NeighborhoodLIFT offers hope to homebuyers
In this tight housing market, low- and moderate-income homebuyers are competing with all-cash offers, institutional buyers, rising rates and other market pressures. Thanks to a program offered by Wells Fargo and NeighborWorks America, some metro Atlanta homebuyers are finding help to close the deal.
The Neighborhood LIFT program is designed to support sustainable homeownership through down payment assistance and financial education and has been offered in nearly sixty other instances – including previously in Atlanta in 2012.
“This investment by Wells Fargo will create opportunities for hard-working families and individuals to purchase their own home,” said Mayor Keisha Lance Bottoms. “On behalf of all Atlantans, I commend Wells Fargo, NeighborWorks America and Atlanta Neighborhood Development Partnership for working together to bring this innovative program back to our residents for a second time.”
The 2018 version of the program is providing $5 million in down payment assistance to homebuyers in five core metro counties (Clayton, Cobb, DeKalb, Fulton and Gwinnett). Homebuyers who meet program qualifications can receive $15,000 to support down payment and closing costs. First responders, members of the military and teachers can qualify for $17,500.
“This innovative public-private collaboration will create about 300 more homeowners in the Atlanta area,” said Donald Phoenix, regional vice president, southern region, NeighborWorks America. “The required homebuyer education classes provided by certified professionals better prepare NeighborhoodLIFT homebuyers to achieve their goal of sustainable homeownership.”
LIFT programs have helped create more than 17,150 homeowners in nearly 60 communities since established in 2012.
“We are ready to equip Atlanta families with education and down payment assistance grants through the Wells Fargo NeighborhoodLIFT program to help them achieve sustainable homeownership,” said John O’Callaghan, president and chief executive officer, Atlanta Neighborhood Development Partnership. “Wells Fargo’s homeownership investment will help Atlanta and the surrounding counties address our growing need for affordable housing.”
Since the launch of the program in May, hundreds of homebuyers have started the process to secure funds from the program. As of July 9, a limited amount of funds are available. Those interested in learning more should visit www.andpi.org/lift.