SANTA FE, N.M. – Housing New Mexico celebrated its first multifamily development ceremony of 2026 at the Turquoise Trail groundbreaking today in Santa Fe, hosted by Dominium Development and Acquisition, LLC. Turquoise Trail is a new construction of 312 apartment homes that will serve households with children.
The Housing New Mexico Board of Directors approved the following funding sources for Turquoise Trail:
- $2 million New Mexico Housing Trust Fund loan
- $2 million HOME loan
- Approximately $6.9 million in 4% Low-Income Housing Tax Credits annually, which – over a 10-year period – are expected to produce approximately $57.7 million in cash equity
“This is a much-needed development in Santa Fe, and many families will benefit from this affordable housing opportunity,” said Housing New Mexico Chief Lending Officer Jeff Payne. “We are appreciative of everyone involved who has made the construction of Turquoise Trail possible.”
Turquoise Trail will consist of 13 three-story garden-style residential buildings consisting of 120 two-bedroom units, 132 three-bedroom units and 60 four-bedroom units. The development will feature a clubhouse, an exercise facility, picnic areas and an outdoor swimming pool.
“Dominium is thrilled to be in Santa Fe and bring 312 units of affordable housing to the community,” said Ron Mehl, Dominium Senior Vice President and Project Partner. “We understand the need here in Santa Fe and across New Mexico and are always working to provide homes that New Mexicans can afford and be proud of. This is a collaborative effort, and we are thankful for all our partners in this process who worked tirelessly to bring more housing options to the Santa Fe community.”
Turquoise Trail will be income-restricted as follows:
- 310 units for households earning 60% or less of the Area Median Income (AMI)
- 2 units for households earning 50% or less of the AMI
For example, in Santa Fe:
- 60% of the AMI is $53,760 for a three-person household and $59,700 for a four-person household
- 50% of the AMI is $44,800 for a three-person household and $49,750 for a four-person household
Turquoise Trail is one of 55 active multifamily developments Housing New Mexico has in various stages of construction across the state representing approximately $418 million in funding for 5,365 apartment units located in 18 municipalities in 14 counties. The eventual economic impact of all 55 projects once under construction is estimated to generate approximately $1.41 billion in local income and create approximately 17,329 jobs.
To learn about all of Housing New Mexico’s funding opportunities for developers, visit housingnm.org/developers.
Housing New Mexico, otherwise known as New Mexico Mortgage Finance Authority (MFA), was created in 1975 by the New Mexico State Legislature to provide quality affordable housing opportunities for all New Mexico residents. As the state’s housing authority, Housing New Mexico uses housing bonds, tax credits and other federal, state and private resources to fund more than 40 housing programs. In addition to funding the construction and rehabilitation of affordable housing and rental properties, Housing New Mexico’s programs include down payment assistance, homelessness prevention and emergency shelter, weatherization services, rental assistance and housing for people with special needs which have provided over 505,000 families with affordable housing and services since its inception.
To learn more about Housing New Mexico, visit housingnm.org.
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