SunTrust Mortgage has donated $100,000 to help educate the residents of Cabarrus, Stanly and Rowan counties on financial skills needed to become homeowners.
The funds go to Prosperity Unlimited, a local nonprofit founded in 1993 that conducts workshops and training on homeownership, financial literacy and wealth creation, as well as assists with down payments for first-time homebuyers, according to its website.
Though owning a home is a major way many Americans build wealth, homeownership rates have been on a steep decline since the recession, falling to a 48-year low last year.
The local gift, SunTrust said this week, is part of a larger $1.4 million effort that includes grants to 15 nonprofit housing agencies across the bank’s footprint.
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Atlanta-based SunTrust is the 16th-biggest U.S. bank by assets and ranks No. 6 in market share in the Charlotte region.