PORT CHARLOTTE — With support from The Patterson Foundation and Northern Trust, Charlotte County Habitat for Humanity will be able to build 70 homes in the area over the next two years.
The Patterson Foundation recently bought $1 million worth of local Habitat mortgages to boost the affordable homes effort in the county.
“This one-time purchase leverages our current market conditions to provide the liquidity necessary for Charlotte County Habitat to secure land and construct more much-needed affordable housing,” said Debra Jacobs, Patterson president and CEO. “Charlotte County Habitat has a proven track record of building safe, comfortable places for people in our region to call home.”
The pandemic has created financial trauma for many local families, preventing their ability to provide a safe place to live, according to a Patterson news release.
This, in turn, has increased demand for Charlotte County Habitat’s ongoing work to construct, rehabilitate and preserve homes for families and individuals in need.
“(We are) extremely grateful to The Patterson Foundation and Northern Trust for investing in the Habitat mission during these challenging and unprecedented times,” said Mike Mansfield, Charlotte County Habitat CEO.
“The affordable housing crisis continues to grow in our community,” Mansfield continued. “This partnership allows us to meet the needs of more families by providing them with safe, decent, affordable homes.”
Northern Trust has engaged with Habitat for Humanity in communities nationwide for years.
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 in their mission to support the Charlotte County community during these challenging times,” said John Fumagalli, Northern Trust Wealth Management Florida president.
The Patterson Foundation, based out of Sarasota, focuses on enabling the efforts of nonprofits in Southwest Florida.
Northern Trust is a provider of wealth management, asset servicing, asset management and banking to corporations, institutions, families and individuals
For more information about Charlotte County Habitat, go to charlottecountyhfh.org.