In 2012, Wells Fargo teamed up with NeighborWorks America to launch their largest philanthropic effort to date. NeighborhoodLIFT has been available to individuals and families across the country, and we are excited to announce its presence in Montana as of Monday, October 28th, bringing $3.4 million to homebuyers in this state. The goal of this program is to provide down payment assistance and financial education to homebuyers, making it possible for Montana residents to achieve their dreams with the help of NeighborWorks Great Falls and NeighborWorks Montana.
Eligible homebuyers will receive $10,000 of down payment assistance on qualified properties. Residents who are veterans and services members, teachers, paraprofessionals, law enforcement officers, firefighters and emergency medical technicians can receive an additional $2,500 of assistance from NeighborhoodLIFT. We expect this program to help nearly 225 Montanans purchase homes through the help of this down payment assistance program. It is important to note that NeighborhoodLIFT is not exclusive to first time home buyers, but the home must be the primary, owner-occupied residence of the buyer.
Katie Biggs, Marketing and Resource Development Manager for NeighborWorks Montana emphasized the importance of this program’s potential stating, “Homeownership, we believe, is what makes communities across the state so vibrant and makes the state such a great place to live.” Here is the best part about NeighborhoodLIFT: the money homeowners receive for down payment assistance is completely forgivable after a five-year period – no interest, no payments. Sherrie Arey, Executive Director for NeighborWorks Great Falls, eloquently explained, “Families definitely have a struggle to make that big down payment…so this fills that gap that they need in order to move on to homeownership, and then beginning to build their own wealth for the future.” To learn more about this program and your eligibility, visit montanalift.org or give us a call at (406) 761-5861.