NeighborhoodLIFT program to boost Florida housing market

admin | 5/24/2012, 5:30 a.m.

Wells Fargo & Company, one of Americas leading community banks and the nations largest home mortgage lender, recently announced that the NeighborhoodLIFTSM program, a major effort to help stabilize neighborhoods deeply affected by the foreclosure crisis,is coming to Florida.The program will launch in Miami on June 1 2 with a free large-scale homebuyer workshop at the Miami Airport Convention Center (MACC) from 10 a.m. 7 p.m. Miami is the sixth city to launch the NeighborhoodLIFTSM program, following Atlanta, Houston, Las Vegas, Los Angeles, and Phoenix. Prospective homebuyers can register and learn more about the NeighborhoodLIFTSM program at www.neighborhoodlift.org or by calling 866-858-2151.Pre-registration is encouraged but walk-ins are welcome. The NeighborhoodLIFTSM program was created to help communities overcome the dual challenge of high inventories of unsold homes while providing assistance for prospective buyers. Wells Fargo is committing $30 million in the state of Florida to fund the program that will help hundreds of residents of four cities, including Miami, become homeowners. In Miami, the program includes a five-year goal of $300 million in mortgage purchase loans by Wells Fargo, and a $9 million investment in down payment assistance grants and homebuyer support programs that help consumers achieve successful, sustainable home ownership. Wells Fargo will collaborate with the City of Miami and the non-profit organization NeighborWorks America and its local Miami affiliate Neighborhood Housing Services of South Florida to execute the program. The downturn in the economy has created challenges for many of our Miami citizens to become homeowners, said City of Miami Mayor Toms Regalado. We are looking forward to collaborating with Wells Fargo, NeighborWorks America, and Neighborhood Housing Services of South Florida on this important sustainable housing effort. Its time to get our housing market moving again. The June 1 2 NeighborhoodLIFTSM event in Miami is for anyone interested in buying and living in a home in the City of Miami. Down payment assistance of up to $15,000 is available to those who qualify, buy and reside in a home in Miami.To qualify for down payment assistance that may be applied to mortgage purchase loans with any lender, applicants must meet certain criteria including annual income not exceeding 120 percent of the median income for the area (In Miami, for instance, not to exceed $68,000 for a family of four; income maximums vary depending on family size). A video about the NeighborhoodLIFT program is posted at www.youtube.com/wellsfargo. By D. Kevin McNeir kmcneir@miamitimesonline.com