January 10, 2024

Nassau Habitat for Humanity gains $1.275 million in new funding for local efforts

Northern Trust partnership to drive growth in affordable housing  

Fernandina Beach, FL. January 10, 2024 – Nassau Habitat for Humanity announced today a new agreement with Northern Trust which makes $1.275 million available to Nassau Habitat for use in community efforts to help grow the volunteer organization’s capacity to build affordable new homes for purchase by local families.

This effort will further the nonprofit’s mission to provide workforce housing for low to moderate income families so they may live where they work. Founded in 1993, the local affiliate of Habitat for Humanity International has built over 50 homes since its start and is steadily increasing the number of homes delivered each year.

Nassau Habitat will use the proceeds from the Northern Trust transaction to assist families struggling to buy a home as housing prices skyrocket across the county. The sale of the security backed by 0% interest mortgages from Nassau Habitat was completed with the support of Krambo Corporation. Northern Trust has supported affordable housing initiatives across the nation in partnership with Habitat for Humanity.

“Northern Trust has a long, collaborative history with local Habitat for Humanity organizations to address the need of affordable housing in the communities we serve. We recognize that home ownership builds financial stability and self-reliance for families. We are proud to partner with Nassau Habitat by making a $1.2mm investment in the organization that will support families in Nassau County,” said John Donahoo, Northern Trust Senior Managing Director of Northeast Florida.

Upon receiving the funds, Executive Director Carol Bolton said: “We now have resources to allow us to purchase more land to increase our opportunity to build more homes per year. The overwhelming need for affordable housing in Nassau County will require more collaborative efforts such as this and should include more partnerships with private businesses, donors, and public entities.  Nassau Habitat’s key constituents, teachers, first responders, and other members of the community who find themselves priced out of the county’s housing market with increasing frequency, will have new opportunities to buy the home of their dreams.”  Bolton added, “Our foundation was built by volunteers and generous donors, but this investment will have significant impact now and we are very thankful for Northern Trust’s faith in our mission and our work.”