$9.9M Apartment Construction Project Completed, Thanks to $287K Grant

AHP Grant from Century Bank and FHLB Dallas Provided Gap Funding

Thanks in part to a $287,000 Affordable Housing Program grant from Century Bank and FHLB Dallas, a new rental community has been built in Santo Domingo Pueblo, New Mexico. (Photo: Business Wire)

SANTA FE, N.M.--()--Thanks in part to a $287,000 Affordable Housing Program (AHP) grant from Century Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas), WaDi Housing, a 41-unit apartment community for very low- and low-income residents in the Santo Domingo Pueblo in New Mexico, has opened. Project representatives joined the banks at a grand opening event today.

The grant was awarded to the Santo Domingo Tribal Housing Authority (SDTHA), which spearheaded the construction project. The grant provided gap funding for the project, which was also funded by the U.S. Housing and Urban Development Department, Raymond James Financial, the New Mexico Mortgage Finance Authority and Native Capital Access.

SDTHA Executive Director Greta Armijo said the rental community will help alleviate overcrowding housing conditions and improve employment, economic and environmental conditions. Ms. Armijo also said that without the AHP grant, the organization would have had to reduce the number of units and build 38 or 39 units instead of 41.

“The community is connected to a historic main village through a 2-mile walking trail system, providing residents with better access to public transportation,” said Ms. Armijo. “Some of the local tribal history and traditions will be preserved through the classes offered in our new community center, as well.”

In addition to constructing 41 new units, the project also included the new construction of a 3,000-square-foot community center, which will provide financial literacy classes, childcare and Keres language (the dialect cluster spoken by the local native groups) classes for residents.

“There is a great need for affordable housing in this area,” said Century Bank Chairman Bryan “Chip” Chippeaux. “As long-time users of the AHP, Century Bank is proud to support the community in this regard.”

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.

“The AHP was designed for projects just like this,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “Our goal is to help our members provide easy access to affordable housing through the AHP. This wouldn’t be possible without our long-time partnership with Century Bank.”

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 $62.9 billion as of June 30, 2017, 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.

Contacts

Federal Home Loan Bank of Dallas
Corporate Communications, 214-441-8445
fhlb.com

Release Summary

Thanks in part to a $287K Affordable Housing Program grant from Century Bank and FHLB Dallas, a new rental community has been built in NM.

Contacts

Federal Home Loan Bank of Dallas
Corporate Communications, 214-441-8445
fhlb.com