City officials announced Tuesday a $4 million local program that will provide $15,000 in down payment assistance grants for eligible Cleveland home buyers with the Wells Fargo Cleveland CityLIFTSM program.
This is an initiative to help revitalize neighborhoods through an innovative sustainable housing program that will provide prospective home buyers with an opportunity to see if they qualify for down payment assistance.
The CityLIFTSM program will include a two-day event that will take place September 12-13 at the Cleveland Convention Center where prospective home buyers may qualify for $15,000 in down payment assistance if they are seeking to live in Cleveland.
Prospective home buyers are encouraged to register to attend the event at Wells Fargo. Walk-ins are also welcome.
In addition, prospective home buyers will be able to take advantage of home buyer education sessions and preview featured homes available for sale in local neighborhoods.
Wells Fargo will collaborate with nonprofits Neighborhood Housing Services of Greater Cleveland and NeighborWorks America to implement the program.
CityLIFTSM program funds may be applied to loans with any approved lender and to 203k renovation loans to make improvements as part of a new mortgage purchase loan.
The CityLIFTSM program is designed to provide down payment assistance and home buyer education programs in areas most impacted by the financial crisis.
The program was developed in connection with the 2012 settlement with the U.S. Department of Justice, and is a collaboration between Wells Fargo Bank N.A. and NeighborWorks America.