MFA Board Approves $9.7 million in Funding for Affordable Housing Developments in Lordsburg and Albuquerque
MFA Board Approves $9.7 million in Funding for Affordable Housing Developments in Lordsburg and Albuquerque
ALBUQUERQUE, NM—The New Mexico Mortgage Finance Authority (MFA) Board recently approved $1.8 million in funding for a 100-unit Albuquerque affordable housing development and approximately $7.9 million in funding for a new 30-unit permanent support housing development in Lordsburg, NM.
“Both of these projects will add much-needed housing in different areas of the state,” said MFA Executive Director/CEO Isidoro Hernandez. “We’re proud that our continued investments in housing throughout the state will give more New Mexicans a place to call home.”
The Albuquerque development, the Copper Terrace Apartments, was temporarily delayed in 2021 after a fire destroyed one of the development’s nine buildings. The approved funding will be used to acquire and rehabilitate the existing 96-unit multifamily development and to build four additional units, bringing the total number of units to 100.
Of those 100 units, 25 units will serve Households with Children and provide a HUD Section 8 project-based rental assistance subsidy to 80 of the 100 apartments, five units will be income-restricted to households earning 30% or less of Area Median Income (AMI), 31 units will be income-restricted to households earning 50% or less of AMI, 54 units are income-restricted to households earning 60% or less of AMI and ten units will be leased at market rates. The annual income limits for the income-restricted units range from $15,870 for a single person at 30 percent AMI to as much as $59,820 for a family of eight at 60 percent AMI, according to the U.S. Department of Housing and Urban Development 2022 Multifamily Tax Subsidy Project (MTSP) income limits for the Albuquerque Metropolitan Statistical Area.
The development will provide a combined 99,137 square feet of residential and community spaces. The development will also feature 27 one-bedroom units, 45 two-bedroom units, 24 three-bedroom townhouse-style units and 4 four-bedroom units.
The Lordsburg development, the Cornerstone Apartments, will be a 30-unit permanent supportive housing project serving special needs populations. Twenty-five units will be income restricted to households earning 30% or less of AMI and five units will be income-restricted to households earning 50% or less of AMI. The annual income limits for the income-restricted units range from $12,850 for a single person at 30 percent AMI to as much as $24,400 for a two-person household at 50 percent AMI, according to the U.S. Department of Housing and Urban Development 2022 adjusted HOME income limits for Hidalgo County.
The project will be located on approximately 1.5 acres and will consist of a single three-story residential building. Each of the 30 apartment homes will have high-efficiency windows, an increased insulation rating, an energy star refrigerator, oven/range, garbage disposal, microwave, and air conditioning.
The project’s building design contains an enclosed courtyard with a barbecue area, patio seating, and green space located off the amenity area. The amenity and engagement space will be off the main entrance and will house over 2,600 square feet of space including a leasing office, front desk reception, and engagement space for the residents. This includes a communal laundry area, meeting space, offices for supportive services partners, a flex space, large dining area, and lounge space for group gatherings that will include a community catering kitchen.
As a permanent supportive housing development, residents will be connected to a wide range of services from community resources in Hidalgo, Grant and Luna counties provided by Supporting People In Need (SPIN). All services will be voluntary, and residents will not be charged for any of the services.
In 2021, MFA provided $88 million in funding through tax credit awards and an additional $18 million in grants, loans and bonds to create just over 1,000 rental apartments and single-family homes that were constructed or rehabilitated.
For more information about MFA, visit: housingnm.org.