Representatives from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Rio Rancho, New Mexico, dignitaries joined CC Housing, a subsidiary of Catholic Charities last week for the groundbreaking ceremony for Felician Villa Apartments, a senior housing complex in Rio Rancho. FHLB Dallas awarded a $750,000 Affordable Housing Program (AHP) grant through member Wells Fargo to CC Housing to assist with construction.
CC Housing, a housing nonprofit organization based in Albuquerque, New Mexico, provides affordable housing options to low-income and special-needs families and individuals across New Mexico.
Completion of the Felician Villa Apartments development will include 132 newly constructed one- and two-bedroom units that will be used by seniors 55 and older of all beliefs and backgrounds. It will be located within 500 feet of Meadowlark Senior Center, which offers reduced-cost meals and educational seminars for health and wellness. The gross residential area for the apartments is 47,712 square feet.
“We are so grateful to the Felician Sisters of Rio Rancho who donated this property and to all our partners who pulled resources together to make this development happen and we are excited to bring this project to the community of Rio Rancho,” said Dolores Nunez, President of CC Housing.
AHP funds assist FHLB Dallas members in financing the purchase, construction and rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. The funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
“Chelsea Investment Corporation is an industry leader providing much-needed affordable housing for seniors in Rio Rancho,” said Christian von Merkatz, director of Community Lending and Investment at Wells Fargo. “Wells Fargo is proud and honoured to be the construction lender on this impactful project.”
AHP funds are distributed through FHLB Dallas member institutions to support affordable housing needs in communities, such as multifamily and single-family housing. For example, funds can be used to assist vulnerable groups like the homeless, the elderly and those recovering from addiction and substance abuse.
“Wells Fargo has been instrumental in affordable housing developments in areas that need it most,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. “We are pleased to provide critical funding to this project and look forward to many more projects.”
