Three hundred and twenty five new home owners in the Fort Worth-Dallas area are getting a lift.
Wells Fargo & Company has launched the NeighborhoodLIFT program to boost local home ownership. The $6.6 million commitment by the Wells Fargo Foundation will assist the new home owners in Tarrant County and the City of Dallas by offering home buyer education plus $15,000 down payment assistance grants.
Interested home buyers are encouraged to register beginning Sept. 3 to attend a free event scheduled for Sept. 20-21 at the Fort Worth Convention Center. Business & Community Lenders of Texas will administer the grants, determine eligibility and provide home buyer and financial education.
“All Fort Worth and Tarrant County residents deserve access to high-quality, affordable housing. This great program offers families within our community the potential to unlock new opportunities, and provides a sustainable path toward home ownership," Fort Worth Mayor Betsy Price said.
To reserve a $15,000 down payment assistance grant, eligible home buyers must be pre-approved for financing with an eligible lender to purchase a home in either Tarrant County or Dallas. Eligible buyers can earn up to 80% of the area median income, which is $60,800 in Tarrant County and $66,500 in Dallas for a family of up to four.
Military service members and veterans, teachers, law enforcement officers, firefighters, and emergency medical technicians may reserve down payment assistance grants of $17,500 and earn up to 100% of the area median income.
"The most common way Americans build wealth is through home ownership, and the most significant barrier to home ownership is providing a down payment," District 3 Councilman Dr. Brian Byrd said. "The NeighborhoodLIFT program combines the for-profit and non-profit sectors, making it powerful to assist the right home buyer. I encourage everyone who wants to buy a house but is struggling with a down payment to sign-up for the Sept. 20-21 event."
Wells Fargo has also committed $325,000 for up to 650 consumers to receive complimentary face-to-face home ownership counseling.
"Through the NeighborhoodLIFT program, we are able to build upon our commitment to Dallas-Fort Worth by revitalizing communities through sustainable home ownership,” said Gary Hudson, Wells Fargo Greater Fort Worth region bank president. “The program will provide hard working families and individuals the opportunity to achieve successful and sustainable home ownership.”
Wells Fargo has conducted 73 LIFT program events across the U.S. since 2012, creating nearly 22,000 home owners with a total commitment of $475 million.