- Includes $500 million in mortgage loans for Tampa homebuyers as part of $1.75 billion lending goal over five years in Tampa, Miami, Orlando, and Jacksonville
- Offers Tampa homebuyers the opportunity to attend a June 22-23 event at the Tampa Convention Center where they can apply for down payment assistance grants and participate in homebuyer support programs
- At the event, NeighborWorks America and its affiliate, Tampa Bay Community Development Corp. will determine income eligibility and help qualified prospective homeowners reserve down payment assistance grants of up to $15,000 per homebuyer in the City of Tampa
- Following Tampa, NeighborhoodLIFTSM events to be held in Orlando and Jacksonville to build on company’s ‘Home Preservation Workshops,’ Wells Fargo’s signature, city-by-city effort focused on helping homeowners avoid foreclosure
- NeighborhoodLIFTSM events in Atlanta, Houston, Las Vegas, Los Angeles and Phoenix have helped 1,409 potential homebuyers qualify for down payment assistance reservations totaling up to $27 million
TAMPA - June 5, 2012
Wells Fargo & Company (NYSE: WFC), one of America’s leading community banks and the nation’s largest home mortgage lender, today announced that the NeighborhoodLIFTSMprogram, a major effort to help stabilize neighborhoods deeply affected by the foreclosure crisis, is coming to Tampa. The program will include a free large-scale homebuyer workshop on Friday and Saturday, June 22 and 23 at the Tampa Convention Center from 10 a.m. – 7 p.m.
Prospective homebuyers can register and learn more about the NeighborhoodLIFTSM program at www.neighborhoodlift.org or by calling 866-858-2151. Pre-registration is encouraged but walk-ins are welcome.
The NeighborhoodLIFTSM program was created to help communities overcome the dual challenge of high inventories of unsold homes while providing assistance for prospective buyers. In Tampa, the program includes a five-year goal of $500 million in mortgage purchase loans by Wells Fargo, and a $7 million investment in 2012 for down payment assistance grants and homebuyer support programs to help consumers achieve successful, sustainable home ownership. Wells Fargo will collaborate with the City of Tampa, the non-profit organization NeighborWorks America, and its local Tampa affiliate, Tampa Bay Community Development Corp., to implement the program.
"For many residents in Tampa, the economic downturn only created more challenges to becoming a homeowner, but I am confident that this new project will help to lower the barriers to entering the housing market," said City of Tampa Mayor Bob Buckhorn. "I am looking forward to collaborating with Wells Fargo on this important sustainable housing effort."
Tampa is one of four cities in Florida where the NeighborhoodLIFTSM program will be deployed, along with Miami, Orlando, and Jacksonville. Wells Fargo committed $30 million to support the NeighborhoodLIFTSM program in 2012 and made a mortgage lending goal of a total of $1.75 billion over five years in the four Florida cities. The cities were selected for the program based on their high concentration of homeowners, foreclosures, delinquencies and overall housing inventory.
“Tampa was significantly affected by the housing crisis,” said Carl Miller, Wells Fargo’s Regional President for the Greater Gulf Coast. “Today, despite low home prices and historically low interest rates, many Tampa citizens are still unable to purchase a home because they simply cannot afford the down payment. NeighborhoodLIFTSM will help address this issue by providing down payment assistance.”
The June 22 and 23 NeighborhoodLIFTSM event is for anyone interested in buying and living in a home in the City of Tampa. Down payment assistance of up to $15,000 is available to those who qualify, buy and reside in a home located in the city. To qualify for down payment assistance that may be applied to a mortgage purchase loan with any lender, applicants must meet certain criteria including annual income not exceeding 120 percent of the median income for the area (for Tampa, not to exceed $67,700 for a family of four; income maximums vary depending on family size); an eight-hour homebuyer education session with the approved NeighborWorks America affiliate; a commitment to stay in the home for five years and qualification for a first mortgage on the property.
At the event, potential homebuyers can find out if they qualify for the down payment assistance program and reserve funds for 60 days – even if they have yet to find a property. In addition, prospective homebuyers may stop by the Wells Fargo Affordable Home TourSM viewing center to preview about 100 homes available for sale in Tampa. They can also take a free bus tour to view the homes from noon to 5 p.m. each day. Self-directed tours are also encouraged.
The NeighborhoodLIFT SMprogram is collaboration between Wells Fargo Bank, N.A., Wells Fargo Foundation, NeighborWorks America, an independent non-profit organization, and local non-profit organizations. The NeighborhoodLIFT SM program is designed to provide sustainable homeownership initiatives in cities deeply affected by the housing crisis. A video about the NeighborhoodLIFT program is posted at www.youtube.com/wellsfargo.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 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, the Internet (wellsfargo.com), and other distribution channels across North America and internationally. With more than 272,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.