With the creation of more than 3,900 homeowners in 2018, the Wells Fargo NeighborhoodLIFT® program has now assisted nearly 20,000 total homeowners since 2012. NeighborWorks® America research indicates that in that time, LIFT homeowners have purchased more than $2 billion in real estate nationally.
“Owning a home is a primary driver of economic security and the cornerstone of the American dream, yet access to affordable housing is a significant challenge in communities across the country,” said Wells Fargo CEO Tim Sloan. “Wells Fargo is proud to help people achieve and sustain homeownership through programs like NeighborhoodLIFT and in collaboration with organizations such as NeighborWorks America.”
In 2012, Wells Fargo and NeighborWorks America created the NeighborhoodLIFT program to support local economic development and advance sustainable homeownership. NeighborWorks America and its local network members administer the program, determine eligibility, and provide the required homebuyer education.
The program was enhanced in 2018 with the introduction of NeighborhoodLIFT Home Ownership Counseling grants and a $2 million contribution from Wells Fargo to NeighborWorks to provide free, in-person credit counseling to homebuyers with a participating Department of Housing and Urban Development-approved housing counselor in local NeighborhoodLIFT program communities.
To date, Wells Fargo has invested more than $442 million in 67 LIFT program launches in support of sustainable housing, making it the single largest corporate philanthropic effort of its kind in the company’s history.