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Home ownership in Tucson and South Tucson Gets a $5.5 Million boost

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Home ownership in Tucson and South Tucson Gets a $5.5 Million boost

 

The Tucson NeighborhoodLIFT program, a collaboration with NeighborWorks America, The Primavera Foundation and Wells Fargo, received an initiative offering $5.5 million from Wells Fargo to boost homeownership and strengthen neighborhoods in the city’s low- and moderate-income areas.

 

The program will kick off September 5-6 at the Tucson Convention Center. Eligible homebuyers can reserve $15,000 down payment assistance grants; program also includes $500,000 to help improve Tucson and South Tucson neighborhoods

 

Of the $5.5 million committed by Wells Fargo, $4.5 million will go toward down payment assistance grants and program support to help potential homebuyers overcome the barrier of making a sufficient down payment.

 

“This program can help qualifying homebuyers, from any approved lender,” said Tucson Mayor Jonathan Rothschild, “and I’m extremely grateful to Wells Fargo for their generous donation of stabilization funds. That’s good corporate citizenship.”

 

South Tucson Mayor Paul Diaz commented, “The City of South Tucson is proud to join this public-private partnership that will make homeownership more affordable for people who wish to live here,” said “Making homeownership affordable and revitalizing our neighborhoods will make a significant difference for South Tucson families and neighborhoods. I commend Wells Fargo, NeighborWorks America, The Primavera Foundation, and the Neighborhood and Housing Service Department for helping make responsible homeownership possible for more families.”

 

Down payment assistance grants of $15,000 will be available for eligible homebuyers with annual incomes that do not exceed 120 percent of the Tucson area median income – which is about $68,400 for a family of four – with income maximums varying depending on family size and type of loan. To be eligible, homebuyers must meet criteria including completing an eight-hour homebuyer education session with The Primavera Foundation or another HUD-approved counseling agency.

 

 “Like many cities, Tucson and South Tucson were significantly affected by the housing crisis,” said John Gibson, Wells Fargo’s Greater Southern Arizona area president. “While mortgages are available at relatively low-interest rates, many families are unable to buy a home because they struggle with making the down payment. The NeighborhoodLIFT program can help local mortgage-ready homebuyers realize their dreams of owning a home.”

To receive the full grant amount, participants buying homes with LIFT program down payment assistance grants must commit to live in the home for five years and qualify for a first mortgage on the property. The down payment assistance grants may also be used to buy a home that needs improvements with a new mortgage purchase 203k renovation loan.

 

In addition to providing down payment assistance for homebuyers, Wells Fargo will donate $500,000 to support stabilization efforts in Tucson neighborhoods.

 

 “This innovative collaboration between NeighborWorks America, our network member The Primavera Foundation, and Wells Fargo will put more Tucson and South Tucson families and individuals on the path to homeownership,” said Gary Wolfe, regional vice president, Rocky Mountain Region of NeighborWorks America. “The required housing counseling and education classes, provided by certified professionals, have been shown to help homebuyers achieve successful and sustainable homeownership.”

 

Tucson NeighborhoodLIFT program down payment assistance grants may also be combined with other down payment assistance programs to provide additional financial benefit to qualified buyers. Information regarding these other programs will be available at the September 5-6 event.

 

Participating homebuyers can obtain mortgage financing from any qualified lender and The Primavera Foundation will determine eligibility and administer the down payment assistance grants. Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in Tucson or South Tucson to receive a grant.

 

“The Primavera Foundation is excited to help families qualify for the Wells Fargo NeighborhoodLIFT program down payment assistance grants,” said Peggy Hutchison, CEO of The Primavera Foundation “These funds support individual families to become homeowners, and by supporting families they also support our larger community. It’s an ideal time for families to invest in homeownership. To be first in line to access the down payment grants, families can register and start working with The Primavera Foundation HomeOwnership staff.”

 

Homebuyers looking for a new home, including real estate agents, can avail of the new technology offered by RealBiz Media Group, Inc.’s (OTCQB: RBIZ).

RealBiz Media’s Nestbuilder.com aims to grant agents control over how they want to run marketing campaigns for their listings. The portal came at a time when the norm among agents for capturing leads is to buy them from established multiple listing sites.

“Nestbuilder.com’s mission is to both empower the real estate agent and to connect the homeowner and homebuyer directly with the agent in a personalized and meaningful relationship without interference from large, impersonal, third party lead generation sites,” RealBiz Media President and chief revenue officer Steve Marques noted.

“Homebuyers are able to create personalized video collections of potential homes to be set-up for review and sharing. Agents can quickly bring their listings to life via RealBiz’s rich video conversion tools, and market their properties directly to homeowners and homebuyers in a personalized, customized, entertaining, and engaging format no matter where they are," he said.

RealBiz has access to the nation’s largest real estate companies with numerous approved vendors and national contracts, both key to its future development programs. When completed, the company is targeting distribution of its digital video network to more than 70 million households and an agent driven MicroVideo App program. For more information, please dial this toll free number at 1.888.REAL.BIZ (888.732.5249) or email at support@rbm.zendesk.com.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

 

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