Rep. Heinrich Announces $19 Million+ for Stimulus Projects in NM-01

In a statement released today, U.S. Rep. Martin Heinrich (D-NM-01) announced more than $19 million in funding allocated by the U.S. Department of Housing and Urban Development through a number of programs important to the economic viability of New Mexico’s First Congressional District. The funding is a result of H.R. 1, the American Recovery and Reinvestment Act, which Representative Heinrich voted for and President Obama signed into law on February 17, 2009.

“Just ten days since our economic recovery package was signed into law, I am excited to announce the first wave of funding specifically for the First Congressional District,” said Representative Heinrich. “This funding will both save and create new jobs for our community and strengthen our economy.”

The New Mexico Mortgage Finance Authority (MFA) was awarded $13,876,558 for low-income housing tax credits which it will use to cover gaps in financing for low-income housing construction. MFA anticipates that all of this funding will be fully committed by year end with awards starting in the next two months.

“Martin Heinrich has always been a strong advocate for affordable housing, and now that he is a Congressman he is having a very positive impact on our state,” said MFA Executive Director Jay Czar. “These funds will be used to build critically needed affordable rental housing for New Mexico families. These funds will help revive affordable housing developments stalled by the current economic crisis in our country. ”

The grants announced by Representative Heinrich today include:

• $13,876,558 to the New Mexico Mortgage Finance Authority for low-income housing tax credits;
• $1,802,128 to the City of Albuquerque Housing Division;
• $144,796 to the Town of Bernalillo Department of Housing Services;
• $44,560 to the Bernalillo County Housing Department;
• $1,181,843 to the City of Albuquerque for the Community Development Block Grant;
• $84,497 to the City of Rio Rancho for the Community Development Block Grant;
• $1,807,256 to the City of Albuquerque for homeless prevention; and,
• $80,380 to the Pueblo of Sandia for the Native American Housing Block Grant.