In 2016, we launched a new mortgage lending platform that was designed to significantly expand the number of families we serve through our home ownership program. Thanks to the generosity of our Community Lending Partners, this new approach has worked! We are on track to provide 70 homes for home ownership this year compared with 40 in 2015. At a time when the need for affordable housing continues to rise, we are proud that Habitat Wake can respond in such a substantial way!
The program is simple: Instead of tying up Habitat’s precious capital for a 30-year mortgage term, we have partnered with community financial institutions to offer mortgage lending to the home buyers we qualify and recommend. Coastal Credit Union led the way with an initial $3 million commitment in 2016, and followed by an additional $3 million commitment in 2017. We now have secured $13 million in total mortgage lending commitments for our home buyers.
Our Community Lending Partners are:
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Pinnacle Financial (formerly Bank of North Carolina)
Additionally, our long-time partners at the NCHFA and the City of Raleigh continue to provide, zero-percent, second mortgage financing that helps leverage the private investment.
Many thanks to all of our lending partners for your commitment to providing affordable home ownership in the community. We appreciate your generosity and willingness to support this innovative approach!
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