Our core mission at Homewise is to help New Mexicans achieve their dreams of homeownership. Owning a home builds wealth enabling you to invest in the things that matter most like your family, friends, or even your business.
We believe that homeownership is best complemented with thriving neighborhoods where residents can also work, access services, learn, and more. Since 2018 we’ve focused on strengthening neighborhoods through economic development and community engagement in Santa Fe and Albuquerque. Read on to learn more about how we are supporting local entrepreneurs.
Homeownership unlocks the ability to build wealth through equity, which is the difference between the current market value of your home minus what you owe on your mortgage loan. Equity continues to grow as you pay down the principal balance on your mortgage loan and as the market value of your home increases over time. While equity can take time to build, it can be accessible through a home equity loan that could help emerging entrepreneurs start their own businesses. Plus, research has found that homeownership provides stability that enhances employment outcomes in general.
If you or someone you know is interested in becoming a homeowner, fill out an initial application to get started.
P.S. If you are struggling with low credit scores and low savings, we have a program that might be able to help. Simply fill out this form and we’ll be in touch!
Beyond enabling New Mexicans to build wealth through homeownership, we aim to empower entrepreneurs and non-profits by creating spaces for them to lease and grow their business until they are ready to own their own building. One of our approaches to create these spaces is through purchasing and renovating existing buildings to address key community needs.
Before we begin a redevelopment project in an underserved community, we leverage Neighborworks’ nationally vetted survey tool to better understand the needs and perceptions of the residents. We use the results to inform what spaces we need to create within the community so that it can flourish. For example, the feedback we received from the Barelas Neighborhood in 2020 led to the development of Koala Children’s Academy and 4th & Barelas.
Childcare was one of the top things that we heard residents wanted in the Barelas Neighborhood, so we set out to make that a reality. We purchased a building on 2nd Street and Hazeldine Ave and renovated it in partnership with Dayna and Silvia Vasquez, two Albuquerque natives whose family has been providing professional childcare for more than a decade. Koala Children’s Academy officially opened its bilingual facility in September to provide the high-quality childcare the community desired.
If you or someone you know is looking for high-quality childcare in Albuquerque, head over to their website to learn more.
P.S. Koala Children’s Academy is also hiring! Head over to their website to learn more.
In addition to childcare, Barelas residents also expressed that they wanted access to more quality food options. This led us to redevelop a property with a rich history as a center for creativity and food located at 4th Street and Barelas Road. We’re seeking to honor this legacy while ushering in a new era of opportunity and vibrancy. This fall, the Street Food Institute will officially open Barelas Community Kitchen at 4th and Barelas. This will help them to expand their programming to help more entrepreneurs own and operate successful foodservice businesses.
Above the Barelas Community Kitchen, we have eight spaces available for lease. Head over to the website to learn more and please help us to spread the word!
We aim to make owning your own building possible for entrepreneurs that are ready to take the leap. We specialize in commercial loans to small businesses and non-profits that deliver critical services for our communities like healthcare, education, social services, arts, and more! Specifically, we are hyper focused on serving entrepreneurs and non-profits in underserved neighborhoods because closing the racial wealth gap is core to everything we do.
We can loan up to $2.5 million for qualifying businesses and nonprofits. To be considered for one of our commercial loans, we require that entities have operated for at least three years and can provide us with proof of down payment.
Interested in a commercial loan or want to learn more about our commercial lending services? Reach out today!
P.S. We recently helped The Box Theater secure their forever home in Downtown Albuquerque. Head over to YouTube to learn more about their story!