Wells Fargo NeighborhoodLIFT program brings $5.65 million to boost Denver homeownership
Denver NeighborhoodLIFT® program, a collaboration with NeighborWorks America, Community Resources and Housing Development Corporation and Wells Fargo, will kick off April 4-5 at Colorado Convention Center; eligible homebuyers can reserve $15,000 down payment assistance grants; program includes $500,000 to help improve Denver neighborhoods.
Of the $5.65 million committed by Wells Fargo, $4.5 million will go toward down payment assistance grants and program support to help potential homebuyers overcome the barrier of making a sufficient down payment.
Down payment assistance grants of $15,000 will be available for eligible homebuyers with annual incomes that do not exceed 120 percent of the Denver area median income – which is about $92,050 for a family of four – with income maximums varying depending on family size and type of loan. To be eligible, homebuyers must meet criteria including completing an eight-hour homebuyer education session with CRHDC or another HUD-approved counseling agency.
To receive the full grant amount, participants buying homes with LIFT program down payment assistance grants must commit to live in the home for five years and qualify for a first mortgage on the property. The down payment assistance grants may also be used to buy a home that needs improvements with a new mortgage purchase 203k renovation loan.
In addition to providing down payment assistance for homebuyers, Wells Fargo will donate $500,000 to support stabilization efforts in Denver neighborhoods.
The Denver NeighborhoodLIFT® program will begin with a free homebuyer event on April 4-5 from 10 a.m. to 7 p.m. at the Colorado Convention Center located at 700 14th Street. Register and learn more about the program at www.neighborhoodlift.com or by calling (866) 858-2151. Pre-registration is strongly recommended for an opportunity to reserve a $15,000 down payment assistance grant. The event also includes a Wells Fargo Affordable Home Tour® viewing center where attendees can preview local homes available for sale.
Denver NeighborhoodLIFT® program down payment assistance grants may also be combined with other down payment assistance programs to provide additional financial benefit to qualified buyers. For example, the City and County of Denver’s Metro Mortgage Assistance Plus program or the Denver Mortgage Credit Certificate program can be layered with the LIFT program grants. Information regarding these other programs will be available at the April 4-5 event.
Participating homebuyers can obtain mortgage financing from any qualified lender and CRHDC will determine eligibility and administer the down payment assistance grants. Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in Denver to receive a grant.