The Rio Rancho community is celebrating the grand opening of two new affordable housing developments for seniors.
The Felician Villa I and Felician Villa II apartments officially opened this month, offering 132 affordable housing units for seniors aged 55 and older, with a preference given to active and retired military members.
Felician Villa, located at 1301 Stephanie Rd SE, features both one- and two-bedroom apartments, along with a range of amenities. Residents will have access to a community room with a television lounge, library, kitchen, computer center, exercise room, and laundry facilities. Outdoor amenities include bicycle racks, garden areas, walking paths, and a meditation garden.
“This new development will be great for seniors, many of whom are active or retired members of the military,” said Isidoro Hernandez, Executive Director/CEO of Housing New Mexico. “We are proud to partner with Chelsea Investment Corporation and CC Housing, Inc. to bring this new affordable housing community to Rio Rancho.”
Funding for the project came from various sources.
According to Housing New Mexico, Felician Villa I, which includes 66 apartments, received a $1 million HOME Community Housing Development Organization loan, a $400,000 National Housing Trust Fund loan, approximately $1.2 million annually in 9% Low-Income Housing Tax Credits (projected to generate $10.7 million in cash equity over 10 years), and $2.8 million in New Mexico State and Local Fiscal Recovery Funds. Felician Villa II, also with 66 apartments, received a $1 million HOME loan, a $400,000 National Housing Trust Fund loan, and approximately $1.6 million annually in 9% Low-Income Housing Tax Credits (projected to generate $13.7 million in cash equity over 10 years).
The apartments will be income restricted. Twelve units are designated for households earning 30% or less of the Area Median Income (AMI), 59 units for households earning 50% or less of the AMI, and 59 units for households earning 60% or less of the AMI. In Sandoval County, 30% of the AMI is $19,200 for a one-person household and $21,960 for a two-person household; 50% of the AMI is $32,000 and $36,600 respectively; and 60% of the AMI is $38,400 and $43,920 respectively.
Chelsea Investment Corporation developed both Felician Villa I and II, with CC Housing, Inc. partnering on Felician Villa I. These projects are part of 51 active multifamily projects by Housing New Mexico across the state, representing approximately $370.3 million in funding for 4,882 apartment units in 19 municipalities and 14 counties. The economic impact of all 51 projects is estimated to generate approximately $1.29 billion in local income and create approximately 15,769 jobs.
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