ALBUQUERQUE, N.M. – Roswell residents will soon have more affordable housing options with the development of El Toro Community, a neighborhood with single-family homes. At its June meeting, the New Mexico Mortgage Finance Authority (MFA) Board of Directors approved a $3 million-New Mexico Housing Trust Fund revolving construction line of credit to Artisan’s Guild Contracting, LLC for the development of El Toro Community.
The residential subdivision will provide affordable, safe housing for low-to-moderate income households and first-time homebuyers. El Toro is Artisan’s Guild Contracting first affordable residential housing development in New Mexico, with a total size of 36 homes proposed in Phase I. Seven of those homes are at 100% completion, utilizing developer funds, and have been sold at the market rate. The line of credit approved by the MFA Board will fund the construction of the remaining 29 affordable homes.
“Many homes in Roswell are over 50 years old, so it is imperative we work together to increase the new, affordable housing stock for that community,” said MFA Executive Director/CEO Isidoro Hernandez. “Single-family housing development is a priority for us, we look forward to receiving and funding additional developments across the state. We are grateful to Governor Michelle Lujan Grisham, our legislators and board members for their continued support of affordable housing in the state.”
The construction of the proposed homes – using energy efficient, Leadership in Energy and Environmental Design-certified materials and net-zero construction – focuses on the reduction of energy costs and alternative energy solutions, while providing low-maintenance costs, reduction of insurance expenses, and immediate return on investment to homeowners.
“Once I learned of the governor’s push for affordable single-family development programs, I was very excited to promote and assist in obtaining this funding for the El Toro Community being developed by Tony Mabe in Roswell, New Mexico,” said Michael Brinkmeyer, financial consultant for Artisan’s Guild Contracting, LLC. “This funding is a milestone for New Mexico affordable housing and the New Mexico Mortgage Finance Authority, and it will benefit the Roswell community and New Mexicans seeking affordable housing in the state of New Mexico for many years to come.”
Construction is underway, and the first of these new homes is expected to be ready for a family in the fall.
For more information about MFA funding opportunities for developers, please visit housingnm.org/developers.