Friday, July 10, 2009
New Mexico Gets Housing Stimulus Funds
By Journal Staff Report
More than $38 million in federal stimulus money will go toward affordable housing projects in New Mexico, the Treasury Department is to announce today.
The funding is part of $486 million being awarded in American Recovery and Reinvestment Act money intended to "spur the development of affordable housing units" in 11 states and the Virgin Islands, according to a department news release.
The $38,250,000 awarded to the New Mexico Mortgage Finance Authority is part of the fourth round in a series of awards based on a rolling application process, the Treasury Department said.
Several developers have applied to the New Mexico Finance Authority for funding to help with their stalled projects.
They include the construction of about 155 new units in three locations in Albuquerque and Santa Fe. The housing would be made available to seniors, people transitioning from homelessness, and people with physical and mental disabilities. These projects would create an estimated 335 construction jobs.
The applications also include the acquisition or rehabilitation of about 25 units, and construction of about 130 new units for families in Anthony and Hatch in southern New Mexico. These projects would create an estimated 330 jobs.
These were projects that originally received tax credits but were not able to move forward due to the tightening in the financial markets.