February 9, 2012
FOR IMMEDIATE RELEASE
INVEST ATLANTA PARTNERS WITH WELLS FARGO TO HELP STABILIZE LOCAL HOUSING MARKET THROUGH NeighborhoodLIFTSM PROGRAM
Wells Fargo Selected Invest Atlanta as a key partner in the program to help families and individuals qualify for loans and down payment assistance
ATLANTA – February 9, 2012 – Invest Atlanta, the city of Atlanta’s economic development agency, was selected by Wells Fargo & Company (NYSE: WFC), one of America’s leading community banks and the nation’s largest mortgage lender, to administer its NeighborhoodLIFTdown payment assistance program in Atlanta. Originally launched in Los Angeles, and now debuting in Atlanta on Feb. 10, the program seeks to help each chosen city address the dual challenge of high inventories of unsold homes and attracting prospective buyers. In support of that effort, Wells Fargo has set a home loan mortgage purchase lending goal in Atlanta totaling $1.3 billion over the next five years; and down payment assistance and homebuyer support of $8 million in 2012.
NeighborhoodLIFTwill launch in Atlanta with an open-to-the-public event on February 10-11, 2012, at the Georgia World Congress Center where residents will be able to get pre-approved for a home loan, reserve funds for down payment assistance, participate in homebuyer education sessions, and see 100 homes available for sale through the program housing tour.
“We’re extremely excited to have been chosen by Wells Fargo for the NeighborhoodLIFT program,” said Brian McGowan, President & CEO of Invest Atlanta. “We know this program will help many families buy a home in the city of Atlanta as they seize the unique opportunity this market is providing and realize their dream of homeownership.”
The 2012 down payment assistance and homebuyer funds provided by Wells Fargo consist of down payment grants totaling $4 million; down payment assistance for homes needing renovation equaling $2.4 million; $600,000 for the homeownership event; and a $1 million grant for local initiatives that will be executed by Atlanta Mayor Kasim Reed.
“Wells Fargo wants to support the revitalization of neighborhoods substantially impacted by the housing downturn, and inspire others to join efforts to support our nation’s economic recovery,” said Mike Donnelly, Atlanta regional president for Wells Fargo. “We are so pleased that Invest Atlanta will be taking part in this program.”
About Invest Atlanta
Invest Atlanta is the official economic development authority for the City of Atlanta. Its purpose is to strengthen Atlanta’s economy and global competitiveness in order to create increased opportunity and prosperity for the people of Atlanta.
Chaired by the Mayor of Atlanta, and governed by a nine-member board of directors, Invest Atlanta’s programs and initiatives focus on developing and fostering public/private partnerships to create jobs, grow the economy, revitalize neighborhoods, attract investment, spur innovation, and encourage entrepreneurship. To achieve these goals, Invest Atlanta leverages the benefits of bond financing, revolving loan funds, housing financing, tax increment financing (TIF), and tax credits.
About Neighborhood LIFTSM
The Neighborhood LIFTSM program is a collaboration between Wells Fargo Bank, N.A., Wells Fargo Foundation, NeighborWorks America, an independent non-profit organization, and local non-profit organizations. The NeighborhoodLIFTSM program is designed to provide sustainable homeownership initiatives in cities deeply affected by the housing crisis.