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PRESS ROOM: Homeownership in D.C., Maryland Get $7.1 Million Boost from NeighborhoodLIFT Program

NNPA NEWSWIRE — Interested homebuyers may register beginning Feb. 4 at www.wellsfargo.com/lift to attend the free event on Friday, Feb. 22, from 10 a.m. to 7 p.m. and on Saturday, Feb. 23, from 9 a.m. to 2 p.m. at the Washington Hilton (1919 Connecticut Ave NW, Washington, D.C. 20009).

Published

5 years ago

February 2, 2019

Oakland Post

By Stacy M. Brown, NNPA Newswire Correspondent
@StacyBrownMedia

Wells Fargo Company, NeighborWorks America, MANNA, Inc. and Community Housing Partners announced the NeighborhoodLIFT program. The program which focuses on boosting local homeownership in Washington, D.C., and Prince George’s County, Maryland, will launch with a $7.1 million commitment by Wells Fargo.

The 2019 NeighborhoodLIFT program is a successor to 2012’s CityLIFT program that created 350 homeowners in the area, according to a news release issued this week.

Wells Fargo has conducted 67 LIFT program events in the U.S. since 2012, creating nearly 20,000 homeowners, company officials said in a news release.

Registration opens Feb. 4 for the free event in Washington from Feb. 22 to Feb. 23

Interested homebuyers may register beginning Feb. 4 at www.wellsfargo.com/lift to attend the free event on Friday, Feb. 22, from 10 a.m. to 7 p.m. and on Saturday, Feb. 23, from 9 a.m. to 2 p.m. at the Washington Hilton (1919 Connecticut Ave NW, Washington, D.C. 20009).

Walk-ins also are welcome while grants are available for reservation.

To learn more about the eligibility requirements, visit www.wellsfargo.com/lift or call 866-858-2151.

Participating homebuyers can obtain mortgage financing from any participating lender.

MANNA, Inc. and Community Housing Partners will administer the grants, determine eligibility and provide homebuyer and financial education.

Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in Washington, D.C., or Prince George’s County.

“NeighborhoodLIFT is part of Wells Fargo’s Where We Live program — a new, five-year, $1.6 billion commitment to lending and philanthropy in Washington, D.C.,” said John Allen, Wells Fargo’s region president in Washington.

“The program will help hardworking families and individuals get on the path to achieve successful and sustainable homeownership. It’s one more way Wells Fargo is improving lives and strengthening communities,” Allen said.

To be eligible for $20,000 down payment assistance grants, homebuyers must not exceed 100 percent of the local area median income, which is about $117,200 up to a family of four in Washington, D.C., and Prince George’s County.

In addition, special parameters exist for military service members, veterans, teachers, law enforcement officials, firefighters and emergency medical technicians including down payment assistance grants of $22,500 for those earning up to 100 percent of the area median income.

In addition, Wells Fargo announced it has committed $325,000 for up to 650 consumers to receive complimentary face-to-face homeownership counseling.

Interested homebuyers can receive a voucher at the NeighborhoodLIFT launch event that will provide in-person homeownership counseling at no charge with a participating HU -approved housing counselor in the area.

The complimentary Home Ownership Counseling grant program is an additional resource to the homebuyer education required for a NeighborhoodLIFT down payment assistance grant.

“This innovative public-private collaboration will create about 270 more homeowners in Washington, D.C., and Prince George’s County,” said Donald Phoenix, regional vice president, Southern region, NeighborWorks America.

“The required homebuyer education classes provided by certified professionals better prepare NeighborhoodLIFT homebuyers to achieve their goal of sustainable homeownership.”

Approved homebuyers must be approved for home financing with an eligible lender and be in contract to purchase a home in Washington, D.C., or Prince George’s County.

To reserve the full grant amount, participants buying a primary residence with the NeighborhoodLIFT program must commit to live in the home for five years.

“The NeighborhoodLIFT program will provide homebuyer education and down payment assistance to help families become homeowners,” said the Rev. Jim Dickerson, founder and chief executive officer of MANNA, Inc.

“We are excited to team up with Wells Fargo, NeighborWorks America and Community Housing Partners to make this opportunity available for so many deserving families.”

The NeighborhoodLIFT program is Wells Fargo’s single largest corporate philanthropic effort of its kind in the company’s history and is funded by the Wells Fargo Foundation.

Since 2012, Wells Fargo has committed more than $433 million of down payment assistance, housing counseling, homebuyer support and education in 67 communities across the U.S. through LIFT programs.

A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories on the company’s website.

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State Controller Malia Cohen Keynote Speaker at S.F. Wealth Conference

California State Controller Malia Cohen delivered the keynote speech to over 50 business women at the Black Wealth Brunch held on March 28 at the War Memorial and Performing Arts Center at 301 Van Ness Ave. in San Francisco. The Enterprising Women Networking SF Chapter of the American Business Women’s Association (ABWA) hosted the Green Room event to launch its platform designed to close the racial wealth gap in Black and Brown communities.

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Oakland Post

American Business Women’s Association Vice President Velma Landers, left, with California State Controller Malia Cohen (center), and ABWA President LaRonda Smith at the Enterprising Women Networking SF Chapter of the ABWA at the Black Wealth Brunch.

By Carla Thomas

The Enterprising Women Networking SF Chapter of the American Business Women’s Association (ABWA) hosted the Green Room event to launch its platform designed to close the racial wealth gap in Black and Brown communities.

“Our goal is to educate Black and Brown families in the masses about financial wellness, wealth building, and how to protect and preserve wealth,” said ABWA San Francisco Chapter President LaRonda Smith.

ABWA’s mission is to bring together businesswomen of diverse occupations and provide opportunities for them to help themselves and others grow personally and professionally through leadership, education, networking support, and national recognition.

“This day is about recognizing influential women, hearing from an accomplished woman as our keynote speaker and allowing women to come together as powerful people,” said ABWA SF Chapter Vice President Velma Landers.

More than 60 attendees dined on the culinary delights of Chef Sharon Lee of The Spot catering, which included a full soul food brunch of skewered shrimp, chicken, blackened salmon, and mac and cheese.

Cohen discussed the many economic disparities women and people of color face. From pay equity to financial literacy, Cohen shared not only statistics, but was excited about a new solution in motion which entailed partnering with Californians for Financial Education.

“I want everyone to reach their full potential,” she said. “Just a few weeks ago in Sacramento, I partnered with an organization, Californians for Financial Education.

“We gathered 990 signatures and submitted it to the [California] Secretary of State to get an initiative on the ballot that guarantees personal finance courses for every public school kid in the state of California.

“Every California student deserves an equal opportunity to learn about filing taxes, interest rates, budgets, and understanding the impact of credit scores. The way we begin to do that is to teach it,” Cohen said.

By equipping students with information, Cohen hopes to close the financial wealth gap, and give everyone an opportunity to reach their full financial potential. “They have to first be equipped with the information and education is the key. Then all we need are opportunities to step into spaces and places of power.”

Cohen went on to share that in her own upbringing, she was not guided on financial principles that could jump start her finances. “Communities of color don’t have the same information and I don’t know about you, but I did not grow up listening to my parents discussing their assets, their investments, and diversifying their portfolio. This is the kind of nomenclature and language we are trying to introduce to our future generations so we can pivot from a life of poverty so we can pivot away and never return to poverty.”

Cohen urged audience members to pass the initiative on the November 2024 ballot.

“When we come together as women, uplift women, and support women, we all win. By networking and learning together, we can continue to build generational wealth,” said Landers. “Passing a powerful initiative will ensure the next generation of California students will be empowered to make more informed financial decisions, decisions that will last them a lifetime.”