ALBUQUERQUE, N.M. – The New Mexico Mortgage Finance Authority (MFA) Board of Directors approved over $72 million in Low-Income Housing Tax Credits (LIHTC) to six housing developments – including over $1 million in supplemental LIHTC to The Bluffs Senior Apartments – as well as $10.6 million in loans to three of those developments at its May meeting.
The board approved over $71 million in LIHTC to five developments as follows:
Country Club Apartments in Santa Fe (approximately $12.4 million in tax credits)
The rehabilitation of 62 units by Santa Fe Civic Housing Authority will include new windows, doors, siding, stairs and HVAC; renovated access and site utilities; interior rehabilitation, including extensive re-plumbing; and 26 newly constructed units.
Elk Meadows in Ruidoso (approximately $15 million in tax credits)
A joint effort by Enriched Communities LLC, New Mexico Housing & Community Development Corporation and the Village of Ruidoso, this new mixed-income development of 72 units for households with children will serve a range of residents. It is convenient to public transportation and local amenities and will feature a family services program offered by Eastern New Mexico University and Region 9 Education Cooperative. The board also approved loans for Elk Meadows from the following sources in the specified amounts:
- New Mexico Housing Trust Fund ($2 million)
- National Housing Trust Fund ($400,000)
- HOME Rental Program ($400,000)
Laguna #4 at the Pueblo of Laguna (approximately $11.6 million in tax credits)
The rehabilitation work on 40 units by Laguna Housing Development and Management Enterprise will include HVAC system replacement; new flooring, fixtures, paint, Energy Star appliances; roof, window and door replacements; and a new community building and playground improvements.
Ocate Apartments in Santa Fe (approximately $16.2 million in tax credits)
The new 60-unit development by Santa Fe Civic Housing Authority will serve households with children and will feature an open design concept with kitchen islands; interior common areas including a computer training center and kitchen; and outdoor play areas, picnic areas, community gardens and patios. Ocate is designed to create a pueblo surrounding a central plaza. The board also approved loans for Ocate Apartments from the following sources in the specified amounts:
- New Mexico Housing Trust Fund ($3 million)
- National Housing Trust Fund ($400,000)
- HOME Rental Program ($400,000)
Somos Apartments in Albuquerque (approximately $16.2 million in tax credits)
The new senior development of 70 units by Sol Housing will include solar water heaters and electric vehicle-charging stations; 25 project-based rental assistance vouchers; enhanced pedestrian connections to Talin World Market, murals and preservation of sidewalk enhancements; and nearly 1,800 square feet of commercial space for local business incubation. The board also approved a loan for Somos Apartments from the following source in the specified amount:
- New Mexico Housing Trust Fund ($4 million)
