve the full grant amount, participants buying a primary residence with the NeighborhoodLIFT program must commit to live in the home for five years.
We are ready to assist Charlotte-area families and provide homebuyer education and down payment assistance to help them achieve successful and sustainable homeownership, said Julie Porter, president of The Housing Partnership. The NeighborhoodLIFT program offers an affordable and achievable way to realize homeownership goals.
Since 2012, LIFT programs have helped create more than 18,900 homeowners in the U.S. A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.
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