RALEIGH, N.C., June 30, 2014 /PRNewswire/ -- The Genworth Foundation recently made a $20,000 contribution to Habitat for Humanity of Wake County to help make a local family's dream of owning a home a reality.
Genworth Mortgage Insurance (MI), the Raleigh-based unit of Genworth Financial, Inc. (NYSE: GNW), also revealed today that the funds from the Genworth Foundation, to commemorate the winding down of June's National Homeownership Month, will benefit the Youkhanna family, which has been working with Habitat for Humanity of Wake County to build a new home in Raleigh.
"We are excited to provide funding from the Foundation that will maximize our business investment in making homeownership a reality for the Youkhanna family," said Leon Roday, Chair of the Genworth Foundation.
The family came to the United States six years ago when John Youkhanna, an interpreter for the United States Army, left Iraq to escape the country's civil conflict and provide a safe environment for his wife, two daughters and special needs son. "I wanted to be able to provide better care for my son and create a good future for my daughters. Getting selected for this house from Habitat was my big dream," said Youkhanna.
Youkhanna said he's looking forward to buying new furniture for the house, as well as planting flowers and perhaps a fruit tree in the back yard. "This is our house. We can do anything to it," added his wife, Samira. When they move into the new home in early July, the Youkhanna family's mortgage payment will be about $300 a month less than the rent they paid on their previous apartment.
In an innovative partnership with its lender partners, Genworth MI pledged that for each eligible customer-submitted mortgage loan it insures during the campaign, Genworth MI will contribute $10 to the build. The funds contributed from customer loan submissions will be part of at least $65,000 Genworth MI has committed to fund construction of the home in Raleigh's Maybrook Crossing subdivision.
Genworth MI helped more than 68,000 Americans achieve their dream of homeownership in 2013, including thousands in North Carolina. The company has contributed significant funding and volunteer hours to build Habitat homes in the Triangle since 2007. Last year, Genworth MI was the sixth-largest corporate supporter of Habitat Wake, and its employees volunteered at several Habitat builds.
"This year, we wanted to take our sponsorship and volunteer participation with Habitat to the next level," said Rohit Gupta, president and CEO of Genworth MI. "For the first time, we invited our business partners across the country to contribute to the building of a Habitat home here in Raleigh. We know that Genworth customers share our belief that every family should have a decent, safe and affordable place to live, and they really got behind this opportunity." Lenders from as far away as Georgia submitted loans to Genworth MI to help support construction of the Youkhanna family home.
"We are proud to partner with Genworth Mortgage Insurance," said Kevin Campbell, President and CEO of Habitat Wake. "We share a dedication to helping families achieve their goal of homeownership. The Genworth associates and their customers have been faithful volunteers and have enjoyed working side by side with the Youkhanna family."
Genworth Mortgage Insurance operates in all 50 states and the District of Columbia. Private mortgage insurance makes it possible for consumers to purchase a home with a smaller down payment, and sooner than they otherwise could. Genworth MI also works with lenders and servicers to help borrowers in financial difficulty remain in their homes. The Genworth Foundation makes direct investments in local communities each year through charitable grants and matching gifts.
Habitat for Humanity builds safe, affordable houses for qualified homebuyers regardless of race, religion, or background. Each Habitat home is built in partnership with homeowner families, sponsors, and volunteers. Habitat houses are sold for no profit to the partner family through an affordable 20-year zero percent interest mortgage. Each homeowner must contribute 250 hours of sweat equity, contributing their time and labor to the construction of their home and the homes of other Habitat families.
About Habitat for Humanity of Wake County
Habitat for Humanity of Wake County is an affiliate of Habitat for Humanity International. Habitat Wake builds safe, affordable houses for qualified homebuyers regardless of race, religion, or background. Each Habitat home is built in partnership with sponsors, volunteers, and the partner family. The family invests in 250 hours of sweat equity working on the construction of the home and purchases the home with an affordable, zero-percent interest mortgage.
This year, Habitat Wake will build 42 homes in Wake County, complete exterior repairs on 45 existing homes, and build 50 homes in Honduras. Financial support is provided by corporate, foundation, faith and individual sponsors, the Habitat Wake ReStores, the DeConstruction program, mortgages paid by Habitat homeowners, and other charitable efforts. For additional information on programs, to make a contribution or volunteer, please visit www.HabitatWake.org.
About the Genworth Foundation
Established in 2005, the Genworth Foundation is the charitable giving arm of Genworth Financial. The Foundation is committed to helping build strong communities around the world. Each year, the Foundation makes direct investments in the community through charitable contributions and matching gifts. For more about Genworth in the community, visit genworth.com/community.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, and financial protection coverages -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.
Genworth operates through three divisions: U.S. Life Insurance, which includes life insurance, long term care insurance and fixed annuities; Global Mortgage Insurance, containing U.S. Mortgage Insurance and International Mortgage Insurance segments; and the Corporate and Other division, which includes the International Protection and Runoff segments. Products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth, headquartered in Richmond, Virginia, traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com. From time to time, Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com.
SOURCE Genworth Financial, Inc.