The American Dream: New program aims to boost homeownership

MILWAUKEE (WITI) -- The city of Milwaukee is teaming with Wells Fargo to boost homeownership in the city.

It's called the NeighborhoodLIFT program. It’s a $5.15 million dollar program designed to help the housing market in Milwaukee and lead to the revitalization of the city's neighborhoods. $4 million of that will go to more than 220 low to moderate income families in the form of $15,000 down-payment grants.

Those people have to apply first, and to be eligible, must be approved for home financing take the required home buyer education classes (specifically an eight-hour home buyer education session with Select Milwaukee or another HUD-approved counseling agency) and have annual incomes that do not exceed 120 percent of the Milwaukee area median income – which is about $84,350 for a family of four – with income maximums varying depending on family size and type of loan. For specific guidelines on income limits, you can go to neighborhoodlift.com.

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The mayor is hoping this will mean some of the homes now vacant from foreclosures, will be filled.

“We want these homes to be occupied by families. We do not want to continue to own these homes. Neighborhoods are stronger when people with four beautiful children live there and that’s exactly what we are trying to do. Again we thank Wells Fargo, we thank Select Milwaukee, we thank Neighborhood Works, everyone who has been involved in this for making this a reality for us,” said Milwaukee’s Mayor Tom Barrett.

To receive the full grant amount, participants buying homes with LIFT program down payment assistance grants must commit to live in the home for five years and qualify for a first mortgage on the property.

The assistance is fully forgivable after you live in the home as your primary residence for five years.

The program also includes another $500,000 in grants for local nonprofit groups to help revitalize Milwaukee neighborhoods.

If you are interested in applying for the program, you can do so at the free home buyer event on May 30th and 31st at the Wisconsin Center from 10 a.m. to 7 p.m.

Milwaukee NeighborhoodLIFT® program down payment assistance grants may also be combined with other down payment assistance programs to provide additional financial benefit to qualified buyers. Information regarding these other programs will be available at the event as well.