Omaha Homeownership to Get $3.9 Million Boost
OMAHA, Neb., May 22, 2019 /3BL Media/– Wells Fargo & Company (NYSE:WFC), NeighborWorks® America and Family Housing Advisory Services (FHAS), Inc., today announced the NeighborhoodLIFT® program will expand for Omaha with a $3.9 million commitment by Wells Fargo to boost local homeownership.
“The Omaha area is a special place to call home, and this investment will help ensure that our residents have access to safe, high-quality housing they can afford,” said Omaha Mayor Jean Stothert. “We appreciate the efforts of Wells Fargo, NeighborWorks America and their local partners for bringing the NeighborhoodLIFT program to Douglas and Sarpy counties to help put homeownership within reach for hundreds of households.”
Free NeighborhoodLIFT event scheduled June 21–22
Interested homebuyers are encouraged to register beginning Monday, June 3, at www.wellsfargo.com/lift to attend the free event scheduled on Friday, June 21, from 10 a.m. to 7 p.m. and on Saturday, June 22, from 9 a.m. to 2 p.m. at the Ramada Plaza, located at 3321 South 72nd Street, Omaha. Walk-ins also are welcome while grants are available. FHAS, GROW South Dakota and Neighborhood Finance Corporation (NFC) will administer the $15,000 grants, determine eligibility and provide homebuyer and financial education.
“The NeighborhoodLIFT program is another example of our commitment to Omaha and our efforts to build better communities through sustainable homeownership,” said Kirk Kellner, Wells Fargo region bank president in Nebraska. “The program will help hardworking families and individuals get on the path to achieve successful and sustainable homeownership.”
To reserve a $15,000 down payment assistance grant, eligible homebuyers must be pre-approved for financing with an eligible lender to purchase a home in Douglas or Sarpy counties and earn 80% or less of the area median income, which is $68,800 for up to a family of four. Military service members and veterans, teachers, law enforcement officers, firefighters and emergency medical technicians may reserve down payment assistance grants of $17,500 and earn up to 100% of the area median income.
“This innovative public-private collaboration will create 175 Omaha homeowners,” said John Santner, regional vice president, Midwest Region, for NeighborWorks America. “The required homebuyer education classes provided by certified professionals better prepare NeighborhoodLIFT homebuyers to achieve their goal of sustainable homeownership.”
Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in Douglas or Sarpy counties and can obtain mortgage financing from any participating lender. 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’re ready to help people become homeowners with the support of NeighborhoodLIFT homebuyer education and down payment assistance,” said Teresa Hunter, executive director and chief executive officer of FHAS. “We are pleased to join Wells Fargo and NeighborWorks America to make homeownership more affordable, achievable and sustainable.”
In addition, Wells Fargo has committed $325,000 for up to 650 consumers to receive complimentary face-to-face homeownership counseling. Interested homebuyers can receive a voucher at the Omaha NeighborhoodLIFT launch event that will provide in-person homeownership counseling at no charge with a participating HUD-approved housing counselor in Omaha. The homeownership counseling grant program is a resource in addition to the homebuyer education required for a NeighborhoodLIFT down payment assistance grant.
Overall, Wells Fargo has conducted 70 LIFT program events across the U.S. since 2012, creating nearly 21,000 homeowners with a total commitment of $456 million. A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.
FHAS is an Omaha-based nonprofit whose mission is to improve the quality of life and eliminate poverty through housing stability and financial security. FHAS will work in partnership with GROW South Dakota and NFC to administer the NeighborhoodLIFT program in the Omaha area.
About NeighborWorks America
NeighborWorks America is a national organization that creates opportunities for people to live in affordable homes, improve their lives and strengthen their communities. NeighborWorks America supports a network of more than 240 nonprofits, located in every state, the District of Columbia and Puerto Rico. Visit www.nw.org to learn more.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,700 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 262,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.