New Program Boosts Homeownership In Tucson

Mayor Jonathan RothschildA new program is offering $5.5 million to increase homeownership and strengthen neighborhoods in Tucson. Wells Fargo, Neighbor Works America®, the Primavera Foundation, Tucson Mayor Jonathan Rothschild, and South Tucson Mayor Paul Diaz announced the Tucson Neighborhood LIFT® program yesterday. Down payment assistance of $15,000 will be available for eligible homebuyers with annual incomes that do not exceed 120 percent of the Tucson area median income – about $68,400 for a family of four – with income maximums varying depending on family size and type of loan.

Among other things, potential buyers must complete an eight-hour homebuyer education session with The Primavera Foundation or another HUD-approved counseling agency. This program can help qualifying homebuyers from any approved lender.

“Mayor Rothschild says, “I’m extremely grateful to Wells Fargo for their generous donation of stabilization funds. That’s good corporate citizenship.”

Participants must commit to live in the home for five years and qualify for a first mortgage. The Tucson Neighborhood LIFT® program begins with a free homebuyer event Sept. 5-6, 10 a.m. to 7 p.m., at the Tucson Convention Center. Registration is required at the link below.
From Market Watch/Wall Street Journal: http://on.mktw.net/XdOvs0 Tucson Wells Fargo Neighborhood LIFT® program information and registration: http://bit.ly/1sJPPMW