FHLB Dallas Provides $500K in Grant Funds for Rehab of New Mexico Affordable Senior Apartments

FHLB Dallas Provides $500K in Grant Funds for Rehab of New Mexico Affordable Senior Apartments

SANTA FE, NM - A $500,000 Affordable Housing Program (AHP) grant from New Mexico Bank & Trust and the Federal Home Loan Bank of Dallas (FHLB Dallas) will help fund a $15 million renovation project at Pasa Tiempo, a 121-unit apartment community in Santa Fe, New Mexico, for senior citizens.

Pasa Tiempo (Spanish for “pass the time”) will receive significant upgrades, thanks in part to the grant. The renovation project will include new energy-efficient heating and cooling systems, kitchens and bathrooms. Additional upgrades will include new fixtures, trim and doors.

The grant was awarded to Santa Fe Civic Housing Authority (SFCHA), a community-based organization that is spearheading the project. This grant is one of three AHP grants awarded to SFCHA. Last year, the organization was awarded a $500,000 AHP grant for Villa Hermosa, another apartment community for seniors, as well as Village in the Bosque in nearby Bernalillo, New Mexico.

“The upgrades will allow the senior residents to age in place more comfortably,” said SFCHA Executive Director Ed Romero. “Without the AHP grant, this project would not have been possible.”

Pasa Tiempo is comprised of six courtyard buildings containing 115 one-bedroom and six two-bedroom units. The project will be constructed in accordance with Leadership in Energy and Environmental Design (LEED) green building standards and will also feature a rooftop photovoltaic system, which will use the sun to generate some of the building’s energy.

Rehabilitation will begin in May 2017 and will be completed in early 2019.

“New Mexico Bank & Trust is proud to facilitate projects that help the senior community,” said New Mexico Bank & Trust Regional President Max Myers. “Through our partnership with FHLB Dallas, we are able to make Santa Fe a better place to live for seniors.”

FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions, like New Mexico Bank & Trust. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly and special-needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.

“The AHP provides valuable gap funding so projects such as Pasa Tiempo can be completed,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “Thanks to our partnership with New Mexico Bank & Trust, the residents of Pasa Tiempo will enjoy a higher quality of life.”

Source: FHLB Dallas / #Affordable #Housing

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