Wells Fargo recently partnered with NeighborWorks America and Community Resources and Housing Development Corp. to launch the Wells Fargo NeighborhoodLIFT program, which seeks to increase homeownership and bolster low- and moderate-income communities in Denver.
“This innovative collaboration between NeighborWorks America, our network member CRHDC, and Wells Fargo will put more Denver families and individuals on the path to homeownership,” Gary Wolfe, the Rocky Mountain regional vice president for NeighborWorks America, said. “The required housing counseling and education classes, provided by certified professionals, have been shown to help homebuyers achieve successful and sustainable homeownership.”
The program will provide $5.65 million toward down payment assistance grants and program support to help homebuyers meet down payment requirements and support stabilization programs in Denver neighborhoods.
“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,” Denver Mayor Michael Hancock said. “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.”
Down payment assistance grants of $15,000 will be given to eligible homebuyers with annual incomes lower than 120 percent of the Denver area median income. Income maximums vary depending on family size and the type of loan.
“Like many cities, Denver was significantly affected by the housing crisis,” Frank Newman, Wells Fargo’s lead region president for the Rocky Mountain region, said. “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 grant, participants must commit to live in the home for at least five years and qualify for a first mortgage.
The program will kick off with a free homebuyer event from 10 a.m. to 7 p.m. on April 4-5 at the Colorado Convention Center at 700 14th Street. More information can be found at the NeighborhoodLIFT website.