CHARLOTTE, N.C.–Charlotte Metro Credit Union announced a new partnership with Habitat for Humanity Charlotte. Over the next three years the credit union will lend $3 million — a maximum of $1 million annually — in mortgages to Habitat homeowners.
CMCU Chief Marketing Officer Nicol Matthews told the Charlotte Business Journal the money should translate into six homes per year, with the average loan being $150,000.
"Being a credit union rooted in the Carolinas for a number of years, giving back to the community is extremely important to us. ... We want to be a contributor to the change in this community," she told the publication.
According to the report, CMCU and Habitat began forming the partnership a year ago and finalized the deal at the beginning of this year. Potential homeowners are now awaiting approval from Habitat.
In order to qualify for a Habitat home, families are selected based on their level of need, willingness to perform 300 hours of volunteer work (referred to as "sweat equity") and ability to repay the mortgage with a stable income, among other factors.
On upcoming Habitat Build Days, the credit union employees will help build the homes they are supporting, according to the Charlotte Business Journal.