Housing NM Board of Directors approves $3.3 million for La Serena Apartments from New Mexico Housing Trust Fund and other funding sources
- Housing New Mexico
- Oct 23, 2023
- 1 min read
Housing New Mexico
October 23, 2023
ALBUQUERQUE, N.M. – The Housing NM Board of Directors approved $3.3 million in funding at its September meeting for the new construction of La Serena Apartments, an affordable senior housing community in northwest Albuquerque for individuals aged 55 and older. The project will be funded in part through loans from the New Mexico Housing Trust Fund ($1 million), the National Housing Trust Fund ($1.5 million) and HOME ($800,000), which is a federally funded program under Housing and Urban Development.
Housing NM has also allocated funding for this project from the federal Low-Income Housing Tax Credit program in the amount of nearly $14.9 million in tax credits over a 10-year period. The total development cost of the project is just over $31 million, meaning Housing NM is contributing approximately 53% of the financing for the development.
La Serena Apartments – a Supportive Housing Coalition of New Mexico-Thomas Development partnership – will consist of 100 units of multifamily affordable housing for seniors, including 60 one-bedroom apartment units and 40 two-bedroom apartment units, as well as:
Washers and dryers in each unit
Elevator
Fitness room
Business center
Meeting room for support services or other counseling services
The building will also feature a dog park, raised community gardens, a fenced perimeter with a security gate, private decks, patios and outdoor locking storage. The project will be consistent with Enterprise Green Building Standards...
Comments