HOUSTON – Houston Mayor Sylvester Turner and representatives of Wells Fargo announced an effort to boost low-and moderate-income homeownership in the city limits of Houston.
The Wells Fargo NeighborhoodLIFT Kickoff news conference was held on Tuesday at 9 a.m. The company announced a $5 million grant to help over 300 first-time homebuyers with $15,000 for their home down-payment.
“When it comes to homeownership, we’re not just talking about the most reliable investment that people make, but it also creates stability for that family and it creates stability for communities,” Mayor Turner said during the press conference.
Turner said there are now more renters than homeowners in the city of Houston.
“This program, NeighborhoodLIFT, will help to create homeownership,” Turner said.
This is the third year that the program has provided grants for down payments for homeownership for Houston residents.
Funded by the Wells Fargo Foundation and managed by NeighborWorks America and other nonprofit organizations, the NeighborhoodLIFT program helps eligible homebuyers by providing money for down payments.
The NeighborhoodLIFT program reduces out-of-pocket costs when buying a home by providing forgivable, interest-free down payment loans with no required payments.
The program could help people buy a home of their own by reducing the strain of a down payment and closing costs, according to Wells Fargo’s website.