To help more local families and individuals achieve the dream of homeownership, The Patterson Foundation, in collaboration with Northern Trust, is buying $1 million in Charlotte County Habitat for Humanity mortgages to provide liquidity to boost affordable homes for people in our region. This one-time purchase will give Charlotte County Habitat for Humanity the capacity to build 70 homes over the next two years.
The COVID-19 pandemic has created significant financial trauma for many in our region, impeding their ability to provide their family with a safe, dignified place to live. This has dramatically increased demand for Charlotte County Habitat for Humanity’s ongoing work to construct, rehabilitate, and preserve homes for families and individuals in need.
“Charlotte County Habitat for Humanity has a proven track record of building safe, comfortable places for people in our region to call home,” said Debra Jacobs, president and CEO of The Patterson Foundation. “This one-time purchase leverages our current market conditions to provide the liquidity necessary for Charlotte County Habitat for Humanity to secure land and construct more much-needed affordable housing.”
The Patterson Foundation and Charlotte County Habitat for Humanity have previously collaborated on several successful initiatives in our region, including the Legacy of Valor campaign, which honored our region’s veterans and military families, and Margin & Mission Ignition, which helps nonprofits explore new ways to build thriving organizations with diverse revenue sources.
“Charlotte County Habitat for Humanity is extremely grateful to The Patterson Foundation and Northern Trust for investing in the Habitat mission during these challenging and unprecedented times,” said Mike Mansfield, CEO of the Charlotte County Habitat for Humanity. “The affordable housing crisis continues to grow in our community, and this partnership allows us to meet the needs of more families by providing them with safe, decent, affordable homes. What a blessing!”
Northern Trust has engaged with Habitat for Humanity in communities nationwide over many years through its commitment to sustainable, affordable homeownership. Northern Trust and The Patterson Foundation will make no profit on this purchase.
“Northern Trust is pleased to collaborate with The Patterson Foundation and support Habitat for Humanity in their mission to support the Charlotte County community during these challenging times,” said John Fumagalli, Florida President at Northern Trust Wealth Management.
Visit charlottecountyhfh.org to learn more about Charlotte County Habitat for Humanity.