The amount of affordable housing in the state’s capital city will be getting a big boost.Earlier this month, ground was broken for the Turquoise Trail affordable housing community on Route 14 south of Interstate 25, a 312-apartment complex planned by Dominium Development LLC and being built by the Weir Building Company of Fenton, Minnesota.The development will consist of 13 three-story buildings will have 120 two-bedroom apartments, 132 three-bedroom apartments and 60 four-bedroom apartments, with 300 reserved for households earning no more than 60 percent of the area’s median income and two for families earning up to 50 percent of that amount.There will also be a clubhouse, fitness center, playground, and grilling and lounge areas accessible to all residents.Funding for the project includes a $2 million loan from the New Mexico Housing Trust Fund, a $2 million HOME loan, and approximately $6.9 million of 4% low-income housing tax credits annually that are expected to geberate $57.7 million on cash equity.”This is a much-needed development in Santa Fe, and many families will benefit from this affordable housing opportunity,” said Jeff Payne, chief lending officer for Housing New Mexico.Other development partners include Freddie Mac, PNC Bank, Deutsche Bank, Collier Securities, New Mexico Mortgage Finance Authority, and Santa Fe County.”This is a collaborative effort,” said Ron Mehl, Dominium senior vice president and project partner. “We are thankful for all our partners in this process who have worked tirelessly to bring more housing options to the Santa Fe community.”A date for completion of the project has not been announced.
The amount of affordable housing in the state’s capital city will be getting a big boost.
Earlier this month, ground was broken for the Turquoise Trail affordable housing community on Route 14 south of Interstate 25, a 312-apartment complex planned by Dominium Development LLC and being built by the Weir Building Company of Fenton, Minnesota.
The development will consist of 13 three-story buildings will have 120 two-bedroom apartments, 132 three-bedroom apartments and 60 four-bedroom apartments, with 300 reserved for households earning no more than 60 percent of the area’s median income and two for families earning up to 50 percent of that amount.
There will also be a clubhouse, fitness center, playground, and grilling and lounge areas accessible to all residents.
Funding for the project includes a $2 million loan from the New Mexico Housing Trust Fund, a $2 million HOME loan, and approximately $6.9 million of 4% low-income housing tax credits annually that are expected to geberate $57.7 million on cash equity.
“This is a much-needed development in Santa Fe, and many families will benefit from this affordable housing opportunity,” said Jeff Payne, chief lending officer for Housing New Mexico.
Other development partners include Freddie Mac, PNC Bank, Deutsche Bank, Collier Securities, New Mexico Mortgage Finance Authority, and Santa Fe County.
“This is a collaborative effort,” said Ron Mehl, Dominium senior vice president and project partner. “We are thankful for all our partners in this process who have worked tirelessly to bring more housing options to the Santa Fe community.”
A date for completion of the project has not been announced.
