The FINANCIAL — BOSTON–Wells Fargo & Company, NeighborWorks America and its network member, NeighborWorks Southern Mass, announced the NeighborhoodLIFT program that will expand to the Boston area with a $6.75 million commitment by Wells Fargo to boost homeownership in Essex, Middlesex, Norfolk, Suffolk and Plymouth counties.
The event in Boston is Wells Fargo’s 60th LIFT program launch conducted in collaboration with NeighborWorks America and its network members through NeighborhoodLIFT and other LIFT programs.
Nearly 500 homebuyers registered for free event in Boston June 29–30
According to Wells Fargo, about 500 homebuyers are registered to attend the free Wells Fargo NeighborhoodLIFT event June 29–30 from 10 a.m. to 7 p.m. at the Sheraton Boston Hotel, located at 39 Dalton St. Walk-ins are welcome while the $20,000 grants are available for reservation. To learn more about the eligibility requirements and documents needed to apply for a down payment assistance grant, visit www.nwsoma.org. Participating homebuyers can obtain mortgage financing from any participating lender, and NeighborWorks of Southern Mass will determine eligibility and administer the down payment assistance grants.
“The NeighborhoodLIFT program is another example of our commitment to Boston and the eastern Massachusetts region,” said Jennifer Crampton of Wells Fargo’s Low Income Housing Tax Credit group within Community Lending & Investment. “The effort will contribute to strengthening communities by helping hardworking families and individuals get on the path to achieve successful and sustainable homeownership.”
To be eligible, annual incomes must not exceed 100 percent of the local area median income, which is about $107,800 for up to a family of four in Boston. In addition, there are special parameters for veterans and service members, teachers, law enforcement officers, firefighters and emergency medical technicians who may reserve $22,500 down payment assistance grants within eligibility requirements. Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in Essex, Middlesex, Norfolk, Suffolk or Plymouth counties, according to Wells Fargo.
“This innovative public-private collaboration will create about 275 homeowners in the Greater Boston area,” said Joanie Straussman Brandon, regional vice president, northeast region, NeighborWorks America. “The required homebuyer education classes provided by certified professionals better prepare NeighborhoodLIFT homebuyers to achieve their goal of sustainable homeownership.”
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.