Homebuyers Get Help With Down Payments, Mortgage
DENVER (CBS4)- Hundreds of families in Denver and Aurora will be receiving assistance in buying a home thanks to a $4.8 million grant program.
Wells Fargo, in partnership with local non-profit Community Resources & Housing Development Corporation, announced on Thursday the return of its Neighborhood Lift program. The program helped hundreds of Denver residents with down payments in its first phase in 2014.
In its second phase, Wells Fargo will fund grants to 243 low to moderate income homebuyers on a first-come, first-served basis.
Each grant is $15,000 to help with down payments that many people in the Denver metro area's rising housing market can not afford.
"I'm renting a room right now," said Brad Dever, a lifelong Denver resident.
Instead of renting a room, Dever will soon have his own place to call home.
"I wouldn't have been able to do it without them," Dever said of the people behind the Neighborhood Lift program.
Dever will be moving into a brand new two-bedroom affordable housing row home in the Stapleton neighborhood. Although he works full time, he said that he would not be able to buy a home without the assistance.
"Single folks like me that work 8-5 and make a decent living can't afford the $300,000, $400,000, $500, 000 houses that are being built right now," Dever told CBS4's Melissa Garcia.
Wells Fargo officials said that the financial institution aimed to boost home ownership in the Denver metro area. He said getting residents on that path included education workshops and eligibility appointments for grants.
"We want to make sure that we're preparing these individuals who want to become homeowners through the education and the seminars that we make available. And then they can reserve a spot. And that spot is good for 60-days for them to go find a home," said Wells Fargo Bank VP John Sotoodeh.
To be eligible for the grant, a family of up to four people can earn up to $67,100 per year.
Veterans, service members, teachers, members of law enforcement, firefighters, and emergency medical workers can earn up to $83,900 per year to qualify.
The program was accepting applications from residents in all five counties throughout the cities of Denver and Aurora.
"By itself, it does not address the housing crisis… But it is helpful," said Mayor Steve Hogan of the City of Aurora. "My private hope is that (the program is) so successful that (companies) decide to do more."
Interested potential homebuyers were asked to visit the Wells Fargo Mortgage Lift website to learn more about the program and to register online for an in-person appointment in September.
Officials said that appointments were limited and filling up quickly.
Melissa Garcia has been reporting for CBS4 News since March 2014. Find her bio here, follow her on Twitter @MelissaGarciaTV, or send your story idea to mkgarcia@cbs.com.
