New Housing Communities Project in New Mexico Starting Soon
An organization called Community Preservation Partners is soon going to start on a renovation project in New Mexico. The idea is to bring up and create housing communities across the state. Over 220 units are supposed to be finished and ready for new owners.
These units are spread across two senior apartment complexes and four apartment buildings mainly designed for families. The company bought off all these units for over $7 million. That’s excellent news for the whole of New Mexico, especially for seniors and young people who need cheap housing.
It’s a big project that could potentially help many people secure a roof over their heads. Let’s see what the whole project is about, who will benefit from it, and where the renovations will be done.
The Project Is Supposed to Give Affordable Housing for the Next 3 Decades
The scope of the projects involves renovations of six residential buildings located in New Mexico. Their exact locations are:
- Las Vegas: San Miguel Senior Apartments and North Star Apartments
- Portales: Ruth Visage Senior Apartments
- Artesia: near Penasco Apartments
- Belen: along with Westside Apartments
- Ruidoso Downs: Inspiration Heights Apartments
The whole project is intended to help give the residents affordable housing. More specifically, the focus is on people who earn 60% or less of the current median income in the area. The goal is to secure these people with housing for the next three decades along with affordable mortgages.
In fact, given the demographics of New Mexico and the influx of people, this project will make a significant impact on providing affordable housing in the area. On top of that, it will help keep people in the state instead of moving out.
What the Whole Project Includes
The average cost of renovations for a single unit will be somewhere around $32,500. That’s why the CPP will monitor the project from the very start. The first step will be to install a variety of appliances and Energy Stars. The company says that they will also be working on a variety of energy efficiency improvements.
That includes new lighting on the interior and the exterior, replacing all the old windows, installing new HVAC systems, and overhauling all appliances and kitchens.
Some of the most noticeable exterior improvements include weatherproofing, adding new outdoor playgrounds, creating gathering areas, improving staircases, and adding accessibility for disabled people such as paths and ramps.
CPP claims that all of these upgrades will be fully compliant with the Americans with Disabilities Act and according to the highest standards. The whole project is expected to start in January 2021 and finish somewhere in August of the same year. In other words, people won’t have to wait for a long time to get their brand-new homes cheaply.
How the Project Is Funded
Karen Buckland, the VP of development for the CCP company, said that they were able to work out a deal with the local Finance Authority. The company secured tax credits and bonds that would be used for funding this whole project.
Through this, the company was able to get an additional $8 million as a tax credit equity. These finances would be used to completely rehaul all of the sites and turn them into modern living spaces with all of the desired amenities.
The company also added that they didn’t have issues with getting funding from the state agency. Buckland said that it’s only important to understand the needs and expectations of the Finance Authority and meet them to get funding for your project.
Potential for Future Income
As we’ve mentioned several times by now, these units will be affordable and aimed at people with lower incomes. That’s why getting loans or mortgages for these units will be affordable as well. In other words, it’s a perfect opportunity for those who don’t have a lot of money to become homeowners.
It might be the right time for people to get a suitable mortgage on their low income. However, given the fact that real estate prices are always going up, these properties are probably going to be worth more than three decades from now.
In other words, you might want to consider reverse mortgage pros and cons for these properties and lower down your overall investments.
Hopefully, this project will go smoothly and be finished on time. We are expecting to start hearing about some numbers involving prices when the units will be listed for sale and at what conditions.
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