Habitat for Humanity of Greater Miami said Monday that it has reached an agreement with the Northern Trust Community Investment Reinvestment Group for the funding of $3.5 million of Habitat homeowner mortgages, which will enable the organization to continue building homes.
Northern Trust’s investment is a security backed by loans secured with a first mortgage on residential property developed and sold by Habitat for Humanity to low income, first time home buyers, the organization said. After completing their “sweat equity,” consisting of hundreds of hours of construction participation, the families purchase the homes at zero percent interest.
Celebrating its 25th anniversary in Miami Dade, Habitat said it will soon be breaking ground on its 1000th Miami-Dade home.
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