May 12, 2021
The Rocket Community Fund, the philanthropic arm of Rocket Mortgage, the nation’s largest mortgage lender, made a $95,000 investment to Habitat Charlotte Region “Existing Homes” program, which will enable five Charlotte Region families to become homeowners.
Through Existing Homes, Habitat Charlotte Region acquires existing affordable properties throughout the greater Charlotte region – in some cases buying back homes from current Habitat homeowners who wish to sell.
“Existing Homes allows us to tap into existing naturally occurring affordable homes (NOAH), and maintain the property’s most important characteristic – its affordability,” said Laura Belcher, President and CEO of Habitat Charlotte Region. “The reduced lead time from when we acquire a property to closing allows Habitat Charlotte Region to serve an even greater number of families. For comparison, during our current fiscal year, we plan to close on 29 Existing Homes, compared with 36 homes through our traditional New Home Construction program.”
After purchase, the Habitat construction team, in conjunction with volunteers, completes any updates and cosmetic repairs that ensure the home is an inviting, live-in home ready for a family to enjoy. The properties then become available for purchase by Habitat Homeowners-in-Process or by mortgage-qualified residents who also meet certain income thresholds.
“Having a healthy, stable home is imperative to the livelihood of every American,” said Laura Grannemann, Vice President of the Rocket Community Fund. “We are proud to build access to the economic opportunity and resiliency that comes with homeownership through our partnership with Habitat for Humanity.”
This is the sixth year the Rocket Community Fund has supported neighborhood revitalization efforts. The $95,000 donation to Habitat Charlotte Region is part of Rocket Community Fund’s larger donation of $500,000 to local Habitat organizations across the country.
Since 2017, the Rocket Community Fund has invested $380,000 specifically in Habitat Charlotte Region, and Rocket Mortgage team members provided 3,000 volunteer hours from 2017 – 2019 before COVID-19 halted in-person volunteerism for the organization.
About the Rocket Community Fund
The Rocket Community Fund is the philanthropic arm of Rocket Mortgage, the nation’s largest mortgage lender, Bedrock and other affiliated companies who comprise the Rock Family of Companies. Its strategy aims to support thriving, resilient and inclusive communities through data-driven investments in housing, employment and public life.
Through its For-More-Than-Profit model, the Rocket Community Fund recognizes that business and community are inextricably linked, and it purposefully brings together all of the assets of the Rocket Mortgage and Rock Family of Companies business – team member talent, technology, policy advocacy, and philanthropic resources – to invest in comprehensive community development in Detroit and across the country.
Alongside financial investments, the Quicken Loans Community Fund has organized team members to provide more than 815,000 volunteer hours nationwide, including 415,000 in Detroit.
For more information, visit RocketCommunityFund.org.