The New Mexico Mortgage Finance Authority (MFA) has approved $3.3 million in funding for the construction of La Serena Apartments, an affordable senior housing community in northwest Albuquerque. The project, which is a partnership between the Supportive Housing Coalition of New Mexico and Thomas Development, will consist of 100 affordable units for individuals aged 55 and older.
According to a press release by MFA, the funding for the project will come from various sources, including the New Mexico Housing Trust Fund, the National Housing Trust Fund, and HOME, a federally funded program administered by HUD. The MFA stated that the project will be consistent with Enterprise Green Building Standards.
The senior housing development will offer one-bedroom and two-bedroom apartments, along with amenities such as in-unit washers and dryers, an elevator, a fitness room, a business center, and outdoor features like a dog park and community gardens. Construction is set to begin by the end of 2023, with completion expected by the end of 2025.
Isidoro Hernandez, MFA Executive Director/CEO, expressed gratitude for the MFA Board of Directors' support for the project. Hernandez stated, "Considering the large need for affordable housing in the area, La Serena Apartments will be a welcomed addition to the community and will provide quality, safe housing for seniors."
Laura Chavez, President/CEO of the Supportive Housing Coalition of New Mexico, highlighted the importance of housing options for seniors in the state. She said, "Housing options for seniors is particularly vital, as New Mexico has a higher percentage – 34% – of senior households than the country overall and just over 30% in Bernalillo County alone. Safe housing fosters safer streets and safer neighborhoods for all. And by building homes, we also create more jobs, build economic growth, and create opportunities."
The MFA has allocated approximately 53% of the financing for the La Serena Apartments project, which is expected to cost just over $31 million. This investment aims to address the need for affordable housing and improve the quality of life for senior residents in the area.