The Hacienda Orgullo Apartments, an apartment complex for very low- and moderate-income elderly and disabled residents in Truth or Consequences, New Mexico, announced that it has secured HOME funds and financing through the U.S. Department of Agriculture Rural Development for its renovation. The project, developed by the New Mexico Housing and Community Development Corporation (NMHCDC), received a $384,000 grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) Affordable Housing Program (AHP) through Citizens Bank of Las Cruces to assist with rehabilitation costs for Hacienda Orgullo Apartments.
"I don’t know what we would have done if we hadn’t gotten the AHP grant this year. These funding sources that come into partnership with you don’t stay with you forever. So receiving the AHP grant got everybody excited about the project again," said Rick Courtney, president and CEO of NMHCDC.
The rehabilitation of the project will address deferred maintenance, capital improvement repairs, window replacement, heating and cooling replacement, accessibility modifications, stucco repair or replacement, and water conservation landscaping. Once renovated, the apartments will partner with service providers for seniors and also will house a meal site that will serve not only Hacienda Orgullo residents, but surrounding lower income complexes. The rehabilitation will take approximately nine months once the closing occurs.
