Enterprise Bank & Trust, Anchorum St. Vincent and Homewise have partnered to create the Community Catalyst Fund (CCF), with an initial investment of $10 million and a long-term vision to improve community vitality in northern and central New Mexico. The fund will focus on the acquisition, rehabilitation and redevelopment of residential and commercial properties in these regions.
“This fund will increase affordable housing options and the availability of commercial, mixed-use and community spaces to support the communities we serve,” says Homewise CEO Mike Loftin. “It will also help community members with down payment assistance, home maintenance and improve community-wide financial literacy.”
The Community Catalyst Fund will also help to create low-impact rental housing through casitas and guest houses, and help seniors make necessary home modifications to age in place. These initiatives are intended to benefit the entire community by catalyzing development projects and creating new financial products and tools to make these projects affordable and accessible. This helps position New Mexico communities to make a meaningful and lasting impact on affordable housing while helping to build a healthier and more equitable future.
Homewise is the largest Community Development Financial Institution in New Mexico. Its mission is to help create successful homeowners and strengthen neighborhoods so individuals and families can improve their long-term financial wellbeing and quality of life.
This new fund represents a significant expansion of Homewise’s development and lending capabilities through the financial support of Anchorum St. Vincent and Enterprise Bank & Trust, each of whom have invested $5 million to the fund. The three partners are actively involved in strategy and planning, and with ongoing coordination with other nonprofits, investors and municipal and community leaders.
Support from both Anchorum and Enterprise will be provided through low-interest rate, long-term loans to Homewise for a variety of new community-based residential, commercial and mixed-use developments.
CCF’s long-term, sustainable investment strategy can help lessen the health and economic inequities of underserved residents while fostering a positive, stable and vibrant community for generations to come.
“Our community falls short on affordable housing and positive environments that support health spaces to live, work and play, leading to negative health outcomes disproportionately affecting low-income families and neighborhoods,” said Peter Bastone, President and CEO of the Anchorum St. Vincent. “This investment is part of Anchorum’s ongoing strategic commitment to improve long-term community health outcomes by addressing critical social determinants of health, beyond healthcare.”
Businesses, financial institutions and individuals that share CCF’s vision are invited to join the effort by investing or providing active support. More information about the Community Catalyst Fund can be found at CommunityCatalystFund.org.
About Enterprise Bank & Trust
Enterprise Bank & Trust is a financial services partner that empowers growing businesses to improve their ability to compete, growing families to secure their financial futures, and growing communities to advance the quality of life for all. The bank is built on trusted, personal relationships and offers a range of business and personal banking services, wealth management services and a variety of specialized banking services. Enterprise Financial Services Corp (NASDAQ: EFSC), with approximately $8 billion in assets, is a bank holding company headquartered in Clayton, Missouri. Enterprise Bank & Trust operates 34 branch offices in Arizona, Kansas, Missouri and New Mexico. For more information, visit enterprisebank.com. Member FDIC.
About Anchorum St. Vincent
Anchorum St. Vincent is a nonprofit community health impact organization, investing in the well-being of the people of Santa Fe and northern New Mexico. The organization serves as a convener and catalyst, to bring together the knowledge, resources, and skills available to meet the urgent health and care needs of our community and inspire lasting, sustainable social impact. With their innovative, mission-based, impact-investment model, they are changing the way we address social determinants with sustainable solutions for the physical and behavioral health of our community. To learn more about their collaborations and investments, visit their website at Anchorum.org.
About Homewise
Homewise is a New Mexico-based nonprofit Community Development Financial Institution (CDFI) founded in 1986. Our mission is to help create successful homeowners and strengthen neighborhoods so that individuals and families can improve their long-term financial wellbeing and quality of life. Our services include financial literacy education and coaching, real estate services, affordable mortgage lending and down payment assistance, loan servicing, refinance and home improvement lending. We strengthen neighborhoods by increasing homeownership through real estate development, property rehabilitation, and revitalizing communities to benefit existing residents. Since Homewise was founded in 1986, over 17,000 New Mexicans have attended our financial capability and homebuyer education workshops. During that time, we’ve helped over 5,600 New Mexicans purchase homes, over 2,300 make energy efficient home improvements, and more than 800 refinance their mortgages. We’ve also built over 800 high quality, energy efficient and affordable homes. To learn more, visit our website at www.homewise.org.
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