I'm not a webmaster for any alum chapters, but I do keep sites for Miss Louisiana and assorted locals. I use Bravenet/0catch for my free hosting. You may also want to check any local ISPs out in your community to see if they will donate space to you. This worked for Miss Louisiana; we have a local ISP donate our space.
The only drawback to having a free space is the probability of having ads on your site. This is something I have to contend with when using a free host, but some ads can be tolerable.
You may also want to get your local campus to donate the space to you. Since you're an alum chapter, you may want to work with the campus that's directly affiliated with your sorority.
Hope this advice helps. It's my paltry .02.
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