Recently, St. Mary’s Bank exceeded $100 million in Construction-to-Permanent (CTP) Residential Mortgage Loans, a milestone achieved since the program was relaunched in 2020 to help address New Hampshire’s housing crisis.
 
“Supply of adequate and new housing is limited, and affordability is a major concern,” said Kyle Schneck, Chief Lending Officer at St. Mary’s Bank. “As a credit union, we feel a responsibility to not only serve the needs of our members, but the needs of the communities in which we serve. Our CTP program is one solution we provide.”
 
Citing data from NH Housing Finance Authority’s 2023 Housing Needs Assessment, Schneck said 23,500 new housing units are required to stabilize the housing supply, with 60,000 additional units required by 2030.
 
The supply of housing has not kept up with demand, as the for-sale housing inventory has rapidly decreased since 2019.
 
“During the peak homebuying season of 2019, around 9,000 homes were listed for sale each month compared to less than 5,000 during the 2022 season,” explained Schneck. “Further compounding the housing shortage is a statewide rental vacancy rate under 1 percent.”
 
Longer term trends, noted Schneck, show home values and rent in New Hampshire continuing to outpace wage growth. According to NH Housing Finance Authority, between 2000 and 2020 New Hampshire’s home values rose by 111% and rents rose 94%, while the median income of a New Hampshire household increased by 73%.
 
“Affordability will continue to be a challenge as long as housing supply is low,” said Schneck. “If interest rates remain high, it will only compound the problem.”
Regarding the credit union’s residential construction program, Construction Loan Administrator Lorinda Gilbert said CTP loans may be applied to new construction, additions, and large-scale remodeled homes throughout New Hampshire.
 
“Owners are able to build a home to fit their family’s individual needs/desires,” explained Gilbert, who noted the program provides 12-months of interest-only payments on the amount of the loan used during construction. “In keeping with our mission, we do all we can to remove as many barriers to home ownership as possible.”


Pictured Left to Right: to right Kyle Schneck,
chief lending officer, Judy Kurisko-Leclerc,
vice president, senior mortgage loan officer,
Ken Senus, President and CEO, Lorinda Gilbert,
construction loan administrator