OREANDA-NEWS. Wells Fargo & Company (NYSE: WFC), NeighborWorks America® and its network member Neighborhood Housing Services of New Haven today joined mayors of New Haven, East Haven and West Haven, Conn. to announce the $4.75 million New Haven Wells Fargo HomeLIFT? program to help boost homeownership and strengthen neighborhoods.

Of the HomeLIFT program funds for New Haven, East Haven, and West Haven, $4.1 million will go toward down payment assistance grants and program support to help potential homebuyers overcome the barrier of making a sufficient down payment.

“While the local economy continues to show signs of improvement, many families have yet to re-enter the housing market because they struggle with overcoming the barrier of making a down payment,” said Joe Kirk, Wells Fargo regional president. “Combined with financial education, these down payment assistance grants can make a tremendous difference for families and individuals who want to own a home in New Haven, East Haven or West Haven.”

Down payment assistance grants of $15,000 will be available for eligible homebuyers with annual incomes that do not exceed 120 percent of the local area median income – which is about $100,100 for a family of four – with income maximums varying depending on family size and type of loan.  To be eligible, homebuyers must meet specific criteria, such as completing an eight-hour homebuyer education session with Neighborhood Housing Services of New Haven, a HUD-approved counselor.