SECU Habitat Challenge

The SECU Foundation and Habitat for Humanity® of North Carolina (HHNC) have signed a formal Memorandum of Agreement for a joint initiative to expand affordable housing across North Carolina–the SECU Habitat Mountains to the Sea Challenge. SECU Foundation’s Challenge will provide an investment of up to $10 million over a three year period for HHNC to build one new (or thoroughly renovated) home in each of NC’s100 counties.

SECU Challenge Affiliate Update as of 9-15-17

With the most recent house, the 18th, finished and closed in Mitchell County by the Mitchell-Yancey HFH, SECU Foundation has now contributed more than $1.6MM to Habitat affiliates across the state. The average mortgage amount remains below the $100,000 mark ($90,319), so we expect to have more than enough funding to cover the 104 houses in 100 counties. Here is the status of the project:

Projects Projection Reported Estimated Mortgage Amounts Reported Actually Started/or Completed Cum. Total Projected to Start by end of 3rd Qtr 2017 Actual Mortgage Amounts Actually Assigned Total to be Completed by End of 3rd Qtr 2017
Phase 1 34 $3,026,426 31 31 $1,532,626 17 18
Phase 2 64 $5,824,807 29 29 $72,657 1 (8)*
Total 98 $8,851,233 60 60 $1,605,283* 18 26
Planned 104 $10,000,000
% 94.2% 94% 57.7% 57.7%  16.05% 17.3% 25%
Average $90,319

Phase 1: Scotland, Yancey, Avery, Edgecombe, Chowan, Anson, Richmond, Ashe, Northampton, Duplin, Warren, Lenoir, Watauga, Montgomery, Robeson, McDowell and Mitchell counties have completed their houses, closed a mortgage with a homebuyer, and assigned those mortgages to the SECU Foundation for payment. Furthermore, the following counties (Phase 1 and Phase 2) are within weeks of closing: Bertie, Pitt, Washington, Hertford, Bladen and Rutherford.

Eighty-eight percent of all Phase 1 projects have started. By the end of the 4th quarter 2017, each will have been started or completed.

*Phase 2: Seven houses have been completed (Macon, Davie, Cleveland, Cabarrus, Randolph, Granville and Perquimans counties) and now the first Phase 2 (Perquimans) has been assigned to SECU. (All but Perquimans are not yet included in the total, since they have not yet been assigned to SECU. Those affiliates will service those mortgages until such time.)

If you have any questions, please contact the Program Director Susan McLawhorn:
919-390-1660.
smclawhorn@habitatnc.org

secu-mountains-to-the-sea-donor-society

 

SECU News