A new program to provide down payment assistance and education to homebuyers is coming to South Dakota.

It’s a partnership among Wells Fargo & Co., NeighborWorks America and its network member Grow South Dakota that includes a $2 million commitment from Wells Fargo.

It will be the bank’s second statewide effort and 56th LIFT program.

“The South Dakota NeighborhoodLIFT program demonstrates Wells Fargo’s care and commitment to create more affordable, achievable and sustainable homeownership and help build stronger communities,” said Corey Heaton, Wells Fargo’s South Dakota region bank president. “We understand this investment in and of itself will not solve all housing challenges in our state, but it will have a meaningful impact on hundreds of families and individuals.”

Homebuyers with a contract to purchase a home can make an appointment with Grow South Dakota to determine eligibility for a $7,500 down payment assistance grant. Interested homebuyers can learn about eligibility requirements from local Wells Fargo Home Mortgage offices or by visiting the Grow South Dakota website at growsd.org/lift.

Eligible homebuyers can obtain mortgage financing from any participating lender, and Grow South Dakota will determine eligibility and administer the grants. Eligibility requirements include not exceeding 80 percent of the local area median income. Military service members, teachers, emergency first responders, firefighters and law enforcement officers may earn 100 percent of the area median income in the county where the home is purchased. Income maximums may vary depending on family size and type of loan.

“This innovative public-private collaboration will create about 224 homeowners,” said John Santner, a regional vice president for  NeighborWorks America. “The required homebuyer education classes provided by certified professionals better prepare NeighborhoodLIFT homebuyers to achieve their goal of sustainable homeownership.”

To reserve the full grant amount, participants buying a primary residence with the South Dakota NeighborhoodLIFT program must live in the home for five years.