Wells Fargo, NeighborWorks America, and the Community Housing Development Corporation (CHDC) recently announced that the NeighborhoodLIFT program is coming to the Bay Area, with $9.7 million of funding from Wells Fargo to boost homeownership in Alameda, Contra Costa, San Francisco, and Solano counties.

Hundreds of homeowners are registered to attend the Wells Fargo NeighborhoodLIFT program event on Nov. 16 and 17, where their eligibility to reserve a $30,000 down payment assistance grant will be determined. Homebuyers who participate can obtain mortgage loans from any participating lending institution, and CHDC will administer the grants. 

According to a press release, eligibility requires that annual incomes do not exceed 100 percent of the local median income — approximately $104,300 in the four-county area for a family of four, or $112,650 for a family of five. Project leaders expect this initiative to create 285 homeowners.

To reserve the full grant amount, those who buy a residence with the NeighborhoodLIFT program must commit to live in the home for at least five years.