Investment aims to address housing affordability issues
Wells Fargo has announced that it will commit $5 million to its NeighborhoodLIFT program – with the goal to boost homeownership for low- and moderate-income individuals in Philadelphia.
The bank has collaborated with NeighborWorks America and its network member Neighborhood Housing Services (NHS) of Greater Berks to grant $15,000 in down payment assistance to approximately 300 eligible homebuyers. Wells Fargo has also partnered with housing organizations New Kensington Community Development Corp. (NKCDC) and HACE to provide required homebuyer education.
“Housing affordability has been an issue for some time in Philadelphia, and the pandemic intensified the fact that too many people are paying a significant portion of their income on rent and mortgages,” said Bill Daley, vice chairman of Wells Fargo Public Affairs. “This initiative will make a positive impact on the lives of families by putting them on a pathway to housing stability, wellness, and wealth accumulation through successful homeownership.”
Read more: How do you solve the housing affordability crisis?
To qualify, homebuyers must be earning 80% or less of family median income in Philadelphia, as determined by the Federal Financial Institutions Examination Council. Eligible homebuyers can obtain mortgage financing from any participating NeighborhoodLIFT lender, and NHS of Greater Berk will determine eligibility and administer the down payment assistance.
“This important collaboration will assist more than 300 homeowners while maintaining social distancing guidelines via a virtual platform,” said Joanie Straussman Brandon, regional vice president of the Northeast Region at NeighborWorks America. “In addition, the required homebuyer education provided by trained professionals will help homebuyers better understand financial commitments of homeownership, from differences in mortgage loans to property taxes, and more.”
