Community Preservation Partners(CCP) will soon begin renovation work on its New Mexico housing communities project, which consists of 218 units spread across four family apartment buildings and two senior properties. These properties were purchased by the multifamily development company for $7.3 million with a 4 percent tax credit equity investment of $8 million.
New Mexico housing communities project to provide affordable housing for another 35 years
These renovations will be carried out on six buildings spread across different regions in New Mexico, which include Las Vegas, the location of North Star Apartments and San Miguel Senior Apartments; Portales, the location of Ruth Visage Senior Apartments; Artesia, the location of Penasco Apartments; Belen, the location of Westside Apartments; and Ruidoso Downs, the location of Inspiration Heights Apartments. This New Mexico housing communities project is intended to provide affordable housing for people earning less than 60% of the area median income, over the next 35 years.
Expenses for New Mexico housing communities renovations are estimated at $32,000 per unit and CPP will oversee this housing project which will involve the installation of Energy Star and low-flow appliances; along with other energy efficient improvements such as new windows, interior/exterior lighting, HVAC systems, and fully upgraded kitchens and appliances. Exterior upgrades will cover weatherproofing improvements, addition of new outdoor playgrounds and gathering areas, metal staircases and paint, as well as upgrades for transit accessibility, which include the provision of ramps and paths of travel that comply with the Americans with Disabilities Act. The Developers expect these renovations to start in January and be completed August 2022.
CCP New Mexico housing funding
The VP of development for CCP, Karen Buckland, mentioned that the company worked with the New Mexico Mortgage Finance Authority to secure the bonds and tax credits to fund the New Mexico housing communities project. Buckland said this enabled the company to obtain $8 million in tax credit equity to carry out the necessary rehabilitation at these sites. She also said, “The state agency is really easy to work with on getting approvals. Now that we’ve spent some there, we’ve got a better understanding of their expectations and needs.”