Wells Fargo & Company, one of America’s leading community banks and the nation’s largest home mortgage lender, announced the company will make donations totaling $1 million shared across six Arizona nonprofits to help further strengthen and stabilize Arizona communities.
The local grant recipients were identified in close collaboration with the City of Phoenix and Mayor Greg Stanton. Grants are targeted to support five key areas: Support services for the homeless, neighborhood beautification and improvement, education and workforce programs, small business and economic development, and the environment.
Wells Fargo is making $1 million in grants to the following Phoenix nonprofits:
· Arizona Citizens for the Arts — $50,000 to support the organization’s efforts in neighborhood beautification efforts and the arts.
· Keep Phoenix Beautiful — $100,000 in support of Phoenix neighborhood beautification efforts and the environment.
· Arizona Women’s Education and Employment, Inc. (AWEE) — $150,000 in support of education and workforce programs, homelessness, and economic development.
· Maricopa County Community College (MCCC)/Arizona Small Business Development Center — $200,000 to support small business programs and economic development.
· Teach for America – Phoenix — $200,000 to support the organization’s education programs.
· Valley of the Sun United Way — $300,000 to support the homelessness community, education, employment, and economic development.
The grants are funded through the Wells Fargo’s NeighborhoodLIFTSM program that was launched early last year. The program is an innovative effort created to help stabilize neighborhoods and help people buy homes by making properties more affordable with down payment assistance available for eligible prospective buyers.
“Wells Fargo is the leading mortgage lender in Arizona and we are proud to support our communities to help ensure a thriving and healthy community base,” said Pam Conboy, Wells Fargo Arizona Lead Regional President. “These nonprofits are actively leading efforts to help stabilize neighborhoods and promote jobs and education programs, and we are excited to help support their tremendous efforts with the NeighborhoodLIFTSM program local initiatives funds.”
“City government is a key player in moving our economy forward, ending homelessness and advocating for quality education for our kids, but we cannot do it alone,” said Mayor Stanton. “Our partners in the nonprofit and faith communities are indispensable to ending homelessness and ensuring a stronger economic future in Phoenix and the region. Thanks to Wells Fargo’s NeighborhoodLIFT program and their continued efforts in our communities and for being a conduit for boosting programs that build our city up to a more promising future.”
In addition to the local grants, the NeighborhoodLIFTSM program is helping further the nation’s housing recovery by providing down payment assistance to help more local families achieve successful, sustainable homeownership. In Phoenix, more than $2 million is still available for down payment assistance grants of $15,000 for local eligible hombuyers as part of the $8 million commitment to provide down payment assistance grants, homebuyer support programs and local initiatives to help consumers achieve successful, sustainable home ownership. Wells Fargo collaborates with the City of Phoenix and the non-profit organization NeighborWorks America and its local affiliate, Neighborhood Housing Services of Phoenix, to implement the program.
Down payment assistance of $15,000 is available to those who qualify, buy and reside in a home in the city of Phoenix. To qualify for down payment assistance that may be applied to mortgage purchase loans with any lender, applicants must meet certain criteria including annual income not exceeding 120 percent of the median income for the area. Income maximums vary based on family size. An event was held in Phoenix last March to kick-off the program and nearly 1,000 prospective homebuyers attended. Wells Fargo committed $8 million in the city of Phoenix to fund the NeighborhoodLIFTSM program designed to stabilize neighborhoods and help residents become homeowners.