Wells Fargo announced the launch of a new program, Neighborhood LIFT, which aims to bring reluctant buyers off the sidelines to help absorb excess inventory in two major cities.
The bank established a goal of lending $10.5 billion to Los Angeles homebuyers and $1.3 billion to Atlanta buyers.
In addition, Wells Fargo designated $15 million to assisting homeowners with down payments in Los Angeles and $8 million in Atlanta.
The program starts in early February with two-day events that will bring important resources and information to prospective homebuyers.
Attendees will learn about down payment assistance and financing for homes and renovation projects.
The Los Angeles event will take place February 3rd and 4th, and the Atlanta event will take place February 10th and 11th.
Interested residents can register at NeighborhoodLift.com
Wells Fargo chose to launch Neighborhood LIFT in Los Angeles and Atlanta because the two cities have been particularly hard-hit by the housing crisis, and both have high inventories of bank-owned properties.