Wells Fargo has pledged $4.8 million for eligible borrowers who will purchase a home during one of the August homebuyer events scheduled in five cities in California’s Inland Empire.
Funds will be delivered through Well Fargo’s CityLift program in collaboration with the Inland Empire Economic Partnership, San Bernardino, Fontana, Riverside, Corona and Moreno Valley city officials.
NeighborWorks America, a national nonprofit that specializes in affordable housing development, and its local affiliate Neighborhood Housing Services are also contributing to the initiative.
The program is designed to provide downpayment assistance and homebuyer education programs in areas most impacted by the financial crisis such as Inland Empire, stated Wells Fargo’s Inland Empire regional president Celcilia Lanning in a company release.
As elsewhere in the country many area residents are unable to purchase a home because they struggle with making the downpayment.
To qualify for the Inland Empire CityLift program potential buyers interested must purchase a home in San Bernardino, Fontana, Riverside, Corona or Moreno Valley.
The program will include free homebuyer events on Aug. 9-10 in San Bernardino.
During these events potential homebuyers may qualify for up to $15,000 in DPA funds to purchase a home within 60 days even if they have yet to find a property.
Qualifying criteria include annual income not exceeding 120% of the median income for the area, an eight-hour homebuyer education session with a HUD-approved counselor such as NeighborWorks America affiliates, and the commitment to stay in the home for five years. Homebuyers can obtain mortgage financing from any qualified lender.
Homebuyers will also have access to Wells Fargo’s Affordable Home Tour viewing center “to preview featured homes available for sale in local neighborhoods.”
According to Patrick Morris, mayor of San Bernardino, the CityLift program is expected to assist “320 new homeowners plant their roots” in one of these five Inland Empire cities.
NHS of Inland Empire will provide residents with the knowledge and resources they need to obtain and sustain homeownership in the long term through financial education and prepurchase counseling.
The program is part of 20 housing markets that will benefit from a total of $170 million Wells Fargo has committed through its NeighborhoodLift and CityLift programs.
So far LIFT programs have assisted more than 3,600 homeowners in 18 housing markets including $15 million in Wells Fargo funding that have helped nearly 300 new homeowners purchase a property in Los Angeles since the program was first launched in February 2012.
The program is a collaboration between Wells Fargo Bank NA and NeighborWorks America that was developed in connection with the 2012 settlement with the Department of Justice.
