The Housing New Mexico Board of Directors approved over $7 million in Low-Income Housing Tax Credits (LIHTC) for five housing developments and $16.3 million in loans to seven housing developments at its May meeting. The equity generated by the tax credits will total over $56 million.

The board approved approximately $7.1 million in tax credits to the developments as follows:

  • Desert Sun III in Deming (approximately $1.39 million in tax credits annually, which – over a 10-year period – are expected to produce approximately $11.1 million in cash equity). This is a new construction of a 53-unit development primarily serving farmworker households, including households with children. Desert Sun III will consist of one-, two- and three-bedroom units and will feature a playground, picnic area, office space and a computer room.
  • Edward Romero Terrace II in Albuquerque (approximately $1.45 million in tax credits annually, which – over a 10-year period – are expected to produce approximately $12.4 million in cash equity).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 (approximately $1.41 million in tax credits annually, which – over a 10-year period – are expected to produce approximately $11 million in cash equity). This is a new construction of a 35-unit development for senior households age 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 (approximately $1.24 million in tax credits annually, which – over a 10-year period – are expected to produce approximately $9.2 million in cash equity). 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.
  • Niko Commons in Bernalillo (approximately $1.6 million in tax credits annually, which – over a 10-year period – are expected to produce approximately $13 million in cash equity). This is a new construction of a 55-unit development targeting families with children. 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, multipurpose grass area and playgrounds.

The board approved a total of $16.3 million in loans for the developments as follows:

  • Desert Sun III
    • $3 million New Mexico Housing Trust Fund loan
    • $500,000 HOME loan
    • $400,000 National Trust Fund loan
  • Edward Romero Terrace II
    • $3 million New Mexico Housing Trust Fund loan
  • Este Es Otoño
    • $2 million New Mexico Housing Trust Fund loan
    • $500,000 HOME loan
  • Niko Commons
    • $3 million New Mexico Housing Trust Fund loan
    • $500,000 HOME loan
    • $400,000 National Trust Fund loan

The board also approved a $3 million New Mexico Housing Trust Fund loan for the acquisition and rehabilitation of Montana Meadows in Las Cruces and Wildewood in Roswell.