Gov. Richardson, Mayor Coss Break Ground on $29M Affordable Housing Development in Santa Fe

Governor Bill Richardson and Santa Fe Mayor David Coss yesterday broke ground on a major affordable housing development in downtown Santa Fe that they say will create 144 new affordable homes and more than 150 construction jobs.

“This is a great project for New Mexico,” Governor Richardson said in a statement released by his office. “It’s creating new affordable housing in Santa Fe, it’s revitalizing the downtown area and it’s providing jobs for the construction industry when we need them the most.”

The first two phases of Villa Alegre are scheduled to be open by June 2011, according to the governor's office. Housing will be reserved for very low-income families and senior citizens. The third phase, workforce housing, will begin construction at a later date. The total cost of the project is $29 million.

Funding for the first two phases of Villa Alegre comes from a variety of sources including $4.7 million from the Tax Credit Assistance Program and $5.3 million in a highly competitive grant award from the U.S. Department of Housing and Urban Development to support green building practices.

The Santa Fe Civic Housing Authority applied for and received the $5.3 million grant to support green technology and materials. Plans for the development include geothermal heating, solar electricity, an efficient irrigation system and low volatile organic compound paint.

“Once finished, this project will be among the highest-rated LEED projects in the state,” Santa Fe Mayor David Coss said. “This green, high-density, affordable housing development is a good boost for downtown Santa Fe.” (LEED stands for Leadership in Energy and Environmental Design.)

To date, the Mortgage Finance Authority has funded 18 projects for a total of $61.7 million through the Tax Credit Assistance and Exchange Programs. New Mexico is expected to receive nearly $113 million for various housing projects from the American Recovery and Reinvestment Act of 2009.