LOS ALAMOS, NEW MEXICO, – September 27, 2013 – (RealEstateRama) — One of Los Alamos, New Mexico’s low-income housing communities has reopened following extensive renovations.
Mesa Del Norte was originally constructed in 1996 as a 36-unit apartment community available to families with incomes less than 60 percent of the area’s median income level. It consists of four, two-story 8- and 12-plex buildings with units ranging from one to three bedrooms. The property has consistently maintained full or near full occupancy levels, but the renovations were necessary to keep it competitive in the area’s affordable housing market.
Property enhancements include a new playground, outdoor seating area, retention pond, computer learning center, and new landscaping and sidewalks. The freestanding community center was also upgraded to include an office for a social services coordinator, additional maintenance space, meeting space for residents, and a leasing office. Improvements to the units included the addition of central air conditioning, as well as new flooring, cabinetry, fixtures, windows, and doors.
“We are very excited to have reopened the doors of Mesa Del Norte,” said Chris Baca, president and chief executive officer at YES Housing, Inc. “It has always been a reputable affordable housing community, but the latest improvements now make it one of the more desirable affordable housing communities in our city. We even had some money left over in our contingency budget, so we were able to further enhance the community landscape and gardens. It truly is a beautiful property.”
The renovations to Mesa Del Norte were funded in part by a $252,000 Affordable Housing Program (AHP) grant from Los Alamos National Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) in 2012. The AHP grant assisted with the necessary renovations to restore the aging property and upgrade unit and community amenities.
AHP grants are awarded through FHLB Dallas member financial institutions, such as Los Alamos National Bank, to assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households. In 2013, FHLB Dallas awarded $11.3 million in AHP funding to 36 projects across its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. The funding will help create 1,654 new or rehabilitated housing units.
“It is wonderful to see this project through to completion,” said Anne Kain, cashier and vice president at Los Alamos National Bank. “YES Housing, Inc. has done a beautiful job in restoring the dated apartments into a vibrant and exciting housing community. The new Mesa Del Norte has enhanced the neighborhood and improved the city’s affordable housing options.”
Mesa Del Norte is currently at 70 percent occupancy, and is leasing available units to qualified residents.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $32.7 billion as of June 30, 2013, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.
Federal Home Loan Bank of Dallas