Habitat for Humanity Greater Raleigh announces a $500,000 gift from First Citizens Bank to support the organization’s Revolving Loan Fund, providing flexible capital to help expand affordable homeownership opportunities across Wake, Johnston and Franklin counties.
The announcement follows a recent volunteer day where First Citizens leaders and local branch associates came together to build walls for future Habitat homes in the Hope Grove neighborhood in Garner. The group included leaders representing markets across the South, from West Virginia to Georgia. Their hands-on support reflects First Citizens’ commitment to strengthening the communities it serves while helping advance Habitat Greater Raleigh’s mission of building homes, communities and hope.
“First Citizens Bank is committed to building lasting financial security and stability in the communities where we live and work,” said Perry Bailey, Regional Executive Vice President at First Citizens Bank. “We're honored to partner with Habitat Greater Raleigh on this first-in-kind Revolving Loan Fund to support future affordable housing opportunities in our home region. This innovative approach allows a single investment to have an enduring impact, helping Habitat Greater Raleigh purposefully address community needs for years to come.”
Founded in 1898 in Smithfield, N.C., First Citizens Bank has maintained deep community roots by working alongside local partners to expand opportunity through affordable housing, financial education and economic development programs.
This gift marks First Citizens Bank as an early investor in Habitat Greater Raleigh’s Revolving Loan Fund, a sustainable, self-replenishing source of capital that gives Habitat Greater Raleigh the flexibility to respond quickly and strategically as land acquisition and development opportunities arise. Unlike funding designated for a single home or neighborhood, the Revolving Loan Fund provides Habitat Greater Raleigh with capital that can be deployed when needed.
Whether acquiring land before it reaches the open market, investing in critical infrastructure, or lowering the cost of borrowing capital, the fund ensures we have the financial flexibility to act at the right time and maximize opportunities that might otherwise have been missed. Habitat will repay the loan to replenish the fund, allowing the initial investment to be used continuously.
“Building more affordable homes requires more than construction; it requires partners who believe in the long-term impact of investing in our communities,” said Chase Inman, Vice President of Resource Development for Habitat for Humanity Greater Raleigh. “First Citizens Bank’s investment in our Revolving Loan Fund provides critical flexibility and helps position us to pursue new opportunities to build affordable homes in Wake, Johnston and Franklin counties. We look forward to continuing our journey together as we grow the Revolving Loan Fund and Habitat Greater Raleigh enters this next chapter.”
The Revolving Loan Fund is one of several tools Habitat Greater Raleigh uses to expand opportunities for more neighbors to thrive. By combining flexible capital with homeowner investment, volunteer support, community partnerships and philanthropic funding, Habitat is working to create more pathways to affordable homeownership in some of North Carolina’s fastest-growing communities.