Five developments have been selected to receive more than $7 million in low-income housing tax credits (LIHTCs) by the Housing New Mexico board of directors.
“These low-income housing tax credits will result in 194 new homes and 39 rehabilitated homes for New Mexicans,” said Housing New Mexico executive director and CEO Isidoro Hernandez. “Thanks to our partners—the developers and nonprofits—we are able to provide more affordable housing from Deming to Albuquerque, from Taos to Bernalillo, and to the Pueblo of Laguna with this round of LIHTC approvals by our board of directors.”
The selected projects are:
- Desert Sun III in Deming will receive approximately $1.39 million in tax credits annually. The 53-unit new construction development will primarily serve farmworker households, including households with children. Desert Sun III will include one-, two-, and three-bedroom units and will feature a playground, a picnic area, an office space, and a computer room;
- Edward Romero Terrace II in Albuquerque will receive approximately $1.45 million in tax credits annually. This is a new construction of a 51-unit development serving seniors. Edward Romero Terrace II will consist of one- and two-bedrooms units and will feature elevator service, a community room with a kitchen, a wellness office, and laundry centers;
- Este Es Otoño in Taos will receive approximately $1.41 million in tax credits annually. This is a new construction of a 35-unit development for households 55 and older with a preference for veterans. Este Es Otoño will consist of one- and two-bedroom units;
- Laguna #5 at the Pueblo of Laguna will receive approximately $1.24 million in tax credits annually. This is an acquisition/rehabilitation project for 39 two-, three-, and four-bedroom homes serving households with children. The homes will receive rooftop and HVAC system upgrades to become more energy efficient; and
- Niko Commons in Bernalillo will receive approximately $1.6 million in tax credits annually. This is a new construction of a 55-unit development targeting families. Niko Commons will consist of one-, two-, and three-bedroom units and will feature a large community space with a kitchenette to serve as a central location for the provision of social services to residents, a laundry room, a multipurpose grass area, and playgrounds.
Housing New Mexico officials also approved $16.3 million in loans to seven housing developments.
More information is available here.