SOCORRO, N.M. – Housing New Mexico representatives attended the grand opening ceremony for Vista de Socorro Apartments today celebrating another affordable housing community in the state.
Vista de Socorro is a new 32-unit affordable multifamily rental community with seven units reserved for households experiencing homelessness, or are at risk of homelessness, or have a disability.
“Vista de Socorro provides a much-needed opportunity for some of the most vulnerable people in our state, and Housing New Mexico is proud to provide funding for this development,” said Housing New Mexico Executive Director/CEO Isidoro Hernandez. “We are appreciative of the JL Gray Company, El Camino Real Housing Authority, Socorro County and Governor Michelle Lujan Grisham for helping make this community a reality.”
The Housing New Mexico Board of Directors approved the following funding sources for the development:
- $400,000 in HOME funds
- $400,000 in National Housing Trust Funds
- $2 million in New Mexico Housing Trust Funds
- $1 million in Tax Credit Assistance Program funds
- Approximately $768,000 in federal 9% Low-Income Housing Tax Credits annually, which over a 10-year period, are expected to produce approximately $5.7 million in cash equity
El Camino Real Housing Authority received $4.5 million in funding from Gov. Lujan Grisham’s Casa Connection Grant Program for this property. The developer – JL Gray Company – hosted the grand opening ceremony.
Vista de Socorro Apartments is a low-income, permanent supportive housing property serving residents whose income is from 30% to 60% of Area Median Income (AMI). For example, in Socorro County:
- 30% of the AMI for a one-person household is $14,460 and for a two-person household is $16,530
- 60% of the AMI for a one-person household is $28,920 and for a two-person household is $33,060
This community 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.