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 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 La Serena Apartments will offer a range of amenities for residents, including one-bedroom and two-bedroom apartments with in-unit washers and dryers. The community will also feature an elevator, a fitness room, a business center, a dog park, and community gardens. Construction is set to begin by the end of 2023, with completion expected by the end of 2025.
The MFA has allocated approximately 53% of the financing for the project, which is estimated to cost just over $31 million. Isidoro Hernandez, MFA Executive Director/CEO, expressed gratitude for the support of the MFA Board of Directors and highlighted the importance of affordable housing in the area.
“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,” said Hernandez.
Laura Chavez, President/CEO of the Supportive Housing Coalition of New Mexico, emphasized the significance of housing options for seniors in the state, which has a higher percentage of senior households compared to the national average.
“Housing options for seniors are 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,” said Chavez. “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 approval of funding for La Serena Apartments demonstrates the commitment of the MFA and its partners to address the affordable housing needs of seniors in the community. The project aims to provide a secure and comfortable living environment for older residents while contributing to the overall growth and development of the area.