At a time when many businesses are pulling their support to charities, FineMark National Bank & Trust is adding to its list of supporting nonprofits. The bank bought $250,000 worth of mortgages, previously held by Habitat for Humanity of Lee County.
"By purchasing these mortgages, FineMark has allowed Habitat to use that $250,000 to purchase vacancies in the community, rehab the structures and offer them to our homeowner candidates at the zero-interest rate," said Habitat's CEO, Vern Archibald.
Lee County's Habitat was the first Habitat affiliate to start acquiring foreclosures in the community, as a source of housing for families in need. Today, the program has been picked up by affiliates nationwide. Locally, Habitat for Humanity of Lee County expects to buy at least 100 vacant/foreclosed properties during 2009.
"FineMark is very pleased to continue our support of Habitat for Humanity through this purchase agreement. We are committed and believe we have a responsibility to assist in the efforts of Habitat for Humanity to provide housing for those in need," said Joseph Catti, FineMark National Bank & Trust president and CEO.
Habitat for Humanity of Lee County is a non-profit organization dedicated to eliminating substandard housing in the community. Since 1982, the affiliate has provided 1,000 families a safe and affordable place to live. Through the use of volunteer labor and donations of money and materials, Habitat builds simple, decent housing for families who otherwise could not afford it. Homes are sold to the homeowners at no profit on an interest-free mortgage, making homeownership an affordable reality.