The Federal Home Loan Bank (FHLB) of Dallas and New Mexico Bank and Trust awarded a $500,000 Affordable Housing Program (AHP) grant to the Sante Fe Civic Housing Authority (SFCHA) to renovate a senior citizen housing complex.
The money will go toward new energy-efficient heating and cooling systems, kitchens and bathrooms, and other upgrades at Pasa Tiempo, a 121-unit senior citizen apartment housing complex in Sante Fe, New Mexico.
“The upgrades will allow the senior residents to age in place more comfortably,” SFCHA Executive Director Ed Romero said. “Without the AHP grant, this project would not have been possible.”
This is the third housing grant FHLB Dallas has awarded to SFCHA.
“New Mexico Bank & Trust is proud to facilitate projects that help the senior community,” New Mexico Bank & Trust Regional President Max Myers said. “Through our partnership with FHLB Dallas, we are able to make Santa Fe a better place to live for seniors.”
FHLB Dallas annually provides 10 percent of its profits for AHP grants to the communities served by its member institutions. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly and special-needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.
“The AHP provides valuable gap funding so projects such as Pasa Tiempo can be completed,” Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said. “Thanks to our partnership with New Mexico Bank & Trust, the residents of Pasa Tiempo will enjoy a higher quality of life.”
The Pasa Tiempo renovations will begin in May 2017 and will be completed in early 2019.