Flexible Capital Access Program (“FlexCAP”)

United States of America

Last updated 12 May 2020, by Impactyield.

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FlexCAP is a Habitat for Humanity International ("HFHI") program which enables affiliates to borrow against selected mortgages in their portfolios. Under the program, HFHI issues 5 or 10 year notes to investors and then re-loans all proceeds to the participating affiliates. FlexCAP has a 100% on-time repayment rate to investors.

FlexCAP is designed to accelerate the receipt of income from mortgages and recover the cost of Habitat homes in a much shorter period of time, providing affiliates with ready cash with which to build more homes. Through FlexCAP, HFHI has developed a consistent secondary market for Habitat mortgages on a nationwide basis, providing affiliates with a vehicle to borrow at favorable rates.

Asset class

Fund style

Not listed

Financial description

Under the FlexCAP program, HFHI issues 5 or 10 year notes, which are secured by a collateral assignment of general obligation notes from participating affiliates. These affiliate notes are, in turn, collateralized by notes and mortgages selected by the affiliate from its mortgage portfolio.
The notes contain multiple layers of credit protection for investors. These include required substitution of performing mortgages for non-performing mortgages, notes are general recourse obligations of affiliates, a cash reserve equal to one quarterly payment and HFHI guaranty of 5% of the outstanding balance. Since inception, FlexCAP has a 100% on-time repayment rate to investors.
HFHI charges affiliates an interest rate spread of 0.50% and a processing fee of 1%.

26 years

of track record


the year funded

75,000,000 USD


SDG goals

SDG targets

Equal rights to ownership basic services technology and economic resources

Safe and affordable housing

Key performance indicators

Fund overview

Asset manager: Habitat for Humanity International

Product track record: Fund has 26 years of track record

Target IRR: 3%

Committed Capital: 50,000,000 USD (US Dollar)

Target return category: Below risk-adjusted market-rate of return

Fund domicile:

Product status:


Inception year: 1997

Vintage year: 1997

Target region: , , ,

Target close date: n.a.

Product term: 5 or 10 year term

Assets under management: 75,000,000 USD (US Dollar)

Investment size: Min: 5,000,000; Max: 25,000,000; Avg: 10,000,000

Co-investment policy:

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 18

Fund investments to date exited or repaid: 10

Management fee: 0.13%

Carried interest: n.a.

Hurdle rate: n.a.

GIIN Investors' Council Investment: Yes

Limited Partners / Investors: 21 investors to date (banks, insurance companies, foundations and state housing finance agencies)

Limited Partner / Investor Type: Family Office, Other Institutional Investors


E-mail: emea@habitat.org

Website: http://www.habitat.org

Phone number: (404) 979-3717

If you wish to have your details removed from this database please email gdpr@impactyield.com

Greg Skowronski

Director of Capital Markets

Jim Mellott

VP Finance & Controller

Impact Performance


Impact thesis

In the U.S., 95 million people have housing problems. That's one-third of the population. These problems include lack of affordability, overcrowding, poor quality shelter and homelessness. Habitat for Humanity is dedicated to providing decent, affordable homes for those in need.
The impact of homeownership is compelling. Habitat for Humanity has shown that building homes does much more than simply provide shelter. Homeownership helps families provide stability for their children, improve health and physical safety and build wealth.
Since 1997, FlexCAP and its predecessor program have generated $160 million in loans for 286 U.S. affiliates, providing funding for approximately 4,600 new Habitat homes.

Impact Management


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