Through the partnership, Wintrust will provide $40 million in below market rate mortgages for affordable housing.
The Chicago Tribune has the details:
The new program, set to launch July 1, is a departure for Chicagoland Habitat and its eight Chicago-area affiliates, which previously financed and serviced homeowners directly through zero-interest loans.
The Wintrust investment will finance about 250 Habitat homes over the next four years, nearly doubling the projected number of affordable new and rehabbed homes to be made available in the city and suburbs.
According to the article, Chicagoland Habitat’s annual budget is $16 million, and $10 million of that goes to building new homes. Wintrust’s $40 million will help the nonprofit build another 60 homes per year.
For more on the story from the Chicago Tribune, click here.
- To learn more about The Mortgage Collaborative Preferred Partner, Wintrust Mortgage - Correspondent Lending Division, contact Julie Janssen.
Source: Chicago Tribune; HousingWire.com