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Heron and Kellogg Foundation Funders in Habitat for Humanity's FlexCAP Loan Program
April 06, 2010By Lisa Hagerman, Tuesday April 6
On April 6th, More for Mission hosted a mission investing workshop with Habitat for Humanity held at Harvard University. The workshop was attended by More for Mission foundation members including the Hyams Foundation and the Cleveland Foundation.
The F.B. Heron Foundation and W.K. Kellogg Foundation are investors in FlexCAP, a loan program administered by Habitat for Humanity International (“HFHI”) for U.S. HFHI affiliates. Through the program, participating HFHI Affiliates are able to borrow against selected mortgages in their portfolios, generating funds to build more homes for low income families. To fund these loans, HFHI issues Investor Notes that are collateralized by the underlying affiliate notes and mortgages. Cash flows from these mortgages are used to pay the principal and interest on the Investor Notes. Since 1997, FlexCAP and its predecessor programs have generated approximately $91 million in loans for over 200 U.S affiliates, providing funding for approximately 2,000 Habitat homes. Affiliates have used the funds to take advantage of attractive real estate opportunities, accelerate home building efforts and to supplement project financing.
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