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.

Comments (17)
  1. notre9 says:

    SHAKEDOWN! More gibs for libs.

  2. E Beatty says:

    How do I register for this? The neighborhood lift link & website doesn’t work.

  3. Westcoastliberal says:

    Why did CBS-2 allow this “fluff” piece on-air without even mentioning where the money is coming from? You made it sound like Wells Fargo is giving away “free” downpayment money. Actually it’s a Neighborworks America program, an organization that gets annual appropriations from the Federal government. Get it right next time, because your reporting leaves much to be desired.

  4. Doug C. says:

    Yep, the link don’t work….

  5. Pass says:

    The homes they have listed are in the city of Los Angeles or other high-crime areas like Pacoima and Sylmar…Any street name thats a number, I’ll pass on.

    When a home in a crime infested area is going for $300K, you know the market is still way over priced.

    Hold on to your money a bit longer, the housing market is gasping its final breath and normalized pricing will return soon. Don’t prop-up a market that was built on ignorance and greed.

  6. GROWAPAIR says:

    Sounds like the same 100% no-down loans that f**ked everything up in the beginning.

  7. Tim Smith says:

    Nothing in this world is free. If it’s too good to be true, it is.

    Guess what? Don’t waste your time or effort on this. Sounded great out of the box but as stated above, you are paying premium prices for horrible locations.

    Not worth your life either!

  8. Mortgage Help Los Angeles says:

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  9. Richard Powell says:

    I’m going to check it out today…. Sounds to good to be true.

  10. roger white says:

    It’s WELLS FARGO, GET IT. The big banks have already proven their “integrity” and “compassion” for their customers over the past several years. I don’t understand, why do people continue to get in bed with these greedy corporations? This is nothing but a PR stunt because they know they are losing customers. BTW, I have a FREE checking account and low apr auto loan with a credit union. The rest of my vast financial empire is at a brokerage (a couple hundred shares of stock and about $200).

  11. Mortgage Help Los Angeles says:

    Very nice post, I am also associated with real estate, foreclosure Los Angeles County, California taxes and properties. I enjoy reading new stuff on this subject, and I hope you will be adding new and fantastic posts on property services. Thanks for writing such a wonderful post.

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