The New Mexico Mortgage Finance Authority recently approved $53 million in low-income housing tax credits for renovation and construction of affordable housing throughout New Mexico.
MFA's board of directors approved tax credits May 17 for construction and rehabilitation of affordable housing in New Mexico, according to a May 30 KRQE news story.
"This program not only creates housing opportunities for New Mexicans but also boosts local economies by providing local revenue, tax income and jobs," MFA Chief Housing Officer Donna Maestas-De Vries said in the news story. "We are proud to offer such an effective program."
One of the five projects that will receive a share of the tax credits is Farolito Senior Community in Albuquerque, which was awarded $16,228,050, according to a June 13 news release. Farolito Senior Community will use the credits toward construction of 82 units on Central Avenue and Eubank, a project made possible by a long-term land lease from the New Mexico State Land Office. Farolito Senior Community was designed to include aging-in-place elements, dog park, indoor pet washing station, pollinator garden and a deck.
Other projects receiving a share of the tax credits are Route 66 Flats in Albuquerque, awarded $14,170,000 for 48 units; Calle Cuarta in Albuquerque, awarded $3,162,860 for 61 units; Tierra Encantada in Anthony, awarded $3,887,820 for 24 units; and Felician Villa II in Rio Rancho, awarded $16,217,230 for 66 units, KRQE reported.
These projects were awarded federal tax credits after undergoing a competitive evaluation that assessed their financial feasibility, project design, implementation and ability to execute the plans, according to the KRQE story.
“LIHTC funding supports projects that help address housing needs throughout the state. It will allow greater stability, health and wellness for families and economic growth for communities across New Mexico,” MFA Director and CEO Isidoro Hernandez said in the KRQE story.