Wells Fargo and Tampa team up on foreclosed properties

Tampa Mayor, Bob Buckhorn, has joined forces with Wells Fargo in a new $12 million home ownership program designed to convert foreclosed homes into sales. The new program would allow up to $15,000 per home for down payment assistance, or to the neighbors, should they want to fix the home up. The program is titled "Neighborhood Lift"... designed to stabilize communities. Wells Fargo announced it will be lending upwards of $500 million to Tampa homeowners over the next 5 years. Neighborhood Lift does have an income limitation for a family of four at no more than $67,000. If the new owner stays in the home 5 years, they do not need to pay the assistance back. This is a creative way to help rejuvenate and restore inner city neighborhoods.