In The News
Affordable Housing Made Possible in Santa Fe
Santa Fe, NM (10/22/03) Affordable housing in Santa Fe was something Joella Coca thought was out of her reach. Thanks to Charter Bank and the Santa Fe Community Housing Trust, Coca is 1 of 17 Santa Fe residents able to afford housing in the Arroyo Chico passive solar neighborhood.
"I have been renting for 14 years and never thought I would ever come close to owning my own home in Santa Fe. The bright and shining light was Charter Bank and the Santa Fe Community Housing Trust," said Coca.
After competing against 120 financial institutions, Charter Bank was awarded, on behalf of the Santa Fe Community Housing Trust, a $119,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas to finance the first affordable passive solar neighborhood in Santa Fe. The development cost is estimated at $2,200,000, and, in addition to the AHP grant, Charter Bank provided a construction loan for the project.
"Our goal is to increase economic viability through home ownership by native New Mexicans in the region," said Sharron Welsh, executive director, Santa Fe Community Housing Trust. "Charter Bank is a true community bank that wants the best for Santa Fe; after all, they are a New Mexico family-owned business right here in Santa Fe," Welsh stated.
"Charter Bank has worked with the Housing Trust since its inception ten years ago. We are proud to support the Trust in its primary mission of helping low-income residents of the Santa Fe area acquire affordable housing," said Shirley Scott, Charter Bank chief operating officer and president of the Housing Trust board.
Since 1993, the Housing Trust has helped over 800 households buy homes, and over 5,000 people have attended its education and counseling programs.
Locally owned and operated, Charter provides a diverse range of financial services, including retail banking, residential/commercial mortgage and insurance. It combines the capabilities, resources and product range of larger banks with the local decision making, market knowledge and customer service of a community bank. Founded in 1976, it is the sixth largest financial institution in New Mexico, with six branches in Santa Fe and Albuquerque and lending offices across New Mexico and Idaho. Charter leads the state in residential mortgage approval, funding and servicing. The company is also one of the largest commercial loan originators in New Mexico.
For details, contact:
Susan Millspaugh
1-800-370-3345
www.charterco.com
