GMAC Helps Make Homeownership Dream a Reality
Nov 3, 2006
JACKSONVILLE, Fla. -Jacksonville resident Shureka Wright will be the owner of a new three-bedroom home thanks to HabiJax (Habitat for Humanity of Jacksonville, Inc.) and GMAC Financial Services who have teamed up to build a new home for Wright and her family.
Wright, 21, and her son, Corey, have been living in a household of nine where space is limited. After Wright committed to the Habijax plan for affordable homeownership, she provided 300 hours of labor volunteering on her home and those of fellow Habijax owners. As part of the Habijax program, Wright will make a 500 dollar down payment on an interest-free Habijax mortgage.
Sponsorships, like that provided by GMAC, bring the funds for the "sticks and bricks" costs of construction and the volunteer labor of employees to the partnership.
For more than three months, GMAC volunteers have assisted with the construction of Wright's new home located on Jacksonville's northwest side. Several GMAC volunteers from the Jacksonville regional office as well as from three local Jacksonville GM dealerships --Coggin Pontiac-GMC, Nimnicht Pontiac GMC Hummer and Nimnicht Chevrolet -- helped construct the Wright's home. The home is set to be completed before the end of the year.
For nearly a decade, members from every part of the GMAC family, including employees, leadership and dealers, have contributed time and effort to build homes across the world through Habitat for Humanity International (HFHI). Since 2002, GMAC's financial support and volunteer labor has helped HFHI build and rehabilitate more than 100 homes, including this home which was the first to be sponsored by GMAC in the Jacksonville area.
This year GMAC will contribute more than $500,000, and hundreds of GMAC volunteers will help to build eight homes across the United States. Build sites include Atlanta; Dallas; Detroit; Houston; Macomb, Mich.; Phoenix; and St. Louis. In addition, several of GMAC's subsidiary business units and local offices will provide volunteer labor and funding for builds in their communities.
"We salute the important work of Habitat for Humanity in creating safe, decent and affordable housing," said Bill Muir, GMAC president. "GMAC employees and associates are active on behalf of Habitat because these are the communities where we live and work, and we know that homeowners play a vital role in building safe, strong and healthy communities."
Habitat homes are sold to families who earn between 30 and 80 percent of area median income. They are affordable because the family adds their volunteer labor to the modest $500 in cash to make the down payment and secures a no-interest HabiJax loan to pay the mortgage over time.
"GMAC's support and sponsorship of our program has definitely made an impact in the Jacksonville community," said Mary Kay O'Rourke, HabiJax president. "Companies such as GMAC allow HabiJax to help better the lives of deserving families."
GMAC supports efforts that strengthen communities, particularly those focused on housing and shelter, financial literacy, empowerment and growth.
GMAC is a global, financial services company that operates in approximately 40 countries, in auto finance, residential mortgage, insurance and commercial finance businesses. With more than $300 billion in assets, it generated $2.4 billion in net income in 2005, on revenue of $19.2 billion. General Motors, which currently owns all of the equity of GMAC, recently announced it will sell a majority of its interest to a consortium of investors led by Cerberus Capital Management.
HabiJax (Habitat for Humanity of Jacksonville, Inc.) is the local affiliate of Habitat for Humanity International. It is a faith-based housing ministry that builds affordable houses with deserving people in need. Established in 1988, HabiJax built its first three homes in 1989 and has since built more than 1,400 homes in Duval County, becoming the largest U.S. affiliate of Habitat for Humanity International. The ultimate goal of HabiJax is to eliminate substandard housing in Jacksonville by building and promoting high quality, affordable housing that enhances neighborhoods and communities.
About Habitat for Humanity International
Habitat for Humanity International, based in Americus, Ga., is an ecumenical Christian ministry dedicated to eliminating poverty housing. By the end of 2005, Habitat will have built its 200,000th house and more than one million people will be living in Habitat homes they helped build and are buying through no-profit, zero-interest mortgages. www.habitat.org
GMAC Global Communications
Mullen for GMAC