Wells Fargo & Company (NYSE: WFC), one of America’s leading community banks and the nation’s largest home mortgage lender, today announced the company will make donations totaling $1.15 million shared across four Miami-based nonprofits to help further the local recovery of neighborhoods deeply affected by the housing crisis. The grants are part of more than $3.5 million in funds to help local housing initiatives in Florida committed through Wells Fargo’s NeighborhoodLIFTSM program.
The local grant recipients were identified in close collaboration with the City of Miami and Mayor Tomás Regalado to assist the city in five key areas: Transitional and permanent supported housing, shelter and support services for the homeless; homeownership, affordable housing construction, rehabilitation, and counseling for low- and moderate-income residents; neighborhood beautification and improvement; workforce development programs; and small and micro-business assistance.
In response, Wells Fargo is making $1.15 million in grants to nonprofits serving Miami including:
- Camillus House will receive $400,000 in support of their efforts for the Miami homeless community;
- Neighborhood Housing Services of South Florida will receive $550,000 for its work with homebuyer education and support, affordable housing development, and neighborhood beautification;
- Chapman Partnership will receive $100,000 to support the organization’s workforce development programs; and
- United Way of Miami-Dade will receive $100,000 to support the organization’s small business assistance program for early learning centers.
The grants are funded through the company’s NeighborhoodLIFTSM program announced earlier this year, an innovative effort created to help stabilize neighborhoods and help people buy homes by making properties more affordable with down payment assistance available for eligible prospective buyers.
“These grants will help stabilize local Miami neighborhoods that have been deeply affected by the housing crisis,” said Frank Newman, Wells Fargo’s Regional President in South Florida. “These nonprofits are actively leading efforts to help stabilize neighborhoods, and based on the input we received from the city, we believe it appropriate to further support them with the NeighborhoodLIFTSM program local initiatives funds.”
In addition to the local grants, the NeighborhoodLIFTSM program is helping further the nation’s housing recovery by providing down payment assistance to help more local families achieve successful, sustainable homeownership. In Miami, more than $6 million is still available for down payment assistance grants of $15,000 for local eligible homebuyers as part of the $9 million commitment to provide down payment assistance grants, homebuyer support programs and local initiatives to help consumers achieve successful, sustainable home ownership. Wells Fargo collaborates with the City of Miami and the non-profit organization NeighborWorks America and its local affiliate, Neighborhood Housing Services of South Florida, to implement the program.
Down payment assistance of $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. Income maximums vary based on family size. An event was held in Miami last June to kick-off the program when more than 1,000 prospective homebuyers attended. Wells Fargo committed $30 million in the state of Florida to fund the NeighborhoodLIFTSM program designed to stabilize neighborhoods and help hundreds of residents of four cities, including Miami, become homeowners.
How to apply for NeighborhoodLIFTSM program down payment assistance in Miami
Learn more about eligibility for the NeighborhoodLIFTSM program at www.neighborhoodlift.org. To apply for down payment assistance, prospective homebuyers can also contact Neighborhood Housing Services of South Florida (305-751-5511).
The NeighborhoodLIFTSM program is collaboration between Wells Fargo Bank, N.A., the Wells Fargo Foundation, NeighborWorks America, an independent non-profit organization, and local non-profit organizations. The NeighborhoodLIFTSM program is designed to provide sustainable homeownership initiatives in cities deeply affected by the housing crisis. A video about the NeighborhoodLIFT program is posted at www.youtube.com/wellsfargo.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With approximately 265,000 full-time equivalent team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.