Corporate giving builds opportunities for Habitat St. Vrain

Habitat for Humanity of the St. Vrain Valley is one of 220 affiliates across the nation to receive a grant from Wells Fargo as part of an initiative to help put affordable housing in reach for low-to-moderate income families.

Habitat St. Vrain’s reach extends from Estes Park all the way to Carbon Valley, though their base of operations is in Longmont. The organization has built 115 new homes and rehabbed another 50 since its founding in 1988. Out of those 115 new homes, 95 are still inhabited by their original owners and 30 have paid their mortgages in full.

As part of Wells Fargo’s Affordable Housing Philanthropy branch, a $7.75 million grant was issued to Habitat International. Habitat St. Vrain received $30,000, double the donation received in 2019. The funding will allow Habitat to fund two new homes in Dacono.

Both families that are moving into the homes in Dacono are working to earn sweat equity as part of the ownership requirements, helping build the houses alongside Habitat’s team and volunteers. 

According to Wells Fargo’s Head of Housing Affordability Philanthropy, Eileen Fitzgerald, the funding model shifted in 2020 from individual branch donations to one large grant from the financial institution, in order to be more effective and impactful for Habitat’s goals.

“At the end of the day we still have the huge challenge in having enough homes that are affordable, so we’re excited to work with Habitat to get that through volunteer labor and donations,” Fitzgerald said. “Habitat has a long, great history of being able to get people in homes and help them stay there.”

Wells Fargo has been a regular contributor of both financial support and volunteers to Habitat St. Vrain since 2003, according to Habitat St. Vrain Executive Director David Emerson. 

“It’s gratifying to work with them toward a common goal — helping a family achieve the strength, stability and independence they need to build a better life,” Emerson said. “After the uncertainty of 2020, we’re especially grateful for Wells Fargo’s ongoing support.”

Grants and donations, like the one from Wells Fargo, are just one of the ways Habitat St. Vrain and other affiliates get support from corporations to drive their work. Financial institutions like Wells Fargo, FirstBank, First National Bank and US Bank assist Habitat St. Vrain with mortgage lending as well.

For Emerson, the mortgage lending and finance aspect of the work is just as important as the homes they build. Habitat doesn’t donate the homes they build, but instead work with prospective owners for a fair mortgage within their means.

“Builders and the ReStore are the most common things people might think of for Habitat, but we’re also a lender,” Emerson said.

Banks will purchase the mortgage from Habitat under the initial terms established, opening up new revenue streams for Habitat to fund more housing each year. According to Emerson, the organization has a 98% success rate on the repayment of those mortgage loans. Foreclosure rates on Habitat homes are around 1-2% nationwide, but Habitat St. Vrain has kept that number at zero.

“It’s another way that a business like Wells Fargo can help with creative solutions behind the scenes,” Emerson said. “At the end of the day, we’re not going to do anything that would jeopardize the cost of owning a house.”

Businesses have plenty of other options to contribute beyond large scale donations. According to Habitat St. Vrain’s Director of Development John Lovell, companies organize volunteer days for their staff or arrange for Adopt-A-Days, where a company sends a volunteer team as well as footing the cost for materials for the day. 

“There are so many ways we rely on corporate partners, not just financially but with the volunteers that allow us to be successful,” Lovell said. “The relationships we build with the volunteers usually lead them to come back on their own time.”

Other contributions include gifts in kind, when builders or material suppliers donate time and effort for building projects. According to Lovell, Yale Locks donates hardware to every Habitat affiliate throughout the country. Local architects like Thomas Moore help to develop designs that are pleasant on the eye and consistent for the area, while also being easy and efficient for volunteers to build. Longmont’s Nixcavating contributes to Habitat St. Vrain with excavation and infrastructure pro-bono, Lovell said.

Wells Fargo will continue its contributions to Habitat St. Vrain and other affiliates of Habitat International as part of a $1 billion commitment to create more housing affordability solutions by 2025. For Fitzgerald, the commitment goes behind finances.

“The home is, at some level, the vehicle for why we’re doing this, so that people can have a chance at economic mobility and children can have a safe place. When I talk about my house, I call it my home,” Fitzgerald said. “A home is much more than a physical structure for me. It has emotions, security and opportunity wrapped up in it. Sometimes when we talk about what we support or finance, we lose that piece.”