Movement Mortgage gives $200 million to expand schools, affordable housing and community outreach programs
Record-breaking profits lead to record-breaking investment in the Movement Foundation.
Movement Mortgage, one of the nation's largest retail mortgage lenders, is honored to announce a $200 million investment to expand its nonprofit Movement Foundation and accelerate the development of its Movement Schools charter school network, develop adjacent affordable housing and health clinics, and construct Hope Centers across Central America.
The investment follows a record-breaking year of business growth in 2020 as Movement served more than 100,000 families with home financing totaling approximately $30 billion in funded mortgages, a 90% increase in volume compared to 2019. As the majority shareholder of Movement Mortgage, the nonprofit Movement Foundation will receive the $200 million payment as a year-end dividend. This marks the largest one-time distribution in Movement's history.
Movement Foundation will use the funds to develop at least 10 new schools in Charlotte and other cities. It will seek to surround those schools with resources to lift the economic prospects of communities, such as quality affordable housing and health clinics in partnership with other entities. Funds will also support the construction of Hope Centers in Central America, which provide health, counseling and faith-based services in developing countries.
"We built Movement for this purpose — to invest our profit in others, not ourselves," says Movement Mortgage co-founder and CEO Casey Crawford. "By investing in education and community development, we're building something with generational significance. We're telling our children they are loved, valued and full of God-given gifts, talents and abilities worthy of our biggest investments."
Movement Schools
Movement Schools are a network of public, tuition-free charter schools serving elementary and middle school students and families. The schools are designed to prepare children for success in college, careers and life by providing world-class academic and character education in an environment built to love and value children. Movement School campuses are meant to act as community hubs, located in renovated big-box retail shopping centers, with a goal of becoming anchor tenants that support local businesses and nonprofits and will attract additional investment in quality affordable housing and healthcare.
The network currently operates two schools with a third under construction. Movement School Eastland opened in 2020 and serves 180 students in kindergarten through first grade. Movement School Freedom Drive opened in 2017 and serves nearly 600 students in kindergarten through fifth grade. Movement Middle School on Freedom Drive will open in 2021. More sites are being identified for future campuses with construction target dates in 2021.
Investment model
Movement Foundation projects are intentionally designed to be self-sustaining. The foundation primarily focuses on purchasing and developing amazing educational and community spaces for local partners to lease at below market rates. These partnerships are how our schools, health clinics and other partners can flourish without ongoing fundraising.
In addition to schools, Movement Foundation uses dividends from the mortgage company for affordable housing and related projects to support community stability through homeownership. It has constructed the Movement Center nonprofit co-working space and Ophelia Garmon-Brown Community Center in west Charlotte. The foundation also sends Movement teammates on Vision Trips to developing countries where it constructs Hope Centers to provide health, counseling and faith-based services to underserved communities. Learn more at movementfoundation.org.
