OREANDA-NEWS. Wells Fargo & Company (NYSE: WFC), NeighborWorks America® and its network member Trellis, today announced the Wells Fargo NeighborhoodLIFT® program will expand to Maricopa County with a $5 million commitment by Wells Fargo  to help boost local homeownership.

Interested homebuyers can register for the free homebuyer event scheduled on Jan. 15-16 when eligibility will be determined for an opportunity to reserve a matching down payment assistance grant ranging from $2,500 up to $7,500 based on the homebuyer’s contribution.

“Making homeownership more affordable can help hard-working families and strengthens our neighborhoods,” said Phoenix Mayor Greg Stanton.  “This innovative public-private partnership will make a difference for eligible homebuyers through financial education and down payment assistance.”

Approximately $4 million of the NeighborhoodLIFT program funds for Maricopa County will provide down payment assistance grants and program support to help hundreds of homebuyers overcome the barrier of making a sufficient down payment.

“While the local economy continues to show signs of improvement, many families have yet to re-enter the housing market because they struggle with coming up with a sufficient down payment,” Michael Riley, Metro West area president for Wells Fargo. “We believe these matching down payment assistance grants will add up to make a huge difference for hundreds of people and families who want to own a home.”

Matching down payment assistance grants ranging from $2,500 up to $7,500 will be based on the eligible homebuyer’s contribution. Annual incomes must not exceed 80 percent of the local area median income. In Maricopa County that is about $51,200 for a family of four, with income maximums varying depending on family size and type of loan.  To be eligible, homebuyers must meet criteria such as completing an eight-hour homebuyer education session with Trellis, a HUD-approved counselor.