RUIDOSO, N.M. – Housing New Mexico representatives attended the Elk Meadows Apartments groundbreaking ceremony in Ruidoso Friday, July 18, celebrating another affordable housing community in New Mexico.
Housing New Mexico Executive Director/CEO Isidoro Hernandez provided remarks at the ceremony, which was hosted by the developer, Enriched Communities, LLC.
“The people of Ruidoso are in need of affordable workforce housing, and Housing New Mexico is proud to provide funding for this development,” said Hernandez. “With partners like Enriched Communities and New Mexico Housing and Community Development Corporation, we will continue to work toward our vision that all New Mexicans will have quality affordable housing opportunities.”
The Housing New Mexico Board of Directors approved the following funding sources for Elk Meadows Apartments:
- $400,000 National Housing Trust Fund loan
- $2 million HOME loan
- $2.49 million New Mexico Housing Trust Fund loan
- $1 million in New Mexico Affordable Housing Tax Credits
- Approximately $1.5 million in 9% Low-Income Housing Tax Credits (LIHTC) annually, which – over a 10-year period – are expected to produce approximately $12.7 million in cash equity
Elk Meadows, a 72-unit affordable and workforce housing community, represents a major step forward in retaining working families and supporting the Village of Ruidoso’s local economy. Designed to meet the urgent need for housing among teachers, service workers and families with children, Elk Meadows will offer high-quality homes for residents earning between 30% and 60% of Area Median Income, along with some market-rate units.
“Elk Meadows is exactly the kind of project that helps communities thrive, and we are especially grateful to Housing New Mexico for its staff’s expertise and partnership every step of the way,” said Colin Kruger of Enriched Communities, LLC. “The $22 million development was made possible by the leadership of Housing New Mexico, whose team played a vital role in navigating a highly complex financing process, including a 9% LIHTC award and compliance with Build America Buy America requirements.”
The development will offer one-bedroom, two-bedroom and three-bedroom apartments. Of the 72 apartments, 61 will be affordable housing units, and 11 are market rate. Amenities include large windows to maximize natural light, a playground, community spaces and a walking path.
The 61 apartments will be income restricted as follows:
- 4 units for households earning 30% or less of the Area Median Income (AMI)
- 20 units for households earning 50% or less of the AMI
- 37 units for households earning 60% or less of the AMI
For example, in Lincoln County:
- 30% of the AMI is $18,120 for a two-person household and $20,370 for a three-person household
- 50% of the AMI is $30,200 for a two-person household and $33,950 for a three-person household
- 60% of the AMI is $36,240 for a two-person household and $40,740 for a three-person household
Elk Meadows is one of 51 multifamily active projects Housing New Mexico has in various stages of construction across the state representing approximately $370.3 million in funding for 4,882 apartment units located in 19 municipalities in 14 counties. The eventual economic impact of all 51 projects once under construction is estimated to generate approximately $1.29 billion in local income and create approximately 15,769 jobs.
To learn about Housing New Mexico’s funding opportunities for developers, visit housingnm.org/developers. To learn more about Elk Meadows, visit https://elkmeadowsapartments.com/.