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SALT LAKE CITY — José and Shannon Sanchez are not unlike other young married couples who dream of one day owning a home.
But just as it has for many families in recent years, that dream sometimes seems to drift further away from reality for the Sanchez family.
"I've been working for almost a year, saving," Shannon Sanchez said. "We just got married and right now we're living with my mom to save for a down payment. But we realize it's going to take us a really long time."
The Sanchez family is one of several who caught a glimpse this week of just how close they might be to becoming homeowners.
Wells Fargo Bank announced Thursday its plan to donate $5 million to boost home ownership and neighborhood vitality in Salt Lake City. About $4 million of that will be used to provide $15,000 down payment grants to 220 homebuyers.
Local nonprofits and city agencies will also receive a $500,000 grant for revitalization efforts in Salt Lake neighborhoods.
For Alejandra Martinez and her son, Israel, the grant would bridge the gap between making monthly rent payments and being able to afford a down payment on a home of their own — a gap they've been struggling to overcome for years.
A couple years ago, we really went through a housing crisis in our country. Salt Lake City was no exception to that. We also have a lot of families that have the American dream of owning their own home, but they really struggle with having enough money to afford that down payment. … We're very proud to be part of this initiative.
–Dee O'Donnell, Utah region president of Wells Fargo Bank.
"We've been wanting a house for four years," Alejandra Martinez said in Spanish. "I'm very excited. We're finally going to have a house."
The donation was offered through the bank's NeighborhoodLIFT program, which has facilitated similar donations in 30 other cities across the country, helping more than 8,000 families purchase homes, according to Dee O'Donnell, Utah region president of Wells Fargo Bank.
"A couple years ago, we really went through a housing crisis in our country. Salt Lake City was no exception to that," O'Donnell said. "We also have a lot of families that have the American dream of owning their own home, but they really struggle with having enough money to afford that down payment. … We're very proud to be part of this initiative."
The donations will be administered primarily through NeighborWorks Salt Lake, a community revitalization and development nonprofit organization and local chapter of NeighborWorks America.
Salt Lake City was chosen to receive the donation because of the toll taken by its residents during the recent housing crisis, according to Maria Garciaz, executive director of NeighborWorks Salt Lake.
"A lot of families lost their jobs, and that's partly why Wells Fargo selected Salt Lake City, because they had so many foreclosures," Garciaz said. "We know that home ownership is so important to stabilizing our neighborhoods. But we have not had an opportunity for a long time to bring the dream of home ownership within the reach of so many working families."
Grants will be awarded to homebuyers with annual incomes that do not exceed 120 percent of the Salt Lake City area median income, which is about $82,450 for a family of four. Home buyers must qualify for a first mortgage, and income maximums depend on family size and type of loan.
Applicants need not be first-time homebuyers, but they must purchase a home in the Salt Lake City limits no later than 60 days after reserving down payment assistance funds. To be considered eligible, applicants who currently own a home but are looking to move must sell the property before closing on a house purchased with assistance funds.
Those who receive grants are encouraged to live in the home for at least five years and must pay back a prorated amount of the grant — 20 percent per year — if the house is sold early.
"We want people that really want to buy (and) live in a home, grow their family, get involved in the neighborhood, and so we're asking they stay there at least five years," O'Donnell said.
The Salt Lake City NeighborhoodLIFT program will begin with a homebuyer event Dec. 12-13 at the Salt Palace Convention Center, where grants will be awarded to eligible applicants on a first-come, first-served basis. The 220 applicants who receive grants will be required to complete home buyer counseling and training.
Prospective home buyers are encouraged to register for the event in advance by visiting nwsaltlake.org/lift or by calling 866-858-2151.
Salt Lake City Mayor Ralph Becker said the down payment grants will work in concert with the $500,000 being donated toward revitalization efforts in the city. Currently, city officials are determining where the funds would be most effective.
"We will be putting it really toward helping our homeless population. I think we're looking at how we can take the next steps to eliminate homelessness in Salt Lake City and protect the neighborhoods where those facilities exist," Becker said. "We're going to look at a variety of things we can do to improve the walkability (and) livability of neighborhoods."
Like the Martinez family, Shannon and José Sanchez remain hopeful they will be approved for a grant.
"It's really exciting," Shannon Sanchez said. "We're already thinking we'll have space where we can put our stuff anywhere we want because it's ours. It's really exciting."
José Sanchez, an immigrant from the Dominican Republic, shared equally in his wife's excitement with his own expression of anticipation:
"Es nuestra casa." It's our house.
