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The Raleigh-Durham area is now the latest target for Wells Fargo’s NeighborhoodLIFT program, an initiative designed to boost homeownership at the local level.
A joint effort from the Wells Fargo & Company, NeighborWorks America, and its network member DHIC, the NeighborhoodLIFT will offer matching down payment assistance grants for $2,500 to $7,500 for homebuyers in the Raleigh-Durham area.
“I am pleased Wells Fargo has selected Raleigh-Durham to participate in this innovative homeownership initiative,” Raleigh Mayor Nancy McFarlane said. “Working together we hope to build and strengthen neighborhoods and communities by helping homebuyers attain the dream of owning a home.”
Wells Fargo has committed a total of $5 million to the Raleigh-Durham effort.
“This program will help our city and county by making homeownership more affordable for our families,” Durham Mayor William Bell said. “As a longtime advocate for affordable housing, I’m grateful to Wells Fargo for this significant investment in our community, and look forward to working with them, NeighborWorks America, and DHIC to further this important sustainable housing effort.”
To be eligible for a NeighborhoodLIFT grant, buyers’ annual incomes cannot exceed 80 percent of the median income of the area—$56,550 in Durham County and $61,300 in Wake County for a family of four. Military members and veterans can earn up to 100 percent of the median income.
Grant recipients must also commit to living in the home for three years and complete an eight-hour homebuyer education class with DHIC or a HUD-approved housing counselor.
“This innovative collaboration between NeighborWorks America, our network member DHIC, Wells Fargo, and Raleigh-Durham will create nearly 400 homeowners,” said Donald Phoenix, Regional Vice President, Southern Region, NeighborWorks America. “The required homebuyer education classes provided by certified professionals help people achieve their goal of sustainable homeownership.”
To kick off NeighborhoodLIFT in the area, there will be a free informational event Feb. 3 and 4 from 10 a.m. to 7 p.m. at the Hilton North Raleigh/Midtown in Raleigh. Pre-registration is recommended to reserve an assistance grant.
NeighorhoodLIFT was launched in 2012 and has helped nearly 13,000 homeowners across 48 communities. To learn more about the program or register for the event, visit NeighborhoodLIFT.com.
