RALEIGH, N.C.–Coastal Credit Union said its Foundation is providing $200,000 in grants to Habitat for Humanity of Wake County and Habitat for Humanity of Durham to help build affordable homes in the Triangle area of North Carolina.
The announcement was made during Habitat Wake’s annual Blueprint Breakfast fundraiser.
“Home ownership, for most Americans, is the main way that families build wealth. It’s also stability for families, and becomes a foundation for prosperity,” said Coastal CU CEO Chuck Purvis. “Our focus is helping our members improve their financial health, but it’s about helping to improve lives.”
Over the past year, Coastal CU reported it took a deep look into how its foundation and the credit union could be more aligned in overall community impact, both in what the foundation supports with charitable donations, and what the credit union offers in terms of services and expertise.
Affordable Housing as a Focus
“In doing so, we added affordable housing to the foundation’s areas of focus,” said Purvis. “There’s already a shortage, and it will be an increasing concern as our community continues to grow. We’re collectively prospering, but want to ensure that the vulnerable among us aren’t being priced out of the opportunity to have the stability that a home provides.”
A Long History
Coastal said it has a long history of supporting Habitat projects and events, and was Habitat Wake’s first Community Building Partner. It has committed $6 million in low cost mortgages for Habitat homebuyers since 2016. Previously, the credit union sponsored a home that was completely funded by a combination of company donations and internal fundraisers.