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Century Bank and FHLB Dallas Provide $104,000 for Phase III of Complex

OHKAY OWINGEH, N.M.–(BUSINESS WIRE)–A $104,000 Affordable Housing Program (AHP) grant from Century Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) will help fund the construction of new rental housing for Ohkay Owingeh, New Mexico’s lower-income residents.

The project is the third phase of the Tsigo Bugeh Village in Ohkay Owingeh. It will consist of two buildings, each with four one-bedroom, one-bath apartments for small families and seniors. The $1 million project will help address a serious shortage of one-bedroom apartments in the area for low-income tribal member households.

“We have recognized that we have a need for one-bedroom apartments,” said Tomasita Duran, executive director of the Ohkay Owingeh Housing Authority. “A lot of the people on our waiting list are tribal elders on fixed incomes. We’re hoping to address that need with this project.”

Ms. Duran said she hopes to get the project completed by next August and that the AHP grant from Century Bank and FHLB Dallas will make a big difference.

“It was a very important piece of the overall funding, and we are very thankful for it,” she said. “Without it, we would have had to take out a much larger loan.”

Jeff Szabat, senior vice president and retail director for Century Bank, said the bank likes to give back in areas where it can make the largest impact.

“We knew we were working with a great partner in Ohkay Owingeh, and we knew the project would have an impact on their low-income tribal members. We also knew FHLB Dallas would be a great partner for this because we’ve worked with them before on an Affordable Housing Program grant,” said Mr. Szabat.

AHP funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing, as well as housing for homeless individuals in their community. AHP funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.

Since the AHP’s inception in 1990, FHLB Dallas has awarded more than $300 million in AHP and AHP set-aside program grants and has assisted nearly 54,000 households.

“This AHP grant will help the Ohkay Owingeh Housing Authority build housing for low-income tribal members in this northern New Mexico pueblo,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “These apartments are critically needed to address the shortage of affordable apartments in the pueblo, and we were glad to join with Century Bank to provide this grant and help address that need.”

For more information about the AHP, visit fhlb.com/ahp.

About Century Bank

Established in 1887, Century Bank remains a locally owned community bank with active ties to the communities we serve. With several branches throughout New Mexico, Century Bank offers a full range of quality banking products and services to businesses and residents in New Mexico. For more information, visit the bank’s web site 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 $75 billion as of June 30, 2020, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.

Contacts

Corporate Communications

Federal Home Loan Bank of Dallas

fhlb.com
(214) 441-8445

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