Wells Fargo has announced that it will commit $5 million to its NeighborhoodLIFT program – with the goal to boost homeownership for low- and moderate-income individuals in Philadelphia.
The bank has collaborated with NeighborWorks America and its network member Neighborhood Housing Services (NHS) of Greater Berks to grant $15,000 in down payment assistance to approximately 300 eligible homebuyers. Wells Fargo has also partnered with housing organizations New Kensington Community Development Corp. (NKCDC) and HACE to provide required homebuyer education.
“Housing affordability has been an issue for some time in Philadelphia, and the pandemic intensified the fact that too many people are paying a significant portion of their income on rent and mortgages,” said Bill Daley, vice chairman of Wells Fargo Public Affairs. “This initiative will make a positive impact on the lives of families by putting them on a pathway to housing stability, wellness, and wealth accumulation through successful homeownership.”