Minneapolis Mayor Jacob Frey, St. Paul Mayor Melvin Carter to join Wells Fargo, NeighborWorks® America and NeighborWorks Home Partners to launch a program to stimulate local homeownership. On Thursday, October 15, the group will announce the expansion of the Wells Fargo NeighborhoodLIFT program, which offers down payment assistance to eligible families across the Twin Cities. The 2020 NeighborhoodLIFT program for Minneapolis and St. Paul will create more than 425 homeowners.
This is the third launch of NeighborhoodLIFT in Minneapolis and St. Paul that follows the first initiative in 2012 and an expansion in 2016 that with a $13.9 million combined investment by Wells Fargo have assisted more than 875 homeowners with down payment assistance. Overall, since 2012, NeighborhoodLIFT and other LIFT programs have assisted more than 24,500 homeowners across over 1,000 communities. The NeighborhoodLIFT program is part of Wells Fargo’s $1 billion commitment to address housing affordability solutions by 2025.
NeighborhoodLIFT program will offer down payment assistance in the amount of $15,000 for more than 425 eligible homebuyers who earn 80% or less of FFIEC median family income, which is about $77,840 in Minneapolis and St. Paul.
The announcement is scheduled to take place at 10 a.m.at the NeighborWorks Home Partners Main Office, 533 Dale St N., St Paul, MN 55103. Attendees are required to follow COVID-19 social distancing and masking guidelines.