Deming farmworker housing project wins state tax credit award
Housing New Mexico approved tax credits for a 53-unit Deming farmworker housing project and a loan tied to Montana Meadows in Las Cruces.
Desert Sun III is planned as a 53-unit development for farmworker households, while a separate state loan will support acquisition and rehabilitation work tied to Montana Meadows in Las Cruces.
Organ Mountain News report
ALBUQUERQUE - A planned 53-unit farmworker housing development in Deming is among five affordable housing projects approved for Low-Income Housing Tax Credits by Housing New Mexico.
The Housing New Mexico Board of Directors approved about $7.1 million in annual tax credits for five developments at its May meeting, along with $16.3 million in loans to seven housing developments. The tax credits are expected to generate more than $56 million in equity, according to the agency.
Desert Sun III in Deming was approved for about $1.39 million in annual tax credits, which are expected to generate about $11.1 million in cash equity over 10 years.
The project is planned as new construction primarily serving farmworker households, including households with children. Housing New Mexico said Desert Sun III will include one-, two- and three-bedroom units, along with a playground, picnic area, office space and computer room.
“These Low-Income Housing Tax Credits will result in 194 new homes and 39 rehabilitated homes for New Mexicans,” Housing New Mexico Executive Director and CEO Isidoro Hernandez said in a news release. “Thanks to our partners – the developers and nonprofits – we are able to provide more affordable housing from Deming to Albuquerque, from Taos to Bernalillo and to the Pueblo of Laguna with this round of LIHTC approvals by our board of directors.”
Organ Mountain News
Desert Sun III also received loan approvals totaling $3.9 million, including a $3 million New Mexico Housing Trust Fund loan, a $500,000 HOME loan and a $400,000 National Trust Fund loan.
The board also approved a $3 million New Mexico Housing Trust Fund loan for acquisition and rehabilitation work at Montana Meadows in Las Cruces and Wildewood in Roswell.
Other tax-credit awards went to Edward Romero Terrace II in Albuquerque, Este Es Otoño in Taos, Laguna #5 at the Pueblo of Laguna and Niko Commons in Bernalillo.
The Low-Income Housing Tax Credit program is administered by the Internal Revenue Service and allows state allocating agencies, including Housing New Mexico, to issue tax credits for the acquisition, rehabilitation or construction of rental housing for lower-income households.
Housing New Mexico said the five newly approved tax-credit developments will join 53 other multifamily developments in various stages of construction statewide, representing more than $413 million in funding for 5,140 apartment units in 19 municipalities and 14 counties.
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