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 3-1-17

With a house built and closed in Watauga County, SECU Foundation has now contributed its first $1M to the SECU Habitat Mountains to the Sea Challenge. The average mortgage amount remains below the $100,000 mark, so, with 85% of the affiliates reporting, 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 1st Qtr 2017 Actual Mortgage Amounts Actually Completed Total to be Completed by End of 1st Qtr 2017
Phase 1 34 $2,919,150 29 32 $1,048,531 12 15
Phase 2 54 $4,862,900 28 30 0 (5)* (5)*
Total 88 $7,782,050 57 62 $1,048,531* 17 20
Planned 104 $10,000,000
% 84.6% 77.8% 55% 60%  UNK 16.3% 19.2%
Average $88,432

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

Eighty-five percent of all Phase 1 projects have started. By the end of the first quarter 2017, 97% will have been started or completed.

*Phase 2: Five houses have been completed (Macon, Davie, Cleveland, Cabarrus and Granville counties). Those affiliates will service those mortgages until they can be assigned to SECU once all Phase 1 projects have started. Many other Phase 2 affiliates have started their homes.

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

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