Anchorum St. Vincent, Enterprise Bank & Trust, and Homewise Launch $10 Million Community Catalyst Fund
Anchorum St. Vincent, Enterprise Bank & Trust, 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.
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.
“Our community falls short on affordable housing and positive environments that support healthy 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.