If you’re a home buyer in the District or Prince George’s County, Md., struggling to build up a down payment, you might be eligible for a $20,000 grant from a program called NeighborhoodLIFT. And if you’re a veteran, teacher, military service member, law enforcement official, firefighter or emergency medical technician living there, you might be eligible for an additional $2,250.
The program, announced by Wells Fargo, NeighborWorks America, MANNA, Inc. and Community Housing Partners, is available to households earning 100 percent or less of area median income, which is about $117,200 for up to a family of four in the D.C. metro area. The limit depends on household size and is lower for one- or two-person households.
Buyers who are approved for the grant can obtain mortgage financing from any participating lender – not just Wells Fargo, which is providing $7.1 million for the program. The grants will be administered by MANNA and Community Housing Partners, which will determine eligibility and provide home buyer and financial education courses. Buyers who are approved will have up to 60 days to finalize a contract to purchase a residence in the District or Prince George’s County.
To be eligible for a grant, you must register and attend the launch event for the program on Feb. 22 from 10 a.m. to 7 p.m. or Feb. 23 from 9 a.m. to 2 p.m. at the Washington Hilton at 1919 Connecticut Ave. NW. To register, go to www.wellsfargo.com/lift or call 866-858-2151. Registering as soon as possible for the event is recommended since there will be only about 360 appointments to meet with mortgage specialists and nonprofit representatives.
Up to 650 consumers who attend the NeighborhoodLIFT event will receive a voucher for free one-on-one homeownership counseling session by a HUD-approved housing counselor. If all the vouchers are not distributed at the event, the remaining vouchers will be available afterward.