Habitat for Humanity Gets Hedged

Date: Wednesday, September 26, 2007
Author: HFN Daily Report

Nonprofit housing organization Habitat for Humanity International is getting support from the hedge fund industry.

HFHI is partnering with third-party hedge fund administrator LaCrosse Global Fund Services for a joint venture named Hedge Funds for Habitat-NYC that will seek to raise money for HFHI work in New York.

The joint venture will campaign to complete a 41-unit affordable condominium in Brooklyn, N.Y. The organization described the project as a $13 million site and the largest multifamily complex ever constructed via HFHI.

The complex began construction in September and is slated to be finished in 2009.

Founded in 1976, HFHI was developed to build affordable housing through volunteer work. LaCrosse Global has $13 billion under administration.