Housing New Mexico Celebrates Vista de Socorro Apartments Grand Opening Ceremony in Socorro Thursday
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.
Housing New Mexico, otherwise known as New Mexico Mortgage Finance Authority (MFA), was created in 1975 by the New Mexico State Legislature to provide quality affordable housing opportunities for all New Mexico residents. As the state’s housing authority, New Mexico Mortgage Finance Authority/Housing New Mexico uses housing bonds, tax credits and other federal, state and private resources to fund more than 40 housing programs. In addition to funding the construction and rehabilitation of affordable housing and rental properties, Housing New Mexico’s programs include down payment assistance, homelessness prevention and emergency shelter, weatherization services, rental assistance and housing for people with special needs which have provided over 505,000 families with affordable housing and services since its inception.
To learn more about Housing New Mexico, visit housingnm.org.
