The housing market may be sputtering, but Habitat for Humanity is getting a $100 million jolt.
The nonprofit told The Associated Press a nine-figure gift from Atlanta-based developer J. Ronald Terwilliger will help it build 60,000 homes worldwide. It's the largest single contribution in the organization's history.
Terwilliger said he hopes his donation will offer the world's neediest people more access to decent, affordable homes. He said he wanted to "inspire others to make the commitment to support affordable housing."
U.S. & World
The gift is one of the largest in recent years to a group devoted to social services, according to the Center on Philanthropy at Indiana University. A center official called the gift "remarkable."
Habitat for Humanity has built more than 300,000 houses around the world, providing shelter for 1.5 million people. It was founded in 1976 by Millard and Linda Fuller and has long been championed by former president Jimmy Carter. Volunteers, including the recipient, work on the homes.
According to Habitat for Humanity, the cost of building a house ranges from as little as $800 in poor countries to $60,000 in the U.S.