If you are struggling to buy a home, you might qualify for assistance
More than 200 families and residents struggling to buy a home in metro Denver may receive assistance through a program offered by Wells Fargo for the second year in Colorado.
The NeighborhoodLIFT program will provide home buying assistance grants of up to $15,000 to people who typically earn about 80 percent of the median income level in Denver, Adams Jefferson, Arapahoe and Douglas counties.
The program was launched in 2012 to provide grants for low- and moderate-income people across the country who otherwise would qualify for a home loan but cannot meet rising home prices, officials said.
“We had to come up with something,” said Julie Fogerson, regional spokeswoman for Wells Fargo. “For a lot of folks who live in places like the Denver metro area where housing has become so scarce … home ownership can be a difficult process.”
More than 50 NeighborhoodLIFT programs have been created, including a 2014 pilot program in Denver.
This year, the program in Colorado is expanding across the metro area and is specifically reaching out to teachers, first responders, veterans and active duty military.
“We expanded the special parameters in recognition of these folks’ service to the community,” Fogerson said. “There is an affordability crisis we are seeing that is impacting people choosing (certain) careers like teachers and firefighters, and it’s not uncommon for them to live several miles away from the community where they work.”
Wells Fargo will implement the program with a $4.8 million investment in collaboration with the nonprofit NeighborWorks America and the Westminster-based Community Resources and Housing Development Corporation. The money will be divided among about 250 people trying to buy a home in the five counties.
“We are very excited to see the launch and roll out of the NeighborhoodLIFT program,” said Brenda Mascarenas, director of housing programs and services for the Adams County Housing Authority. “Funding availability has decreased in Adams County for homeowners over the past several years, and this program gives them another option when it comes to down payment assistance programs offered in our communities.”