Wells Fargo announced on Tuesday the introduction of its Cleveland CityLIFT program, a $4 million local effort aimed at helping homebuyers with down payment assistance for home purchases.
From Sept. 12 to Sept. 13 at the Cleveland Convention Center, homebuyers can reserve $15,000 down payment grants to purchase a Cleveland-area home. The grants can also be applied to 203k renovation loans to help buyers make improvements as part of a new mortgage.
“Home matters because it increases the economic, educational and healthy well-being of our city,” Lou Tisler, the executive director of Neighborhood Housing Services of Greater Cleveland, said. “(The) CityLIFT program is an opportunity to move the needle on all three of these bedrocks for success. This program supports our mission of achieving, promoting and sustaining the dream of homeownership. What’s innovative about this opportunity is combining quality homebuyer education, scarce financial resources, and a secure mortgage to stabilize neighborhoods throughout the city of Cleveland.”
The program is a collaboration between Wells Fargo, NHS and NeighborWorks America and is designed to provide down payment assistance and homebuyer education to areas most impacted by the financial crisis.
“Cleveland was one of the cities most deeply affected by the housing crisis and while today mortgages are available at historically low interest rates, many families are still unable to purchase a home because they struggle with making the down payment,” Kim Smith-Moore, the program manager with Wells Fargo Home Mortgage, said. “The CityLIFT program can help local homebuyers realize their dreams of owning a home.”