Habitat for Humanity Greater Boston, a provider of affordable homes since 1987, recently received $2.6 million through a transaction with Northern Trust, providing funding for creation of critically needed affordable homes amid the region’s severe housing crisis. The sale of the security backed by 0% interest mortgages from Habitat Greater Boston was completed with the assistance of Krambo Corporation.

Funds generated by the sale will support construction of affordable homes for local families with low-to-moderate incomes in Greater Boston, as well as building out a program to provide income-qualified existing homeowners with critical home repairs so that they can remain in their homes for years to come.

“Habitat Greater Boston has been on the forefront of making affordable homeownership possible for local families for more than 35 years,” President and CEO Jim Kostaras said. “This work is more important than ever before with too many families struggling to find a home they can afford. The funds generated through this transaction will ensure we can continue to work to meet that need and deliver on our mission of building affordable and environmentally sustainable homes while strengthening local communities.”

Since its founding, Habitat Greater Boston has partnered with more than 120 families to provide access to affordable homeownership. Families who participate in the homeownership program work alongside the organization’s construction team and volunteers to help build their future homes, attend homeownership preparedness classes, and purchase their homes at a price they can afford. Sale prices are set so that no family pays more than 30% of their gross monthly income on housing (including mortgage payments, insurance, taxes, and condo fees).

Habitat Greater Boston is currently building five affordable townhomes in Malden, with construction on schedule to be completed next year. Plans for future projects include homes in Roslindale, Weston, and Chelsea.

About Habitat for Humanity Greater Boston
Habitat for Humanity Greater Boston brings people together to build homes, communities, and hope by building sustainable and affordable homes, and empowering families through successful homeownership. Since 1987, we have partnered with local families with low-to-moderate incomes and volunteers to build affordable homes and strengthen communities in Greater Boston. Habitat Greater Boston is a Massachusetts 501(c)(3) organization and an independent affiliate of Habitat for Humanity International. To learn more, please visit: www.habitatboston.org.

About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2024, Northern Trust had assets under custody/administration of US$17.4 trillion, and assets under management of US$1.6 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at www.northerntrust.com/terms-and-conditions.

About Krambo Corporation
Krambo Corporation structures and places financing transactions on behalf of affordable housing developers, Community Development Financial Institutions (CDFIs), and other nonprofits that support community development. Krambo believes in enabling tangible positive social outcomes such as affordable homes for families in need, filling vacant lots with developments that can become vibrant communities. Please visit www.krambo.com to learn more.