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The support will include up to $40 Million in below market loans
Chicagoland Habitat for Humanity announced a major new program at its annual Habitat Hero Award Dinner held last night at the Loews Hotel Chicago. The program expands Wintrust Mortgage’s current relationship with Habitat in the region to include up to $40 million in below market interest rate loans to new Habitat homeowners.
The funds will help finance approximately 250 Habitat for Humanity homes in the next four years. Habitat for Humanity is committed to serving individuals in need of more affordable housing throughout the Chicagoland area and the Wintrust Mortgage commitment will allow the organization to significantly increase service to families within the Chicagoland area.
“This significant investment from Wintrust Mortgage will provide a major opportunity for Habitat for Humanity throughout Chicagoland to serve many more families, offering an affordable mortgage and the support many individuals need to achieve homeownership,” said Matthew Moy Johnson, CEO of Chicagoland Habitat for Humanity. “We are extremely grateful to Wintrust for this partnership.”
Wintrust Mortgage has been a Habitat for Humanity major partner since 2015. The added investment demonstrates Wintrust Community Bank’s and Wintrust Mortgage’s continued commitment to providing responsible mortgage financing options to first-time homebuyers throughout the Chicagoland area. These funds will be made available for all eight local Habitat for Humanity affiliates.
“We’ve had a relationship with Chicagoland Habitat for Humanity for four years, so our employees have seen first-hand the impact the organization has on local families,” said Wintrust Mortgage President and CEO David Hrobon, while speaking at the Award Dinner. “Habitat’s mission aligns well with ours: We want to help families realize the dream of homeownership. This investment will help do that. We also believe these added resources illustrate the value we put on the important work Habitat does for our communities.”
As part of the program, Wintrust Mortgage will offer below market, fixed-rates loan structures with families paying a maximum of 30 percent of their income on housing, ensuring affordable mortgages. Wintrust Mortgage will originate, process, underwrite, close and fund these transactions to alleviate the compliance burden currently borne by Habitat for Humanity affiliates.
“As a community bank-based organization, our goal is to help make a positive difference for the families and the communities that we serve. We can’t think of a much better way to do that than through Habitat,” said Wintrust Mortgage President and CEO David Hrobon.
This program is set to launch on July 1, 2017.