New Affordable Housing for Creatives Celebrates Grand Opening in Santa Fe, New Mexico
SANTA FE, New Mexico–(BUSINESS WIRE)–Century Bank, Federal Home Loan Bank of Dallas (FHLB Dallas) and Santa Fe, New Mexico residents recently celebrated the grand opening of an affordable housing project designed specifically for those involved in creative professions .
Known as Siler Yard, the 65-unit rental development at 1218 Siler Road in Santa Fe, New Mexico, is an affordable rental development for creatives who earn less than 60% of the area’s median income (AMI ).
The development will provide housing, economic support resources and a sense of community for local artists, dancers, artisans, actors and food artists.
“The development of Siler Yard has taken a decade, and we are thrilled to officially open to our residents and the community,” said Daniel Werwath, executive director of New Mexico Inter-Faith Housing. “The development will provide high quality housing for individuals at rates well below the local average for monthly rent.”
The more than $17.4 million project was made possible in part by a $650,000 Affordable Housing Program (AHP) grant awarded to New Mexico Inter-Faith Housing of Century Bank and FHLB Dallas.
“Midtown Santa Fe is a vibrant and important part of our community, and we are thrilled to have had the opportunity to partner with FHLB Dallas to help grow Siler Yard,” said Jeff Szabat, senior vice president of CenturyBank.
Siler Yard will offer one-, two-, and three-bedroom units to residents at rates starting at $427 per month. There will be nearly 600 solar panels installed allowing the community to generate all of its own electricity. As a result, residents will not be charged for utilities in their monthly rent.
“We are honored to be part of this innovative development with Century Bank,” said Greg Hettrick, senior vice president and director of community investment at FHLB Dallas. “As housing costs rise across the country, we’re proud to help provide affordable housing options for Santa Fe area residents.”
For more information on the AHP, visit fhlb.com/ahp.
About Century Bank
Century Bank has served the Great State of New Mexico since 1887. In August of that year, with the goal of developing the Santa Fe community through mortgage lending, Mutual Building and Loan Association was founded with 500 $. In 1982 Mutual Building and Loan Association changed its name to Century Federal Savings and Loan Association. Since then, other changes have led to Century Bank’s current status as a full-service, state-chartered, locally-owned community bank.
About Federal Home Loan Bank of Dallas
Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank system established by Congress in 1932. FHLB Dallas, with total assets of $62.6 billion as of March 31, 2022, is a cooperative owned by its members that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas . For more information visit our website at fhlb.com.