Company Press Releases

ENTREPRENEURS CONTRIBUTE SWEAT EQUITY FOR LOW-INCOME HOUSING

WOODBURY, MN - More than twenty local entrepreneurial companies and investment firms are coming together during the month of May to pool their time and resources to complete a Habitat for Humanity house for a low-income family in Woodbury.

"We wanted to work with Habitat because their approach is oriented toward enabling less fortunate families to help themselves," said John Bergstrom, Partner at RiverPoint Investments and organizer of this effort by local entrepreneurs. Based on Habitat's philosophy, the family participates in the construction and then buys the house at an affordable cost with a zero interest mortgage. "This provides a critical opportunity for low-income families to enter the mainstream economic system," said Bergstrom.

Based on Habitat's philosophy, the family participates in the construction and then buys the house at an affordable cost with a zero interest mortgage. "This provides a critical opportunity for low-income families to enter the mainstream economic system," said Bergstrom.

In addition to RiverPoint Investments, Crescendo Ventures, Lipkin Family Fund and Cherry Tree Investments are the primary sponsors for this project they are calling the "Entrepreneurs' House." The house is located in Woodbury and by the time it is complete, over 100 volunteers will have helped build it.

"We work every day with motivated entrepreneurs to build great companies," said Wayne Atkins, Chief Operating Officer of Cherry Tree. "It seemed natural to harness that entrepreneurial spirit to do the same for low-income housing. Many emerging companies wouldn't have the resources to sponsor an entire house on their own, so we are excited to work together for the benefit of our community."

Construction of the house began in early spring, and the entrepreneurs will volunteer until May 16th. The new owners will purchase the home and move in this summer.

"We are excited to participate. This is an excellent team building opportunity as well as a great way to help a worthwhile cause," said Gary Halleen, a local entrepreneur and Chief Executive Officer of API Outsourcing, whose management team is volunteering together on the house.

Twin Cities Habitat for Humanity is an independent non-profit organization operating as an affiliate of Habitat for Humanity International, Americus, GA. As one of the largest and most successful local affiliates, Twin Cities Habitat for Humanity has built nearly 500 homes over its 18-year history.