Senior Community Awarded $500,000 AHP Grant

The rehabilitation of Pasa Tiempo community will begin in May 2017 and will be finalized in early 2019.
Pasa Tiempo, Santa Fe, N.M.

Pasa Tiempo, Santa Fe, N.M.

Santa Fe, N.M.—Pasa Tiempo, a 121-unit senior community in Santa Fe, will undergo a $15 million renovation with funding including a $500,000 Affordable Housing Program (AHP) grant awarded by New Mexico Bank & Trust and the Federal Home Loan Bank of Dallas (FHLB Dallas).

The grant was awarded to Santa Fe Civic Housing Authority (SFCHA), a community-based organization that is leading the project. This is the third grant SFCHA received so far: last year the organization was awarded a $500,000 AHP grant for senior housing community Villa Hermosa and for Village in the Bosque in Bernalillo, N.M.

Pasa Tiempo, located at 554 Alta Vista St., comprises six courtyard buildings with 115 one-bedroom units and six two-bedroom floor plans. The renovation will include new-energy efficient heating and cooling systems, new kitchens and bathrooms, as well as new fixtures, trim and doors. The project will be constructed in accordance with LEED building standards and will feature a rooftop photovoltaic system. The rehabilitation will begin in May 2017 and is scheduled for completion in early 2019.

“The upgrades will allow the senior residents to age in place more comfortably,” SFCHA Executive Director Ed Romero said in a prepared statement. “Without the AHP grant, this project would not have been possible.”

“New Mexico Bank & Trust is proud to facilitate projects that help the senior community,” said New Mexico Bank & Trust Regional President Max Myers. “Through our partnership with FHLB Dallas, we are able to make Santa Fe a better place to live for seniors.”

FHLB Dallas returns 10 percent of its profits annually in the form of AHP grants to communities served by member institutions such as New Mexico Bank & Trust. AHP grants go to a variety of projects, including home rehabilitation and modifications for low-income, elderly and residents with special needs; down payments 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,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “Thanks to our partnership with New Mexico Bank & Trust, the residents of Pasa Tiempo will enjoy a higher quality of life.”

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