Century Bank, the Federal Home Loan Bank of Dallas (FHLB Dallas) and Santa Fe, New Mexico, residents recently celebrated the grand opening of an affordable housing development designed specifically for people involved in creative professions.
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The Santa Fe, New Mexico, community celebrated the grand opening of Siler Yard, an affordable rental development. New Mexico Inter-Faith Housing received a $650,000 AHP subsidy from Century Bank and FHLB Dallas to help finance the project. (Photo: Business Wire)
Known as Siler Yard, the 65-unit rental development at 1218 Siler Road in Santa Fe, New Mexico, is an affordable live/work rental development in New Mexico for creatives making under 60 percent of the Area Median Income (AMI).
The development will provide housing, economic support resources and a sense of community for local artists, dancers, artisans, actors and culinary artists.
"The Siler Yard development has been a decade in the making, and we are thrilled to officially open to our residents and the community," said Daniel Werwath, executive director at New Mexico Inter-Faith Housing. "The development will provide high-quality housing to individuals at rates far 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) subsidy awarded to New Mexico Inter-Faith Housing from 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 contribute to the development of Siler Yard," said Jeff Szabat, senior vice president at Century Bank.
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 produce all of its own power. 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, first vice president and director of Community Investment at FHLB Dallas. "As housing costs rise nationwide, we are proud to help provide affordable housing options to Santa Fe-area residents."