Chicago, Cook County Homeownership to Get Boost with $8 Million NeighborhoodLIFT Program

Wells Fargo & Company (NYSE:WFC), NeighborWorks^® America and its network member, Neighborhood Housing Services of Chicago, today announced the NeighborhoodLIFT^® program will expand to the Chicago area with an $8 million commitment by Wells Fargo to boost homeownership in Cook County.

The event in Chicago is Wells Fargo’s 62nd LIFT program launch conducted in collaboration with NeighborWorks America and its network members. The 2018 NeighborhoodLIFT program for Cook County follows the 2012 Chicago LIFT program, which created 547 homeowners by offering homebuyer education plus down payment assistance grants as a result of a $10 million commitment by Wells Fargo.

“The NeighborhoodLIFT program is another example of our commitment to Chicago and Cook County,” said Monica Cole, Wells Fargo’s head of middle market banking for the North region. “The effort will contribute to the strength of the community by helping hardworking families and individuals get on the path to achieve successful and sustainable homeownership.”

Free NeighborhoodLIFT event in Chicago August 24–25

Nearly 400 homebuyers are registered to attend the free Wells Fargo NeighborhoodLIFT event Aug. 24 from 10 a.m. to 7 p.m. and Aug. 25 from 9 a.m. to 2 p.m. at the McCormick Convention Center, Grand Ballroom, South Building, level one located at 2301 S. King Dr., Chicago, Ill., 60616. Walk-ins are welcome while the $15,000 grants are available for reservation. To learn more about the eligibility requirements and documents needed to apply for a down payment assistance grant, visit www.nhschicago.org/lift. Participating homebuyers can obtain mortgage financing from any participating lender. Neighborhood Housing Services of Chicago will determine eligibility and administer the down payment assistance grants.

“This innovative collaboration will create about 425 homeowners,” said John Santner, regional vice president, Midwest region, NeighborWorks America. “The required homebuyer education classes provided by certified professionals better prepare NeighborhoodLIFT homebuyers to achieve their goal of sustainable homeownership.”

To be eligible, annual incomes must not exceed 80 percent of the local area median income, which is about $67,700 for up to a family of four in Cook County. In addition, there are special parameters for veterans and service members, teachers, law enforcement officers, firefighters and emergency medical technicians who may earn up to 100 percent of the local area median income, which is about $84,600, to reserve $17,500 down payment assistance grants within eligibility requirements. Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in Cook County.