Habitat for Humanity Tucson, one of the largest providers of affordable homes in Southern Arizona, recently received a $4 million investment from Northern Trust. Proceeds from this transaction will support Habitat Tucson’s mission to serve more families in underserved communities with the construction of affordable homes. The sale for the security backed by 0% interest mortgages from Habitat Tucson was completed with the assistance of the Krambo Corporation.
Since 2019, Northern Trust has funded almost $13 million to strengthen the mission, building more homes and hope in Southern Arizona. Northern Trust has been a reliable and loyal partner to Habitat Tucson for years providing favorable capital lending to establish a HabiStore among other banking and lending needs. Proceeds generated from selling home goods donated by the local community support Habitat Tucson’s mission to build homes and hope. Habitat Tucson has been giving local families a hand up by building safe, decent homes in Tucson and Southern Arizona since 1980.
“Like our future homeowners, Habitat Tucson is dreaming big and courageously broadening our vision in determination to serve more. Having key partners like Northern Trust come alongside and share in that vision is remarkable and generates powerful impact that truly changes lives,” said Charlie Buchanan, CEO of Habitat Tucson.
Partnerships with organizations like Northern Trust are now more crucial than ever for families in Southern Arizona that are struggling with the rising costs of rent and housing. Habitat has experienced a surge in demand as hard-working families seek affordable opportunities, while costs for land, construction and development have continued to rise. Partners like Northern Trust help Habitat navigate ways to meet community needs in a challenging context.
In Arizona, 1 in 7 households spend more than half of their income on housing. Lower-income households are especially likely to have unaffordable housing costs, requiring more than 30% of their income. Many face even more severe cost burdens, expending more than 50% of their income on housing alone. (Habitat for Humanity International, 2021)
Northern Trust has engaged with Habitat for Humanity in communities nationwide over many years due to their commitment to sustainable, affordable homeownership.
“Northern Trust is proud to partner with Habitat Tucson and their affordable housing efforts to support families seeking to build strength, stability, and self-reliance through owning their own home,” said Chad Driedger, Northern Trust Senior Managing Director of Tucson. “Our relationship with Habitat Tucson is part of our long-standing commitment to Arizona.”