Wells Fargo, NeighborWorks America and its network member BCL of Texas, in collaboration with the cities of Arlington and Fort Worth, on Aug. 28 announced the expansion of Wells Fargo NeighborhoodLIFT program, which offers homebuyer education plus down payment assistance grants to eligible families in the City of Dallas and across Tarrant County.
The 2019 DFW NeighborhoodLIFT program will create 325 homeowners, according to Wells Fargo.
Among those in attendance at the event were Fort Worth Mayor Betsy Price, Arlington Mayor Jeff Williams, Wells Fargo Greater Fort Worth Region President Gary Hudson and NeighborWorks America Western Region Senior Relationship Manager Steve Barbier and President and CEO Business & Community Lending of Texas Rosa Rios Valdez.
Wells Fargo & Co. launched the NeighborhoodLIFT program in the Dallas-Fort Worth area to boost local homeownership.
The $6.6 million commitment by the Wells Fargo Foundation will assist new homeowners in the city of Dallas and Tarrant County by offering homebuyer education plus $15,000 down payment assistance grants.
“Through the NeighborhoodLIFT program, we are able to build upon our commitment to Dallas-Fort Worth by revitalizing communities through sustainable homeownership,” said Hudson. “The program will provide hardworking families and individuals the opportunity to achieve successful and sustainable homeownership.”
Interested homebuyers should attend a free event scheduled for Sept. 20-21 at the Fort Worth Convention Center, 1201 Houston St. Business & Community Lenders of Texas will administer the $15,000 grants, determine eligibility and provide homebuyer and financial education.
To reserve a $15,000 down payment assistance grant, eligible homebuyers must be preapproved for financing with an eligible lender to purchase a home in either the city of Dallas or in Tarrant County.
Eligible homebuyers can earn up to 80% of the area median income, which is $66,500 in Dallas and $60,800 in Tarrant County for a family of up to 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.
Wells Fargo has also committed $325,000 for up to 650 consumers to receive complimentary face-to-face homeownership counseling, a resource in addition to the homebuyer education required for a NeighborhoodLIFT down payment assistance grant.