Bank helping nonprofit organizations Lift Georgia neighborhoods
February 27, 2012 by Sarah
In an effort to stabilize the housing market and provide relief to homeowners struggling with mortgage payments due to financial hardships, Wells Fargo has partnered with NeighborWorks America and local charitable organizations in and around the city of Atlanta to launch Neighborhood Lift.
The program seeks to encourage consumers to purchase homes, prevent foreclosures by existing homeowners and improve the aesthetic appeal of neighborhoods. According to Mike Donnelly, metro Atlanta regional president for Wells Fargo,
“Our goal is the program helps to sell hundreds and hundreds of homes and to make a big impact.”
This is accomplished through down payment subsidies for purchasers with lower incomes, home improvement grants, but also a five year commitment to mortgage lending from Wells Fargo totaling $1.3 billion.
In 2011, Georgia ranked number four in terms of foreclosures per capita. This contributed to Atlanta being chosen as a test market for the program. If successful, Wells Fargo intends to expand Neighborhood Lift to other areas and states.
Earlier this month at the Georgia World Congress Center, the bank and its nonprofit partners sponsored a roadshow showcasing home-buying workshops. The event was free to participants who registered on the program’s website at www.neighborhoodlift.com. Real estate agents also attended and were able to market homes they had for sale.
Local printing companies played a role in the event as well. Metro Atlanta shops, like those in Fayetteville, provided brochure printing and home catalog printing services for the road show and will continue to be important to the success of Neighborhood Lift.