LOS LUNAS, N.M. – A groundbreaking ceremony for Plaza Luna Lofts was held in Los Lunas Thursday, demonstrating another collaboration resulting in an affordable housing opportunity for New Mexicans. The new development serving seniors aged 55 years and older will consist of 57 units, including 46 one-bedroom units and 11 two-bedroom units.
Housing New Mexico Chief Lending Officer Jeff Payne provided remarks at the ceremony.
“It’s great to see a new affordable housing development in Los Lunas,” said Payne. “Housing New Mexico is proud to have provided funding for Plaza Luna Lofts, which will be a welcoming community many people will call home.”
The development will use the following funding sources approved by the Housing New Mexico Board of Directors:
- Approximately $1.7 million in 9% Low-Income Housing Tax Credits annually, which – over a 10-year period – are expected to produce approximately $13.4 million in cash equity.
- $3 million New Mexico Housing Trust Fund Loan
Plaza Luna Lofts will serve seniors aged 55 years and older and will be income-restricted as follows:
- Five units for households earning 80% or less of the Area Median Income (AMI)
- Nine units for households earning 70% or less of the AMI
- Seven units for households earning 60% or less of the AMI
- 27 units for households earning 50% or less of the AMI
- Six units for households earning 40% or less of the AMI
- Three units for households earning 30% or less of the AMI
For example, for a two-person household in Los Lunas:
- 80% of the AMI is $64,250
- 70% of the AMI is $56,280
- 60% of the AMI is $48,240
- 50% of the AMI is $40,200
- 40% of the AMI is $32,160
- 30% of the AMI is $24,120
Amenities will include a community building, pergolas, a laundry facility, a gym and a covered picnic area. Prioritizing sustainability and efficiency in the design, the property will feature low-flow plumbing fixtures and drought-resistant xeriscaping.
The property will be co-developed by Spire Development, Inc. and the non-profit corporation New Life Homes, Inc.
Plaza Luna Lofts is one of 53 active multifamily developments that Housing New Mexico has in various stages of construction across the state, representing over $413 million in funding for 5,140 apartment units located in 19 municipalities in 14 counties. The eventual economic impact of all 53 projects once under construction is estimated to generate approximately $1.35 billion in local income and create approximately 16,602 jobs.
To learn about all of Housing New Mexico’s funding opportunities for developers, visit housingnm.org/developers.