PUEBLO OF LAGUNA, N.M. – In an area the Pueblo of Laguna has identified as the K’awaika Center Master Plan, which promotes specific concerted revitalization activities, the newly developed East Paraje Apartments will be home to 20 families. Hosted by the Laguna Housing Development and Management Enterprise, New Mexico Mortgage Finance Authority (MFA) officials attended the grand opening ceremony for the apartments on July 17.
East Paraje is a new development of 20 affordable apartments, with 25% of the homes being targeted toward families with children. MFA awarded the community approximately $9.3 million in federal Low-Income Housing Tax Credits, over a 10-year period, which are expected to produce approximately $7.8 million in cash equity for the project.
MFA Director of Housing Development George Maestas expressed the importance of partnerships while speaking at the grand opening.
“This development presents an opportunity for many families to enjoy new, safe and affordable homes, and we are pleased to be a part of this collaborative effort,” said Maestas. “Along with many of our partners – like the Laguna Housing Development and Management Enterprise – MFA will continue to help create affordable housing opportunities for New Mexicans across the state.”
The total development cost of the project is approximately $11.6 million, and MFA is contributing approximately 68% of the financing for the development through the equity generated from the tax credits over a 10-year period. The Laguna Pueblo is providing a soft loan for the project, in the amount of approximately $3.8 million that is repayable over 45 years.
The East Paraje community consists of three buildings, 12 two-bedroom apartments, 8 three-bedroom apartments and features the following:
- Modern, pueblo-inspired design that will also mitigate excessive noise
- Energy efficient design, including a well-insulated and sealed building envelope, Energy Star-rated doors, windows and lights, and low-flow water fixtures and faucets
- A basketball court
- Accessible playground areas for children under 5 and children 5-to-12 years old
- Attached 1,308-square foot community building with space for supportive services and gatherings
Support services will be held on-site at no charge to tenants and will include health and nutrition classes, health screenings, computer trainings, tutoring, youth character building and financial literacy.
“We are excited for the project to be completed,” said Jamie B. Navenma, Laguna Housing Development and Management Enterprise Executive Director. “These units are the first to be developed in about 20 years here at the Pueblo of Laguna. We look forward to moving families into the units and for them to create a safe place for their loved ones. Culture is still a big part of the Pueblo and for the families, we want them to integrate their traditional values and culture into their homes. We are grateful for the support and encouragement that the LHDME Board, Tribal Council and Pueblo Administration have given us and for the partnerships that have been developed and helped us to complete this project for the benefit of the tribal members here.”
The East Paraje community is one of 52 active multifamily developments in 27 municipalities in 18 counties that MFA has in various stages of construction across the state, representing approximately $331 million in combined funding and consisting of 4,489 apartment units. The eventual economic impact of all 52 projects once under construction is estimated to be approximately $525 million in local income and estimated to create approximately 7,182 jobs.
For more information about MFA funding opportunities for developers, please visit housingnm.org/developers.