Heinrich Announces $7.8 Million in Affordable Housing Funding For Albuquerque Through Recovery Act
WASHINGTON, D.C. – October 26, 2009 – (RealEstateRama) — U.S. Representative Martin Heinrich (NM-1) announced today that the New Mexico Mortgage Finance Authority (NMMFA) is receiving more than $7.8 million to support construction of housing for low-income families in Albuquerque through the American Recovery and Reinvestment Act of 2009. The money from the U.S. Department of the Treasury will go toward the construction of Artisan at Sawmill Village, an affordable 60-unit, green housing complex in the heart of Albuquerque’s Old Town. Sixteen of the units will be set aside for tenants with special needs, including those with physical disabilities, individuals transitioning out of homelessness, and people with behavioral health issues. The project is expected to create 154 jobs.
“The Sawmill community continues to be a laudable neighborhood model for combining affordable housing and economic development,” said Heinrich. “At a time when too many families are struggling to stay afloat, this money from the Recovery Act will help put a roof over their heads and creates jobs in Albuquerque.”
The awarded funds are part of the Tax Credit Exchange Program, which is administered by the Treasury Department and is designed to help stalled Low Income Housing Tax Credit (LIHTC) programs move forward to completion. The funds allow states to exchange up to 40 percent of their 2009 LIHTC allocation (plus any remaining 2008 allocations) for cash grants from the Treasury Department.
“Right now, the need for affordable housing in New Mexico is absolutely critical,” said New Mexico Lieutenant Governor Diane Denish, chairwoman of the NMMFA board or directors. “The Tax Credit Exchange Program is a critical part of making quality, safe housing available to the people of New Mexico.”
On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act of 2009 (Public Law 111-5). The purpose of the Recovery Act is to preserve and create jobs and promote economic recovery in the near term and to invest in infrastructure that will provide long-term economic benefits.
