PORTLAND, Ore. – About 225 people can get $15,000 each to help them buy homes in Portland, the mayor and Wells Fargo announced Tuesday.
The program is called Neighborhood Lift and through it the city hopes for more stable homeowners.
It's run by Wells Fargo Bank Foundation and includes $5 million to help people buy homes.
Wells Fargo is holding a sign-up event next month. It’s on a first-come, first-served basis.
"This is really about community and trying to help the community financially succeed," said Don Pearson, Wells Fargo Bank regional president.
"(It's) hard to believe, there's no catch," said Hales.
The mayor said there is no public money involved in this.
This is a gift, not a loan. But there is some small print, including income caps and you need to stay in the house for five years.
Information on the sign-up:
Dec. 13-14 – 10 a.m. to 7 p.m.
Oregon Convention Center
777 N.E. Martin Luther King Jr. Blvd.