Thrivent Financial for Lutherans is set today to unveil a $105 million, four-year initiative to create hundreds of Habitat for Humanity homes nationwide, including $5 million to rebuild houses in the hurricane-ravaged Gulf Coast area.

Under a new alliance with Habitat for Humanity, Thrivent Financial will pay 70% of the cost of each new Habitat house Thrivent sponsors.

One key goal is to build 500 Habitat homes a year by 2008 for families now living in substandard housing.

Through Habitat for Humanity, an ecumenical Christian organization based in Americus, Ga., volunteers and future homeowners team up to build or rehabilitate simple houses. The houses are sold to the homeowner at no profit and are financed with affordable no-interest loans. The homeowner's monthly payments go toward building more houses.

Thrivent Financial's expanded support makes it Habitat's largest ally in its goal of eliminating run-down housing. The alliance will link Habitat with Thrivent volunteer chapters that perform community service around the country.

"This added financial and volunteer support is a tremendous boost in helping us increase our capacity to serve more families in the United States and around the world," Habitat for Humanity International chief executive Paul Leonard said in a statement outlining the initiative.

Thrivent Financial, a financial services and fraternal organization formed by the merger of Lutheran Brotherhood in Minneapolis and Aid Association for Lutherans in Appleton in 2002, employs about 1,500 people in Wisconsin. The organization, which has about 2.8 million members, provides life insurance and other financial services. It had assets under management of almost $66 billion as of June 30.

Some of the money from the initiative will be used in Wisconsin as Habitat houses are built here, said Thrivent Financial spokeswoman Tara Perre.

"It's very likely that money will be funneling into the Milwaukee area," she said.

"This new alliance represents an opportunity for our nearly 3 million members and other volunteers to take action to solve this (substandard housing) problem," Bruce Nicholson, Thrivent Financial chairman, said. "It also supports the very foundation of most families' financial security and stability - having a decent, affordable home to call one's own."

Since 1991, Thrivent has helped Habitat build 500 houses. "Eventually, we are hoping to do 500 homes a year. It's going to take a few years to ramp up to that level," Perre said.