LOS ANGELES (CBS) — Wells Fargo & Company is launching a new program that will work alongside nonprofit organizations to help potential homebuyers in Los Angeles.
Neighborhood LIFT is getting its start in Los Angeles, where the company will help the city combat its high inventory of unsold homes by attracting prospective buyers.
The program will set aside $10 billion over five years to help with home mortgages. Another $15 million will help potential buyers with their down payments, which will average out to $30,000 per home.
Neighborhood LIFT kicks off with a two-day event at the Los Angeles Convention Center on Feb. 3 and Feb. 4.
Down payment assistance, home and renovation financing, homebuyer education sessions, and tours of residential properties will all be available for prospective homebuyers.
To attend the event, register at Neighborhood LIFT.