Mississippi Homeownership to Get $2.75 Million Boost - Seite 2

To be eligible, annual incomes must not exceed 80 percent of the local area median income in the county where the home is being purchased. In addition, there are special parameters for veterans and service members, teachers, law enforcement officers, firefighters and emergency medical technicians who may reserve $10,000 down payment assistance grants within eligibility requirements including earning up to 100 percent of the area median income.

“This innovative public-private collaboration will create about 265 more homeowners in Mississippi,” 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 Mississippi. 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 achieve the dream of homeownership,” said Bill Bynum, chief executive officer of Hope Enterprise Corporation. “We are excited to team up with Wells Fargo and NeighborWorks America to make this opportunity available for so many deserving families.”

Since February 2012, LIFT programs have helped create more than 18,600 homeowners in 63 communities. A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.

About Hope Enterprise Corporation and NeighborWorks America

Hope Enterprise Corporation, one of the nation’s leading community development financial institutions, is a chartered member of NeighborWorks America, a national organization that creates opportunities for people to live in affordable homes, improve their lives and strengthen their communities. NeighborWorks America supports a network of more than 245 nonprofits, located in every state, the District of Columbia and Puerto Rico. Visit https://hopecu.org, or http://www.neighborworks.org/ to learn more.