Program Seeks to Clear Inventory in LA, Atlanta

Atlanta Homes, Photo by Eric MillerFrom Housingwire, learns of efforts to clear inventory in two cities hit hard by the housing crisis. Currently builders and manufactured home producers face competition from REO’s. In what is being called Neighborhood Lift, Wells Fargo announced it will launch two multibillion-dollar programs this February in Los Angeles and Atlanta. The San-Francisco-based bank and its partner, the nonprofit NeighborWorks America, will also provide $15 million in Los Angeles and $8 million in Atlanta toward down-payment assistance and renovation financing. Wells Fargo is the largest mortgage lender in the U.S.

(Image Credit: Eric Miller)

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