West Berry Senior Apartments Break Ground
West Berry Senior Apartments Break Ground
The New Mexico Mortgage Finance Authority continues to help alleviate housing shortage
HOBBS, NM — The West Berry Senior Apartments, an affordable housing development supported in large part by The New Mexico Mortgage Finance Authorities (MFA), broke ground earlier this month. The project will create 56 units in Hobbs, NM, for low-income seniors.
Affordable, specialized housing is a needed resource in the state of New Mexico. The MFA programs help support the development of affordable housing units by incentivizing construction for developers. MFA funding sources that support the West Berry development include our competitive Low Income Housing Tax Credit (LIHTC) program, the HOME Investment Partnership Program, the NM Housing Trust Fund (NMHTF), Community Development Block Grant (CDBG-CV) funding and an Aging and Long-Term Services (ALTS) grant.
“The West Berry development will provide needed housing for seniors in the Hobbs area,” said Executive Director/CEO Isidoro Hernandez. “MFA is proud to be a supporter of this development, continuing our mission to provide quality, affordable housing to all New Mexicans.”
The breakdown of funding sources from MFA is as follows:
- LIHTC: $10,901,430 ($1,090,143 annually for 10 years)
- HOME: $840,000
- NMHTF: $1,000,000
- CDBG-CV: $370,589
- ALTS: $2,000,000
The new development will create 44 one-bedroom and 12 two-bedroom units, all serving seniors (age 55+). Fourteen of the units are income restricted to households earning 50% or less of Area Median Income (AMI) and 42 of the units are income-restricted to households earning 60% or less of AMI. West Berry is designed with the unique needs of seniors in mind. The development will feature laundry facilities, a social services provider’s office, a computer lab, a fitness area and a kitchen which opens into a large open communal lounge area.
Learn more about our competitive development programs here.