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 7-10-17

With the most recent house built in Montgomery County, SECU Foundation has now contributed its first $1.25M 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 2nd Qtr 2017 Actual Mortgage Amounts Actually Completed Total to be Completed by End of 3rd Qtr 2017
Phase 1 34 $2,919,150 29 32 $1,227,631 14 18
Phase 2 54 $4,862,900 28 30 0 (6)* (8)*
Total 88 $7,782,050 57 62 $1,227,631* 20 26
Planned 104 $10,000,000
% 84.6% 77.8% 55% 60%  -0- 19.2% 25%
Average $88,432

Phase 1: Scotland, Yancey, Avery, Edgecombe, Chowan, Anson, Richmond, Ashe, Northampton, Duplin, Warren, Lenoir, Watauga and Montgomery 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, Bladen and Rutherford.

Ninety percent of all Phase 1 projects have started. By the end of the 3rd quarter 2017, alll will have been started or completed.

*Phase 2: Six houses have been completed (Macon, Davie, Cleveland, Cabarrus, Randolph and Granville counties) but the mortgage amounts are not yet included in this total. Those affiliates will service those mortgages until they can be assigned to SECU. 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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