Milwaukee NeighborhoodLIFT® program, a
collaboration with NeighborWorks America, Select Milwaukee and Wells
Fargo, to kick off May 30-31 at the Wisconsin Center; eligible
homebuyers can reserve $15,000 down payment assistance grants; program
includes $500,000 to help improve Milwaukee neighborhoods
Wells Fargo, NeighborWorks America® and Select Milwaukee,
today joined Milwaukee Mayor Tom Barrett to announce the MilwaukeeWells
Fargo NeighborhoodLIFT® program, an initiative offering $5.15
million from Wells Fargo to boost homeownership and strengthen
neighborhoods in the city’s low- and moderate-income areas.
“This public-private partnership will make a significant difference for
Milwaukee families and neighborhoods, by making homeownership more
affordable for people who want to live here,” said Mayor Barrett. “This
program will help bring more families to Milwaukee neighborhoods and I
commend Wells Fargo, NeighborWorks America, Select Milwaukee and all of
our partners who are working hard to promote homeownership in the city.
I applaud their commitment to the city of Milwaukee.”
Of the $5.15 million committed by Wells Fargo, $4 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
Milwaukee area median income – which is about $84,350 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 Select Milwaukee or
another HUD-approved counseling agency.
“Like many cities, Milwaukee was significantly affected by the housing
crisis,” said Sang Kim, Wells Fargo’s lead region president for the
Milwaukee Region. “While mortgages are available at relatively
low-interest rates, many families are unable to buy a home because they
struggle with making the down payment. The NeighborhoodLIFT program can
help local mortgage-ready homebuyers realize their dreams of owning a
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 Milwaukee
Registration now open for free event May 30-31
NeighborhoodLIFT® program will begin with a free
homebuyer event on May 30-31 from 10 a.m. to 7 p.m. at the Wisconsin
Center located at 400 W. Wisconsin Avenue.
Prospective homebuyers can 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,
although walk-ins will be welcome while funds are available. The event
also includes a Wells Fargo Affordable Home Tour®
viewing center where attendees can preview local homes available for
“This innovative collaboration between NeighborWorks America, our
network member Select Milwaukee, and Wells Fargo will put more Milwaukee
families and individuals on the path to homeownership,” said Tom
Chabolla, senior vice president, Field Operations, for NeighborWorks
America. “The required housing counseling and education classes,
provided by certified professionals, have been shown to help homebuyers
achieve successful and sustainable homeownership.”
Milwaukee NeighborhoodLIFT® program down payment assistance grants may
also be combined with other down payment assistance programs to provide
additional financial benefit to qualified buyers. Information regarding
these other programs will be available at the May 30-31 event.
Participating homebuyers can obtain mortgage financing from any
qualified lender and Select Milwaukee 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
Milwaukee to receive a grant.
“Select Milwaukee is prepared to help families qualify for the Wells
Fargo NeighborhoodLIFT program down payment assistance grants,” said
Raymond Schmidt, executive director of Select Milwaukee. “If your goal
for 2014 is to buy a home in Milwaukee, the opportunity is now. Families
need to register and get prepared to work with the Select Milwaukee
staff to be first in line to access the down payment grants.”
Milwaukee is the fourth city in 2014 to receive the NeighborhoodLIFT
® program, and is now one of 26 housing markets across the
country that will benefit from a total of $200 millionWells Fargo has
committed through its LIFTprograms. Since February 2012,
LIFT programs have helped create more than 6,650 homeowners in housing
markets where the programs have been introduced.
About the NeighborhoodLIFT® program
The NeighborhoodLIFT® program is a collaboration between
Wells Fargo, the nonprofit NeighborWorks America and local
non-profit organizations. The NeighborhoodLIFT program is designed to
provide sustainable homeownership initiatives in cities affected by the
housing crisis. A video about the NeighborhoodLIFT program is posted on
Fargo YouTube Channel.
About Select Milwaukee and NeighborWorks America
Select Milwaukee is a chartered member of NeighborWorks America, a
national organization that creates opportunities for people to live in
affordable homes, improve their lives and strengthen their communities.
NeighborWorks America supports a network of more than 235 nonprofits,
located in every state, the District of Columbia and Puerto Rico. Visit www.crhdc.org
to learn more.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.5 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 locations, 12,000 ATMs, and the internet
and has offices in 36 countries to support customers who conduct
business in the global economy. With more than 264,000 team members,
Wells Fargo serves one in three households in the United States. Wells
Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings
of America’s largest corporations. Wells Fargo’s vision is to satisfy
all our customers’ financial needs and help them succeed financially.
Wells Fargo perspectives are also available at blogs.wellsfargo.com.
Wells Fargo & Company
Anne Schwartz, 414-224-7401
Source: Wells Fargo & Company