By Business Wire, October 03, 2013, 12:30:00 PM EDT
Charlotte homebuyers can apply for $15,000 in down payment assistance
grants at Charlotte Convention Center event on Oct. 25-26 in
collaboration with the City of Charlotte, NeighborWorks® America
and the Charlotte-Mecklenburg Housing Partnership
CHARLOTTE, N.C.--(BUSINESS WIRE)--
Wells Fargo, the nation's largest home mortgage lender, NeighborWorks
America and the Charlotte-Mecklenburg Housing Partnership today joined
Charlotte Mayor Patsy Kinsey to announce the CharlotteNeighborhoodLIFTSM
program, a $6.6 million local effort to help the housing market recover.
This program will be available for eligible homebuyers to reserve
$15,000 down payment assistance grants to purchase a Charlotte home on
October 25-26 at the Charlotte Convention Center, Hall B.
At the free event, potential homebuyers can determine if they qualify
for down payment assistance and reserve funds of $15,000 for 60 days to
purchase a home in Charlotte even if they have yet to find a property.
CharlotteNeighborhoodLIFTSM program down
payment assistance grants may also be applied to 203k renovation loans
to enable buyers to make improvements as part of a new mortgage purchase
"This program will help Charlotteans by making homeownership more
affordable for our families," said Charlotte Mayor Patsy Kinsey. "As a
longtime advocate for affordable housing in our City, I'm grateful to
Wells Fargo for this significant investment in our community, and look
forward to working with them, NeighborWorks America, and the
Charlotte-Mecklenburg Housing Partnership to further this important
sustainable housing effort."
TheCharlotte NeighborhoodLIFTSM program
is a collaboration between Wells Fargo Bank N.A., the City of Charlotte,
NeighborWorks America, a national non-profit organization that helps
people to live in affordable homes, improve their lives, and strengthen
communities, and The Charlotte-Mecklenburg Housing Partnership. The
program is designed to provide down payment assistance and homebuyer
education programs in areas most impacted by the financial crisis. The
CharlotteNeighborhoodLIFTSM program is for
qualified potential homebuyers interested in buying and living in a home
The Charlotte NeighborhoodLIFTSM program free
homebuyer event is scheduled on Friday, Oct. 25 and Saturday Oct. 26
from 10 a.m. to 7 p.m., at the Charlotte Convention Center, Room B,
located at 501 South College Street in Uptown Charlotte. Prospective
homebuyers can register at www.wellsfargo.com/lift
and learn more by calling 1-866-802-0456. Pre-registration is
encouraged, although walk-ins are welcome.
In addition, prospective homebuyers may also stop by the Wells FargoAffordable
Home Tour® viewing center to preview featured homes
available for sale in local neighborhoods.
"Charlotte was 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," said Kendall Alley, Community Banking regional
president for Wells Fargo in Charlotte. "The NeighborhoodLIFTSM
program can help local homebuyers realize their dreams of
owning a home by helping make homeownership more affordable."
The program in Charlotte is part of 22 housing markets across the
country that will benefit from a total of $180 millionWells Fargo has
committed through its LIFTprograms(including
NeighborhoodLIFTSM and CityLIFTSM)
to support sustainable housing in cities affected by the economic
downturn. LIFT programs have helped create more than 4,200 homeowners in
the 20 housing markets where the programs have been introduced.
To qualify for down payment assistance, applicants must meet certain
criteria including annual income not exceeding 120 percent of the
Charlotte media area income ($78,100 for a family of four and income
maximums vary depending on family size and loan product); an eight-hour
homebuyer education session with The Charlotte-Mecklenburg Housing
Partnership, a NeighborWorks® America affiliate and HUD-approved
counseling agency; 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 and
The Charlotte-Mecklenburg Housing Partnership will administer the down
"This innovative partnership between NeighborWorks America and Wells
Fargo will provide $15,000 down payment assistance grants to help
Charlotte home buyers overcome a significant hurdle to homeownership,"
said Marshall Crawford, NeighborWorks America's Southeast region acting
vice president. "Eligibility requires an eight-hour homebuyer education
class that has been proven to help homebuyers achieve successful and
In addition, $500,000 of the $6.6 million program will be directed to
support local initiatives to help stabilize Charlotte neighborhoods.
The NeighborhoodLIFTSM program is a
collaboration between Wells Fargo Bank, N.A., Wells Fargo Foundation,
NeighborWorks America, an independent non-profit organization, and local
non-profit organizations. The NeighborhoodLIFTSM
program is designed to provide sustainable homeownership initiatives in
cities affected by the housing crisis. A video about the NeighborhoodLIFTSMprogram is posted at www.youtube.com/wellsfargo.
The Charlotte-Mecklenburg Housing Partnership is a member of
NeighborWorks America, which supports a network of more than 235
nonprofits, located in every state, the District of Columbia and Puerto
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 270,000 team members, Wells Fargo serves one in three
households in the United States. Wells Fargo & Company was ranked No. 25
on Fortune's 2013 rankings of America's largest corporations.
Wells Fargo's vision is to satisfy all our customers' financial needs
and help them succeed financially. Wells Fargo perspectives are also
available at blog.wellsfargo.com.
Source: Wells Fargo & Company