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Wells Fargo Invests $442 Million in LIFT Programs, Creating Nearly 20,000 Homeowners Across the U.S.

SAN FRANCISCO–(BUSINESS WIRE)–Wells Fargo & Company (NYSE:WFC) and NeighborWorks®
America announced today that more than 3,900 homeowners were created in
2018 through the Wells Fargo NeighborhoodLIFT® program — bringing the
total number of homeowners assisted to nearly 20,000 since LIFT programs
were launched in 2012 in Los Angeles and Atlanta. Wells Fargo has
invested more than $442 million for 67 LIFT program launches in support
of sustainable housing, making it the single largest corporate
philanthropic effort of its kind in the company’s history. NeighborWorks
America research indicates that in that time, LIFT homeowners have
purchased more than $2 billion in real estate nationally.

NeighborhoodLIFT program offers homebuyer education plus down payment
assistance grants in local communities. Today registration opens for the
2019 Washington, D.C., area NeighborhoodLIFT program, scheduled on Feb.
22-23, and the 2019 NeighborhoodLIFT program launch for Los Angeles
County drew hundreds of potential homebuyers on Feb. 1-2.

“Owning a home is a primary driver of economic security and the
cornerstone of the American Dream, yet access to affordable housing is a
significant challenge in communities across the country,” said Wells
Fargo CEO and President Tim Sloan. “Wells Fargo is proud to help people
achieve and sustain homeownership through programs like NeighborhoodLIFT
and in collaboration with organizations such as NeighborWorksAmerica.”

Wells Fargo and NeighborWorks America created the NeighborhoodLIFT
program to support local economic development and advance
sustainable homeownership. NeighborWorks America and its local network
members administer the program, determine eligibility and provide the
required homebuyer education. As part of the effort, Wells Fargo also
donated $33 million in local initiative grants to nonprofits in support
of neighborhood revitalization.

With a $75 million philanthropic commitment by Wells Fargo in 2018, the
NeighborhoodLIFT program expanded to Atlanta; New Mexico; Boston; Kansas
City, Mo.; Chicago; Des Moines, Iowa; Mississippi; Charlotte, N.C.; and
Orlando, Fla. The program also added special parameters to enable
hundreds of teachers, military service members, veterans, and first
responders to achieve homeownership.

“This collaboration with Wells Fargo, our network members, and local
communities helps put people on the path to homeownership,” said
Marietta Rodriguez, president and CEO of NeighborWorks America. “The
program is helping families meet the challenge of coming up with a
sufficient down payment, and the required housing counseling education
classes are proven to help buyers both prepare and achieve their goals
of responsible homeownership. For families who do not currently qualify,
financial education and counseling are offered to help prepare for
future homeownership.”

Also in 2018, the program was further enhanced with the introduction of
NeighborhoodLIFT Home Ownership Counseling Grants and another $2 million
contribution from Wells Fargo to NeighborWorks to provide in-person
credit counseling to homebuyers at no charge with a participating
HUD-approved housing counselor in local NeighborhoodLIFT program
communities including Charlotte, Orlando, Los Angeles, Mississippi and
Washington, D.C.

Grant Money Available

Grant funds are still available for LIFT programs in Birmingham, Ala.;
New Mexico; Mississippi; and Orlando, Fla. NeighborhoodLIFT program
homebuyers can obtain mortgage financing from any qualified lender.
Interested homebuyers can learn more about the program at wellsfargo.com/lift
and a video about the program can be viewed on Wells
Fargo Stories.

LIFT programs impact report by NeighborWorks America

An analysis of the impact of LIFT program homebuyers compiled by
NeighborWorks America indicates:

  • Sixty-one percent of LIFT homeowners represent low- and
    moderate-income households, defined as those earning 80 percent or
    less of the area’s median income. The program helps level the playing
    field for working families who might not otherwise be able to save up
    for a down payment.
  • Among LIFT buyers surveyed, 42 percent pay less for housing than they
    did previously.
  • Eighty percent of LIFT participants stated that the homebuyer
    education services they received will help them manage their finances
    and sustain homeownership.
  • More than 60,000 potential homebuyers have received housing counseling
    from a NeighborWorks network member engaged in LIFT programs.

“NeighborhoodLIFT is a terrific collaborative success that makes
homeownership achievable and sustainable,” said Kim Smith-Moore, Wells
Fargo’s national LIFT programs manager. “The program has made a real
difference in the lives of nearly 20,000 people and families — with the
majority of them representing underserved, low- and moderate-income
households — by helping them prepare to be successful homeowners.”

About NeighborWorks America

For 40 years, Neighborhood Reinvestment Corp., a national, nonpartisan
nonprofit known as NeighborWorks
America, has strived to make every community a place of opportunity.
Our network of excellence includes more than 245 members in every state,
the District of Columbia and Puerto Rico. NeighborWorks America offers
grant funding, peer-exchange, technical assistance, evaluation tools and
access to training, as the nation’s leading trainer of housing and
community development professionals. NeighborWorks network organizations
provide residents in their communities with affordable homes, owned and
rented; financial counseling and coaching; community building through
resident engagement; and collaboration in the areas of health,
employment and education. In the last five years, our organizations have
generated more than $34 billion in investment across the country.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Wells Fargo’s
vision is to satisfy our customers’ financial needs and help them
succeed financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, investment and mortgage products and
services, as well as consumer and commercial finance, through 7,800
locations, more than 13,000 ATMs, the internet (wellsfargo.com) and
mobile banking, and has offices in 37 countries and territories to
support customers who conduct business in the global economy. With
approximately 259,000 team members, Wells Fargo serves one in three
households in the United States. Wells Fargo & Company was ranked No. 26
on Fortune’s 2018 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at Wells
Fargo Stories.

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