SANTA FE, N.M.--(BUSINESS WIRE)--A $287,000 Affordable Housing Program (AHP) grant from Century Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) will help fund the construction of a $10.2 million construction project, the Wa-di Housing Project, a 41-unit apartment community for very low- and low-income residents on the Kewa Pueblo Reservation in New Mexico.
The grant was awarded to the Santo Domingo Tribal Housing Authority (SDTHA), which is spearheading the construction project. The grant provided gap funding for the project, which is also funded by the U.S. Housing and Urban Development Department, Raymond James Financial, the New Mexico Mortgage Finance Authority and Native Homes Capital. The project broke ground in May 2016 and is expected to be completed in June.
SDTHA Executive Director Greta Armijo said without the AHP grant, the organization would have had to reduce the number of units.
“All the AHP grant funds are going toward construction,” she said. “Without the funds, we would have probably had to build 38 or 39 units instead of 41.”
Century Bank COO Bryan “Chip” Chippeaux facilitated the grant process for SDTHA and said there is a great need for affordable housing in the area.
“It’s important for Century Bank to make affordable housing accessible in this area,” he said. “We are long-time users of the AHP and are proud to support the community in this regard.”
In addition to constructing 41 new units, the project will also include the new construction of a 3,000-square-foot community center, which will provide financial literacy classes, childcare and Keres language classes for residents.
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions, like Century Bank. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly and special-needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.
“One of the many benefits of the AHP is that it alleviates the financial burden from our members’ customers during the construction of projects such as this,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “The program helps strengthen the bond between our members and their customers, as well as the community as a whole.”
About Century Bank
Established in 1887, Century Bank is a locally owned community bank that offers a full range of quality banking products and services to businesses and residents of Santa Fe, Española, Albuquerque, Las Cruces, and Rio Rancho, New Mexico. For more information, visit the bank's website at MyCenturyBank.com.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $58.2 billion as of December 31, 2016, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.