Wells Fargo Commits $5 Million to Boost Austin-Area Homeownership

Eligible homebuyers can make appointments to apply for a matching down payment assistance grant of up to $7,500.

PRESS RELEASE


Wells Fargo & Company (No. 12 on the DiversityInc Top 50), NeighborWorks America® and its network member BCL of Texas, announced the upcoming Austin, Texas-area NeighborhoodLIFT® program with a $5 million commitment by Wells Fargo to help boost local homeownership in Travis, Bastrop, and Hays counties.

"The American Dream should be affordable to more Austin families," said Mayor Steve Adler, "and giving matching funds on down payments to families who would ordinarily have to leave Austin, to be able to buy a home is a godsend. We all know affordability is a huge problem in Austin. NeighborhoodLIFT is part of the solution."

Interested homebuyers can attend the free homebuyer event on August 26-27 when eligibility will be determined for an opportunity to reserve a matching down payment assistance grant ranging from $2,500 up to $7,500 based on the homebuyer's contribution. To learn more about the matching down payment assistance program eligibility requirements and to register, visit www.NeighborhoodLIFT.com.

"While the Austin economy continues to show signs of improvement, many families have yet to re-enter the housing market because they struggle with making a down payment," said Jeff Schumacher, Wells Fargo regional president for Central Texas. "NeighborhoodLIFT can make a huge difference by providing mortgage-ready homeowners with up to $7,500 for down payment assistance to help people buy a home in Travis, Bastrop or Hays counties."

Matching down payment assistance grants ranging from $2,500 up to $7,500 will be based on the eligible homebuyer's contribution. Annual incomes must not exceed 80 percent of the local area median income. In the counties of Travis, Bastrop, or Hays County that is about $62,250 for a family of four, with income maximums varying depending on family size and type of loan. To be eligible, homebuyers must meet criteria such as completing an eight-hour homebuyer education session with BCL of Texas, or another HUD-approved housing counseling agency.

Registration is open for the NeighborhoodLIFT event on August 26-27

The Wells Fargo NeighborhoodLIFT program will begin with a free event on August 26-27 from 10 a.m. to 7 p.m. at the Renaissance Austin Hotel located at 9721 Arboretum Blvd. Prospective homebuyers can register and learn more about the program at www.NeighborhoodLIFT.com or by calling (866) 858-2151. Pre-registration is strongly recommended for an opportunity to reserve a matching down payment assistance grant, although walk-ins will be welcome while funds are available for reservation. The event also includes a Wells Fargo Affordable Home Tour® viewing center where attendees can preview local homes available for purchase, and information about special financing.

"This powerful collaboration between the private, public and nonprofit sectors will bring lasting benefit to Austin families and neighborhoods, said Gary Wolfe, regional vice president, with NeighborWorks America. "We are proud to team-up on this community initiative that will provide unprecedented access to down payment assistance for even more hard-working Austin-area families."

The Wells Fargo NeighborhoodLIFT program down payment assistance grants may be combined with other down payment assistance programs to provide additional financial benefit. Homebuyers can obtain mortgage financing from any qualified lender. BCL of Texas in Austin will determine homebuyer eligibility and administer the down payment assistance grants. Approved homebuyers will have up to 60 days to finalize a contract to purchase a home within Greater Austin.

"At BCL of Texas we have seen firsthand how homebuyer education and proper financing can foster successful homeowners and stronger neighborhoods," said Rosa Rios Valdez, chief executive officer of BCL of Texas. "That's why we are very excited about participating in the Austin-area NeighborhoodLIFT program."

Since February 2012, LIFT programs have helped create nearly 11,850 homeowners in 45 communities, including 980 combined in Texas through NeighborhoodLIFT program in Dallas, Houston and San Antonio. A video about LIFT programs is posted on Wells Fargo Stories.

About BCL of Texas and NeighborWorks America

BCL of Texas 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 240 nonprofits, located in every state, the District of Columbia and Puerto Rico. Visit www.neighborworks.org or www.bcloftexas.org to learn more.

'I Really Don’t Care, Do U?' — The Words on Melania Trump's Jacket When Traveling to Visit Migrant Children

President Trump tweeted: The message "written on the back of Melania's jacket, refers to the fake news media."

ZARA / AP

First Lady Melania Trump made an unexpected trip to Texas to visit a migrant children's shelter and also managed a completely tone-deaf fashion fail in the process.

The former fashion model wore a short trench coat with a message written on the back: 'I Really Don't Care, Do U?' a $39 item sold by Zara.

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Mayor Can’t Resist More Racist Blabber As Settlement Is Reached in Cop Rage Incident

Fifteen-year-old girl assaulted by out of control cop receives $184,850, while mayor doesn't get it.

The family of Dajerria Becton, who was 15 when a cop slammed her to the ground at a pool party, has received $184,850 in a settlement. But recent comments from the mayor suggest the city has more work to do.

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Deputy Accused of Sexually Assaulting 4-Year-Old Daughter of Undocumented Immigrant

The case is "heartbreaking, disturbing, disgusting and infuriating all at the same time," said Bexar County Sheriff Javier Salazar.

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Wells Fargo Observes International Day of Family Remittances, Offers Fee Waiver

Company to waive ExpressSend remittance transfer fees to all countries, payout locations June 15–18.

REUTERS

Originally Published by Wells Fargo.

Wells Fargo & Company announced it will commemorate the International Day of Family Remittances by waiving all transfer fees for ExpressSend ® remittances sent June 15–18.

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13 Organizations Awarded $12.1 Million From Wells Fargo to Support Diverse Small Businesses

Funding awarded to local Community Development Financial Institutions.

REUTERS

Originally Published by Wells Fargo.

Wells Fargo & Company announced that 13 Community Development Financial Institutions (CDFIs) around the U.S. have been selected to receive $12.1 million in lending capital and grants under the Wells Fargo Works for Small Business: Diverse Community Capital (DCC) program. The recipients are private, nonprofit financial institutions that are dedicated to delivering responsible, affordable financial products to underserved populations and communities. Many of the small and micro businesses CDFIs serve may not be ready to access capital through conventional financing methods.

The Diverse Community Capital recipients are:

  • BOC Capital Corp. - Brooklyn, N.Y.
  • California Capital Financial Development Corporation – Sacramento, Calif.
  • Cooperative Development Fund of CDS for Shared Capital Cooperative - St. Paul, Minn.
  • Cooperative Fund of New England – serving New England
  • Entrepreneur Fund – Duluth, Minn.
  • First American Capital Corporation – West Allis, Wis.
  • Hartford Community Loan Fund – Hartford, Conn.
  • Local Initiatives Support Corporation – serving Los Angeles
  • Mission Economic Development Agency (MEDA) – San Francisco
  • Mountain BizWorks – Asheville, N.C.
  • New Jersey Community Capital – New Brunswick, N.J.
  • PeopleFund – Austin, Texas
  • Rainier Valley Community Development Fund – Seattle, Wash.

Diverse Community Capital funds will be used by the awardees to increase lending to diverse small business owners; help more diverse small business owners get the coaching and education resources they may need to grow their business; and improve, create or add resources, materials, products, or programs to better serve their target market.

Under the program, awardees also have the opportunity to participate in a social capital component, delivered by Opportunity Finance Network, a national network of CDFIs. Social capital opportunities include an online learning community, working groups on specific topics, consulting, peer learning and mentoring.

"Now in its third year, the DCC program's impact on communities has been compelling," said Connie Smith, Wells Fargo's Diverse Community Capital program manager. "DCC awardees are increasing access to capital and development services for diverse small businesses in their local communities. These awards are inspiring collaboration and innovation in the CDFI industry every day."

In fiscal year 2017, Diverse Community Capital awardees closed more than $284 million in loans to diverse small business clients. That represents a year-over-year increase of 23 percent for the first 18 awardees and a 63 percent increase for the next 26 awardees. Awardees closed nearly $103 million to black or African American entrepreneurs and more than $75 million to Hispanic or Latino entrepreneurs. In addition, 76 of all development services offered by DCC awardees were delivered to diverse small businesses. Most awardees reported at least one new or changed program or product designed to increase capital deployment to their clients.

"When local businesses succeed, so do the communities where we live and work," said Mike Rizer, director of Community Relations at Wells Fargo. "By financing community businesses — including small businesses, microenterprises, and nonprofit organizations — CDFIs spark job growth and retention in communities across the U.S."

Today's announcement marks Diverse Community Capital's fifth installment, or round, of awardees since 2015. Wells Fargo has committed an additional $100 million over the next three years to CDFIs serving diverse small businesses.

To earn back your trust, Wells Fargo has renewed its commitment to you. See our re-established goals at http://www.wellsfargo.com/renew.
We are re-committing to you and re-inventing how we serve you, delivering banking features like Card-Free ATM Access, and Debit Card On or Off for when you misplace your debit card. We have changed our sales policies and culture to fix what went wrong and make things right, knowing an apology is just the beginning.