Affordable housing projects in New Mexico to receive $53M
ALBUQUERQUE, N.M. — The New Mexico Mortgage Finance Authority announced Tuesday its board of directors approved $53 million for five affordable housing projects.
The funding will come in the form of Low-Income Housing Tax Credits. The credits will fund the construction and rehabilitation of affordable housing across the state.
The project will benefit a total of 281 affordable rental units. Those units will be in Bernalillo, Sandoval and Doña Ana counties with these projects:
- Farolito Senior Community in Albuquerque ($16,228,050)
Developers plan to construct 82 units on Central and Eubank, through a land lease with the state’s land lease office.
The community will feature aging-in-place features, a dog park, an indoor pet washing station, a pollinator garden and a deck.
- Felician Villa II in Rio Rancho ($16,217,230)
These funds will go toward building 66 units in a three-story building. Furthermore, the Felician Sisters of the Southwest provided the land for it.
A senior center, offering reduced-cost meals and educational health and wellness seminars, will be within 500 feet of the building.
This project is the second phase of the larger Felician Villa project for seniors, which received a $12,287,600 tax credit award last year.
- Route 66 Flats in Albuquerque ($14,170,000 award)
This project will see the construction of 48 units near Central and Unser. 33 of those units will be for permanent supportive housing for people transitioning out of homelessness.
The project will incorporate a courtyard and quality-of-life amenities such as a community garden, a walking path and bike racks
- Calle Cuarta in Albuquerque ($3,162,860)
This project received $10,785,400 last year. Now, $13,948,260 will go toward building 61 units on 4th Street, where they’ll offer a range of studios to three-bedroom apartments.
The property will also have laundry rooms on each floor, computer labs, a social service office, a fitness room and more. There will also be five retail shops along 4th Street and four groundfloor live/work units off Fitzgerald Street and 21 for-sale townhomes.
- Tierra Encantada in Anthony ($3,887,820)
This money will go toward renovating this development already in the southwestern New Mexico town. When the project is done, there will be upgrades to 24 units for households with agriculture industry employees. The upgrades will extend the usable life of the homes.
The community building will also be renovated to provide space for supportive services. Overall, this project will be within a mile of an elementary school, two grocery stores, an independent pharmacy, a local public health office and a bank.