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Board allocates $14.13M private activity bond cap to preserve 140 senior affordable units in Las Cruces and Roswell
Summary
The board granted Housing New Mexico a $14,129,723 private activity bond cap allocation Feb. 17 to preserve and rehabilitate Montana Meadows (Las Cruces) and Wildewood (Roswell), including a relocation plan and HUD subsidy protections to limit resident rent burdens.
The New Mexico State Board of Finance on Feb. 17 approved a private activity bond cap allocation of $14,129,723 to support two senior affordable housing preservation projects: Montana Meadows in Las Cruces (80 units) and Wildewood Apartments in Roswell (60 units).
Housing New Mexico representatives said the projects will preserve 140 units that serve seniors and people with disabilities earning no more than 60% of area median income. The developments, built in 1978 and 1979, will undergo substantial rehabilitation to address aging roofs, HVAC, plumbing, electrical panels and sewer lines; total development cost is roughly $28 million. Housing NM is requesting $3 million from the Housing Trust Fund and the developer will defer a $1,663,839 fee.
Jacobo Martinez explained relocation protections for residents during rehabilitation: residents will receive 90-, 30- and 7-day notices; a third-party relocation specialist will be hired; and moving, storage, transportation and temporary housing costs will be fully covered. Martinez said onsite temporary relocation will be prioritized for residents with special needs and that HUD rent subsidies will keep resident payments at no more than 30% of adjusted income.
Housing NM Executive Director Isidoro Hernandez said the allocation would add to Housing NM’s pipeline of 53 developments across 14 counties and estimated the projects’ economic impact at $1.14 billion for the larger pipeline. Treasurer Laura Montoya moved for approval; Member Wendy Trevisani seconded and the board approved the allocation unanimously.
