The New Mexico Mortgage Finance Authority (MFA) has announced that its board of directors has approved $2.8 million for the acquisition and refurbishment of Encino Gardens, an affordable senior housing community in Albuquerque. The proposed rehabilitation encompasses the entire building, including residences, hallways, mechanical systems, interior common rooms, plumbing and lighting fixtures, and external common areas.
Funding for the Encino Gardens project comes from the New Mexico Housing Trust Fund ($2 million) and the HOME program ($800,000). According to a press release by MFA, the authority contributes through the federal Low-Income Housing Tax Credit program, generating $13.2 million in equity over a decade. Monarch Properties Inc., which manages the renovation process, will incorporate energy-efficient features and amenity enhancements while also providing a full-time service coordinator for resident activities.
"Many seniors in New Mexico are in need of affordable housing, and projects such as Encino Gardens are necessary to fill the gap," said Isidoro Hernandez, MFA Executive Director/CEO. He added his appreciation for "our very supportive legislators for funding the New Mexico Housing Trust Fund, which enables us to make these communities a reality."
Greg Leach, Vice President of Encino Development & Management Inc., described his organization as "a nonprofit with a 50-year history of providing low income/affordable housing to seniors in the community." Leach expressed confidence that "through the redevelopment process of Encino Gardens, we will achieve our mission of improving the living conditions of our senior occupants and maintaining affordable senior living in the area." Looking ahead, he voiced hope to expand their operations throughout New Mexico and specifically provide additional senior affordable housing.
According to information provided on MFA's Developers Information webpage, MFA's Housing Development Department offers financial support to developers involved in constructing or renovating rental and for-sale homes for low-income households. This funding is facilitated through the distribution of federal and state tax credits.