Dear Forklift Fans –
Our friends at the nonprofit Manna work to rebuild neighborhoods and preserve diversity through affordable housing. They are holding an event called CityLIFT on October 5 & 6, where you can register to receive up to $20,000 in assistance to buy a home in DC or Prince George’s County! Find all the details about what you need and how you qualify at http://cms.MannaDc.org/template/page.cfm?id=211
RELEASE DATE: September 26, 2012
CONTACT: Bill Winston, Director of Corporate Development & Communications
O: (202) 832-1845 x223
Manna to administer $7 million in down payment assistance for buyers in Washington DC and Prince George’s County, Maryland
WASHINGTON, D.C. — At a press conference held this morning with Mayor Vincent Gray and County Executive Rushern L. Baker, III, Wells Fargo announced that it has created CityLIFT-DC, a special down payment assistance program (DPA) for buyers of primary residences in the District of Columbia and in Prince George’s County. The project is a collaboration of Wells Fargo Bank, the District of Columbia Government, and Prince George’s County Government with NeighborWorks America and Manna Inc., a nonprofit affordable housing provider based in Washington, DC.
Manna was named as the local agency that will administer the funds and determine eligibility based on qualifications determined by Wells Fargo Bank in consultation with the Department of Justice.
The kick-off event, where the DPA will be reserved, is October 5th and 6th at the DC Convention Center located near Mount Vernon Square.
The Prince George’s County Executive announced that county government would be announcing plans for shuttle transportation to and from the county for area residents. The hours on October 5 are 10 a.m. to 7 p.m. and on October 6, 8 a.m. to 5 p.m.
Those who qualify at the event will receive a letter of reservation for $20,000 in down payment assistance to purchase a home. Eight hours of homebuyer education is required with Manna or one of its HUD approved partners. The kick-off event includes the opportunity to board a tour bus to see affordable homes and neighborhoods in the two jurisdictions.
Prospective homebuyers can register at http://www.MannaDC.org until Wednesday, Oct. 3 and learn more about the CityLIFT-DC. Additional information is available by recorded phone announcement at 202-832-1845 x1.
“This program is a continuation of ongoing efforts by our city to strengthen neighborhoods and provide quality and affordable housing for our residents,” said Mayor Vincent C. Gray. “This collaboration with Wells Fargo and local nonprofits will offer residents not only new opportunities to own a home, but also the knowledge and resources to be successful in this important investment.”
“Though our County was hit hard by the downturn in the housing market, we are slowly rebounding,” said Prince George’s County Executive Rushern L. Baker, III. “Prince George’s County has a great inventory of homes and attractive amenities for prospective homeowners in the Washington region. These grants will help people get over the tremendous financial hurdle of finding funds for a down payment and position them to make one of the largest investments of their lives.”
Reverend Jim Dickerson, Founder and Board Chair of Manna, Inc., added “This program is an opportunity – a God-given opportunity. It is like Manna from heaven. We know people for whom this assistance is all the difference in the world between equity and wealth for their families or being stuck paying with years of a monthly payment and nothing to show for it. This isn’t rocket science. We know from our thirty years at Manna what works – good 30 year fixed rate mortgages, homebuyer education and support, low down payments. Our experience has shown these ingredients work. With over 1,000 buyers, we have a low 2% foreclosure rate over thirty years and our mortgage company has experienced no foreclosures in the past eight years.”
Founded in 1982, Manna, Inc. is a 501(c)(3) non-profit housing and community development organization in the District of Columbia, working towards the goals of affordable home ownership, affordable housing preservation, and neighborhood revitalization. Over the past 30 years Manna has developed more than 1,000 affordable homes that have been sold to lower-income, first-time homebuyers in the District. In turn, these same households have built more than $60 million in equity, collectively, and have provided much-needed stability in traditionally underserved neighborhoods in DC.