Year: 2025
Type: article
Abstract: Wells Fargo has awarded a $5 million grant to HomeFree-USA to help Philadelphia-area families buy their first home. The grant was awarded under the company's NeighborhoodLIFT program. In collaboration with the City of Philadelphia, Affordable Housing Center of Pennsylvania (AHCOPA) and RiseUp Fund, the NeighborhoodLIFT program will offer up to $15,000 in homebuyer assistance to eligible participants and provide homebuyer education, financial coaching and more to help put people on a pathway to homeownership, the company said. According to Wells Fargo, the program has been redesigned to address more of the barriers to owning a home. Eligible homebuyers will have the option to use the funds for down payment assistance, toward paying down debt, lowering their interest rate and monthly payments or toward closing costs. This effort is expected to help an estimated 260 eligible first-time homebuyers in Philadelphia, the company said.
Source: Corporate Philanthropy Report
DOI: 10.1002/cprt.32265
Language: English
Topic: Housing Market and Economics
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4409186699