For More Information:
Charlotte Pennye
charlottep@avenuecdc.org
713-864-8099, ext. 222
100TH HOMEBUYER PROVIDED WITH DOWN PAYMENT ASSISTANCE THROUGH THE
NEIGHBORHOOD LIFT℠ PROGRAM
HOUSTON (December 3, 2012) - Avenue Community Development Corporation (Avenue CDC) has
provided down payment assistance in the amount of $15,000 to the 100th homebuyer participating in the
Neighborhood LIFT program.
The NeighborhoodLIFTSM program has been designed to help communities attract qualified, prospective
homebuyers to neighborhoods struggling with high inventories of unsold homes. In Houston, this will
include a five-year goal of $3 billion in mortgage purchase loans by Wells Fargo, and a $9 million
investment the bank is making this year for down payment assistance grants and homebuyer support
programs that help consumers achieve successful, sustainable home ownership.
The NeighborhoodLIFT is available to individuals who have been approved for home financing and are
purchasing a home in the Houston city limits. Other program requirements include completing a HUDapproved homebuyer education class, and having a household income equal to or less than 120 percent of
the area median income. For a family of four, this is a maximum income $80,300 and for a single person
it’s $56,200. Approved applicants can receive up to a $15,000 loan per household at a zero percent
interest rate that is forgiven at a rate of 20 percent per year. The funds must be used to purchase a
primary, owner-occupied residence. Being a first-time homebuyer is not a requirement.
“In many instances, this program has proven to be the final piece of the puzzle for potential homebuyers.
Many of them have spent the past year or two years trying to save for a down payment. Due to
unexpected expenses and the rising cost of living, they often had to dip into their savings. Instead of
spending the next few years renting, they are now moving into their very own homes,” said Mary Lawler,
Avenue CDC Executive Director.
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AVENUE CDC ASSISTS 100TH HOMEBUYER THROUGH NEIGHBORHOOD LIFT
The program launched in the Houston area in May 2012. Funding is made available through a publicprivate collaboration between NeighborWorks America and a grant from the Wells Fargo Foundation.
Potential homebuyers in the Houston area can fulfill their homebuyer requirement by attending classes at
three area locations:
the Tejano Center for Community Concerns, Fifth Ward Community
Redevelopment Corporation, and Avenue CDC. This month, a milestone was reached for the program.
Sylvia Guy, a single working mom, became the 100th homebuyer to receive down payment assistance
through the program. Guy received a mortgage from Wells Fargo, and attended a homebuyer education
and counseling class at Tejano Center for Community Concerns.
“The NeighborhoodLIFTSM program is furthering the recovery of local Houston neighborhoods that
have been deeply affected by the housing crisis,” said Viola Solomon, regional diverse segments manager
with Wells Fargo Home Mortgage. “Today, despite low home prices and historically low interest rates,
families often face a barrier of not being able to buy a home because they struggle with making the down
payment. The NeighborhoodLIFTSM program is helping to make homeownership more achievable for
families by providing down payment assistance.”
During the next two years, it is estimated that Avenue CDC will provide down payment assistance to
approximately 425 homebuyers through the Neighborhood LIFT program.
For more information about the NeighborhoodLIFT program, please call 713-864-9099 or visit:
www.avenuecdc.org.
About Neighborhood LIFTSM
The NeighborhoodLIFT SM program is a collaboration between Wells Fargo Bank, N.A., Wells Fargo
Foundation, NeighborWorks America, an independent non-profit organization, and local non-profit
organizations. The NeighborhoodLIFT SM program is designed to provide sustainable homeownership
initiatives in cities deeply affected by the housing crisis. A video about the NeighborhoodLIFT program is
posted at www.youtube.com/wellsfargo.
About Avenue CDC
Avenue CDC is a non-profit organization dedicated to revitalizing Houston’s Washington Avenue and Near
Northside communities by developing affordable housing and economic opportunities, while preserving the area’s
economic, cultural, and historical diversity. In the last 21 years, Avenue CDC has helped revitalize the community
AVENUE CDC ASSISTS 100TH HOMEBUYER THROUGH NEIGHBORHOOD LIFT
by leveraging more than $60 million in investments, including the development of 105 single-family homes, 500
rental units and 140,000 square feet of commercial space. Avenue CDC provides homebuyer education and
counseling services to more than 600 families each year, and its programs created 759 jobs between 2007 and 2011.
In 2011, the organization assisted 75 families in purchasing a home through homeownership counseling, down
payment, closing cost or financing assistance; provided 490 families with pre-purchase housing education and
counseling; provided 184 families with foreclosure prevention counseling; developed 48 apartment homes for very
low income seniors; developed 144 apartment homes for low and moderate-income families; and provided
supportive services to residents of 490 apartments in six complexes, including after-school educational and
recreational programs. For more information: 713-864-8099, ext 227 or www.avenuecdc.org.
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