Before the economic fallout caused by COVID-19, homeownership among people of color in Minneapolis and St. Paul showed the highest homeownership disparity in the entire U.S. To help change this problem, the NeighborhoodLIFT program is coming to Minneapolis and St. Paul to assist hundreds of people with $15,000 in down payment assistance to buy a home.
Why homeownership is important
Homeownership is a key foundation to wellness, dignity, and economic opportunity. Yet, far too many families face uncertainty of rising rents because they struggle with overcoming the barrier of coming up with a down payment to buy a home.
With a commitment to create positive change, the Wells Fargo Foundation, NeighborWorks® America, and NeighborWorks Home Partners are teaming up to provide $15,000 in down payment assistance to 425 eligible homebuyers in Minneapolis or St. Paul. Interested homebuyers can get a home loan with any NeighborhoodLIFTapproved lender.
Who is eligible for NeighborhoodLIFT?
Beginning Jan. 11, NeighborhoodLIFT will provide $15,000 in down payment assistance to eligible homebuyers. Interested homebuyers must meet eligibility requirements including earning 80% or less of the local family median income, which is $77,840 in the Twin Cities.
$15,000 downpayment assistance
The NeighborhoodLIFT® program for Minneapolis and St. Paul will help 425 people buy homes with $15,000 in down payment assistance.
How to prepare to apply on Jan. 11 for NeighborhoodLIFT?
- Complete eight hours of HUD-approved homebuyer education
- Get a mortgage pre-approval from an eligible NeighborhoodLIFT lender
Participating NeighborhoodLIFT nonprofits and lenders are available at https://nwhomepartners.org/ neighborhoodlift/
Minneapolis and St. Paul NeighborhoodLIFT program
When to apply: January 11, 2021
Learn more: www.wellsfargo.com/lift or 866-858-2151
Local NeighborhoodLIFT homeowners assisted to date: 875
LIFT program homeowners assisted in U.S.:24,500+ since 2012
Author
About Kim Smith-Moore
Kim Smith-Moore is Senior Vice President and LIFT programs national manager at Wells Fargo.
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