DUCA - Introducing Canada's First Social Purpose Mortgage (CNW Group/DUCA Financial Services Credit Union Ltd.)
The Community Hero Mortgage supports affordable housing for low-income families in the GTA
TORONTO, Sept. 26, 2016 /CNW/ - Today, Toronto-based DUCA Financial Services Credit Union Ltd. launches the Community Hero Mortgage, a first-of-its kind mortgage product that aims to help provide affordable housing for working, low-income families in the GTA. In partnership with Habitat for Humanity Greater Toronto Area, the Community Hero Mortgage contributes a percentage of the interest portion of every Community Hero Mortgage payment to assist in building houses for local families in need of affordable housing.
"We are pleased to introduce the Community Hero Mortgage to new and existing members," said John Jenner, Vice-President of Marketing, DUCA. "DUCA has a long history of giving back to the community, and at a time where housing in the GTA is becoming increasingly unaffordable, we wanted to find a way to support families who wouldn't otherwise be able to purchase a home."
Through the Community Hero Mortgage, DUCA will donate two basis points from the interest portion of each monthly mortgage payment to Habitat for Humanity Greater Toronto Area – up to a total commitment of $500,000 over the next five years – to help fund the construction of new homes for families. Habitat for Humanity GTA then offers a zero down payment, no-interest mortgage capped at 30 percent of a family's income to help low-income families purchase those homes. DUCA employees will also support the initiative by providing volunteer hours to support the Habitat for Humanity home builds.
"The Community Hero Mortgage will make a significant impact on our work of providing a hand up to help working, low-income families become homeowners," said Ene Underwood, CEO, Habitat for Humanity, Greater Toronto Area. "Affordable homeownership empowers Canadians, providing them with a sense of pride, stability and independence. Together with DUCA, we can give GTA home-buyers an opportunity to 'pay it forward' and help other low-income families in the GTA also realize the benefits of homeownership."
Through its social responsibility platform, DUCA invests in opportunities for youth, newcomers and families. Each year, DUCA commits a minimum of 3.5 per cent of its pre-tax profit to donations and community sponsorships, positioning them ahead of the Imagine Canada Caring Company standard of one per cent.
The Community Hero Mortgage offers a competitive five year fixed rate, currently set at 2.44 per cent. In addition, those who purchase the mortgage will receive a Credit Union Home Warranty Program free for six months. For more information about the Community Hero Mortgage, visit: www.duca.com/CommunityHero.
DUCA Financial Services Credit Union Ltd. (DUCA) was formed in 1954 and has grown from a single branch credit union in Toronto to 15 branches across Southern Ontario with nearly 50,000 Members. DUCA provides innovative Co-Operative Banking as an attractive alternative to traditional banking institutions. Visit www.DUCA.com.
About Habitat for Humanity GTA:
Habitat for Humanity GTA is a non-profit housing organization working with communities to build homes for local families in need of safe, decent, affordable housing. By offering zero down payment, no-interest mortgages capped at 30 percent of a family's income, Habitat for Humanity GTA empowers families to achieve stability and self-reliance through affordable homeownership, so that they can build a better life for themselves and their children. With the support of donors and volunteers, we build homes in Brampton, Caledon, Toronto, and York Region, serving two-thirds of the GTA. Since 1988, Habitat GTA has built more than 300 homes in partnership with families. Habitat GTA is one of more than 1,400 Habitat for Humanity affiliates worldwide sharing a common vision and purpose.
Habitat for Humanity GTA also operates 10 Habitat ReStore retail home improvement stores across the GTA, which sell donated, new and gently-used home furnishing and renovation materials at a fraction of the original price. ReStore proceeds go directly toward building Habitat homes while also helping the environment, by diverting thousands of tons of household materials from landfill. To learn more, follow us on Twitter @HabitatGTA, Facebook Habitat for Humanity GTA or visit www.habitatgta.ca
SOURCE DUCA Financial Services Credit Union Ltd.
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For further information: Keith Taylor, AVP, Strategic Social Impact, DUCA Financial Services Credit Union Ltd., email@example.com, 416-223-8838; Jennifer Austen, Edelman, firstname.lastname@example.org, 416-849-3172