Wells Fargo has instituted an innovative homeownership program that is bound to lift your spirits. It’s an $8 million initiative in cooperation with the city of Atlanta and nonprofit groups, Resources for Residents and Communities and NeighborWorks, to increase homeownership.
The program is called Neighborhood Lift and is designed to support “sustainable homeownership in cities deeply affected by the crisis” where the inventory of foreclosed and vacant homes is significant.
The program will provide $6.4 million in down payment and renovation grants to those who qualify. It also includes $1 million for local initiatives and funding.
Wells Fargo also announced a mortgage lending goal of $1.3 billion in the city in the next five years.
The homeownership event will take place at the Georgia World Congress Center on Friday and Saturday, Feb. 10 and 11, 2012, and is open to anyone interested in buying and living in a home in the city of Atlanta. To launch the program, Wells Fargo is stepping out into the community and taking potential homebuyers on a free bus tour of homes that will visit: Northside Drive corridor and Marietta Street/17th Street (Castleberry to Atlantic Station to West Highland); Eastside/Memorial Drive (Reynoldstown, Edgewood, Kirkwood, Beltline); Southwest/Cascade Road (Ralph David Abernathy Boulevard to Cascade, historic Westside Village to West End to Campbellton Road); and Mechanicsville/Peoplestown/Pittsburgh/Lakewood/South Atlanta (McDaniel Street through Mechanicsville to Pittsburgh, loop through South Atlanta, up through Peoplestown).
The featured homes include single-family, townhomes and condos and a number have undergone renovation under the federal Neighborhood Stabilization Program.
Fast Facts about Neighborhood Lift
1. To qualify for downpayment or renovation grants, potential homeowners must have an annual household income not above 120 percent of the median in metro Atlanta, which for a family of four is $83,000. These grants will be forgiven after they live in the homes they purchase for five years.
2. The maximum grant for down payment or renovation assistance is $15,000. Because amounts will vary we don’t know how many will benefit – but it will be significant.
3. Those who attend the homeownership event can get pre-approved for a home loan with the necessary paperwork. They can also apply for down payment or renovation grants and receive a letter setting aside the amount for which they may qualify for 60 days. Those with credit challenges can sign up for counseling to put them on that path.
4. Walk-ins are welcome but pre-registration is strongly encouraged at www.neighborhoodlift.com or by calling 866-858-8151.