The FINANCIAL -- Wells Fargo & Company on May 27 announced grants totaling $500,000 for two nonprofits committed to assisting veterans and families in Salt Lake City overcome homelessness through the Wells Fargo NeighborhoodLIFT program.
The Road Home ($300,000) and The Community Foundation of Utah ($200,000) are receiving the grants to help prevent homelessness in Salt Lake City. The grant recipients were selected in close collaboration with Mayor Ralph Becker and the city’s division of Housing and Neighborhood Development to help address key local initiatives in the Salt Lake City community including homelessness prevention programs, according to Wells Fargo.
“I know support from the Wells Fargo NeighborhoodLIFT program will make a difference for Salt Lake,” Mayor Becker said. “My hope is that projects and programs funded by these grants will help Salt Lake be known as the community that makes sure that all of the homeless get the shelter and services they need and deserve.”
The combined $500,000 in grants is part of the Wells Fargo Salt Lake City NeighborhoodLIFT program that invested a total of $5 million to help boost homeownership in the community. The program is also helping create more than 200 Salt Lake homeowners with the help of a NeighborhoodLIFT program $15,000 down payment assistance grant after completing homebuyer education. Grants may be available for reservation by contacting NeighborWorks Salt Lake or a Salt Lake City-based Wells Fargo Home Mortgage consultant.
“We’re proud to do our part to help Salt Lake City neighborhoods,” said Dee O’Donnell, Wells Fargo regional president. “We believe these nonprofits are doing exceptional work in the community and these funds will add up to make a big impact for the Salt Lake City community.”
In Salt Lake City, the $15,000 down payment assistance grants were administered by NeighborWorks Salt Lake and awarded to eligible homebuyers with annual incomes that do not exceed 120 percent of the Salt Lake City area median income – which is about $82,450 for a family of four. Approximately 70 grants are still available for eligible homebuyers in the Salt Lake City area.
Since 2012, with a combined $242 million investment by Wells Fargo, LIFT programs have been introduced to 34 communities deeply affected by the housing crisis. The program has created nearly 9,500 homeowners, with the help of down payment assistance and homebuyer education. A video about the NeighborhoodLIFT program is posted on the Wells Fargo YouTube Channel.‡
Wells Fargo collaborated with the Wells Fargo Foundation, Salt Lake City, NeighborWorks America and its local affiliate, NeighborWorks Salt Lake, to implement the program.