Wells Fargo & Co. has announced plans for Neighborhood LIFT, a program the company is initiating in Los Angeles and Atlanta as an approach for working with nonprofits and cities deeply affected by the country's foreclosure crisis.
The company says the Los Angeles and Atlanta programs will help each city address the dual challenge of high inventories of unsold homes and attracting prospective buyers. In support of that effort, Wells Fargo has set mortgage purchase lending goals totaling $10.5 billion over five years in Los Angeles and $1.3 billion in Atlanta, as well as down-payment assistance and homebuyer program support of $15 million in Los Angeles and $8 million in Atlanta for 2012. Both cities were selected based on their high concentrations of homeowners, foreclosures, delinquencies, and real estate owned properties.
The Neighborhood LIFT effort kicks off with two-day events in Los Angeles from Feb. 3-4 and Atlanta from Feb. 10-11 that will offer access to down-payment assistance, home and renovation financing, and other educational resources for prospective homeowners. The Los Angeles and Atlanta workshops will include participation by NeighborWorks America, a nonprofit that will oversee the application and training processes for grants funded by the Wells Fargo Foundation and home buyer education.