Mortgages

Habitat for Humanity receives $40M Wintrust mortgage financing commitment

Habitat for Humanity receives $40M Wintrust mortgage financing commitment

Habitat for Humanity Chicago is transitioning out of the mortgage business in a bid to build more homes.

The nonprofit organization announced Wednesday that it has partnered with Wintrust Mortgage to finance $40 million in below-rate mortgages for affordable housing.

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...

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