Banking on You Featuring Heritage Bank

“Serving our Neighbors is What We Do.”

For Heritage Bank, supporting their community isn’t just good business – it’s about being a good neighbor. Their mission centers on the idea that “when neighbors help neighbors, the whole community benefits.” Since 2015, Heritage Bank has invested more than $240 million in affordable housing and provided more than $420 million in financing for affordable housing projects across the Pacific Northwest, a key part of their commitment to empowering their communities by improving their access to a safe, affordable home.
 

Carrying on a Legacy of Community Spirit in Seattle, WA

Estela Ortega has been fighting for affordable housing for her community of Seattle WA for decades, and now, in her 70s, she has no plans to slow down. Ortega credits the philanthropic legacy of her late husband Roberto Maestas as her main inspiration, and it is what keeps her motivated today. Amid the ongoing civil rights protests of the late 1960s, Maestas felt he had a duty to improve his local community in Seattle, starting with a crumbling, abandoned former high school building. Maestas staged a peaceful occupation of the high school, along with a group of like-minded people who felt the building should be rehabilitated and used to serve the community. Maestas' bold move paid off, and after three months the group was given the right to rent the building for $1 a year with a promise to renovate the building.

Soon afterwards, the group founded El Centro de la Raza, the nonprofit that Ortega now leads as executive director. El Centro de la Raza translates to “The Center for People of all Races” and throughout the decades, it has served the Seattle community across 43 different programs, including affordable housing, meals for seniors, and child development centers. The old high school that Maestas occupied is now their headquarters, and they operate a staff of just under 200 people, with around 800 additional volunteers.

“When Roberto passed away, I was asked, ‘what was his greatest contribution?’ I said his commitment to multiracial unity and organizing community and that everyone has a role to play. Everyone has something that they can do in terms of moving humanity forward in a positive way.”

When planning El Centro’s latest affordable housing development, an 87-unit affordable housing project in south Seattle’s Columbia City neighborhood, Ortega turned to Heritage Bank for support.

“I had a choice between Heritage Bank and another bank… I said, ‘We’ve got to go with Heritage Bank,’” said Ortega. “There clearly is a commitment to communities of color, from developing child development centers to housing, and other areas.”

Affordable Homes for Seniors in Vancouver, WA

In Vancouver, WA, Heritage Bank provided a $17.7 million construction loan and invested $21.4 million in equity to help fund Columbia Non-Profit Housing (CNPH), a nonprofit organization that provides affordable housing to seniors in the community. The core mission of Columbia Non-Profit Housing is “to create stable communities by providing affordable, decent and safe housing where low-income people including seniors, persons with disabilities and families have opportunities to grow and thrive.”

Opening January 2025, CNPH’s latest project, Laurel Manor, will provide 82 units of affordable housing in a convenient downtown location. The development is built to house seniors 62 and over who are at or below 50 percent of the area median income, with one-fifth of the units reserved for seniors exiting homelessness. At Laurel Manor, at-risk seniors will have a safe place to live, socialize and foster community – an important step in breaking the cycle of homelessness.

Through their commitment to affordable housing and community development, Heritage Bank exemplifies the profound impact that financial institutions can have when they view their clients as their neighbors. By supporting initiatives like El Centro de la Raza and Columbia Non-Profit Housing, Heritage Bank not only strengthens the infrastructure of local communities but also fosters a broader sense of unity and purpose. Their ongoing investments and partnerships are a testament to the power of community in building a brighter, more inclusive future for all.