RIO RANCHO, N.M. – The Rio Rancho community welcomed its most recent affordable housing development with the grand opening ceremony for Felician Villa I and Felician Villa II apartments Tuesday, June 3. The Felician Villa community offers 132 new apartments for seniors 55 years-of-age and older with a preference to active and retired military members.
One- and two-bedroom apartments will be available, and amenities include a community room with a television lounge area, library, kitchen, computer center, an exercise room and a laundry room. Outdoor features include bicycle racks, garden areas, walking paths and a meditation garden.
Housing New Mexico Executive Director/CEO Isidoro Hernandez provided remarks at the ceremony.
“This new development will be great for seniors, many of whom are active or retired members of the military,” said Hernandez. “We are proud to partner with Chelsea Investment Corporation and CC Housing, Inc. to bring this new affordable housing community to Rio Rancho.”
The Housing New Mexico Board of Directors approved the following funding sources for Felician Villa I (Phase I), which included 66 apartments:
- a $1 million HOME Community Housing Development Organization loan
- a $400,000 National Housing Trust Fund loan
- Approximately $1.2 million in 9% Low-Income Housing Tax Credits annually, which – over a 10-year period – are expected to produce approximately $10.7 million in cash equity
- $2.8 million in New Mexico State and Local Fiscal Recovery Funds
The Housing New Mexico Board of Directors approved the following funding sources for Felician Villa II (Phase II), which also included 66 apartments:
- a $1 million HOME Community Housing Development Organization loan
- a $400,000 National Housing Trust Fund loan
- Approximately $1.6 million in 9% Low-Income Housing Tax Credits annually, which – over a 10-year period – are expected to produce approximately $13.7 million in cash equity
The apartments will be income restricted as follows:
- 12 units for households earning 30% or less of the Area Median Income (AMI)
- 59 units for households earning 50% or less of the AMI
- 59 units for households earning 60% or less of the AMI
For example, in Sandoval County:
- 30% of the AMI is $19,200 for a one-person household and $21,960 for a two-person household
- 50% of the AMI is $32,000 for a one-person household and $36,600 for a two-person household
- 60% of the AMI is $38,400 for a one-person household and $43,920 for a two-person household
Felician Villa I and Felician Villa II will each have one apartment set aside for management. Chelsea Investment Corporation developed both communities, and CC Housing, Inc. was a partner in the development of Felician Villa (Phase I).
Felician Villa I and Felician Villa II are two 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.