Funds to be used for small affordable rental projects in New Mexico

Ventana Fund, a New Mexico Community Development Financial Institution, was awarded $580,405 this week by the U.S. Department of Treasury to fund the rehabilitation and construction of small affordable rental projects throughout the state. The award will be used to capitalize Ventana Fund’s new loan program, Thresholds, which provides loans for affordable rental projects under $5 million. The program also provides loans to affordable housing developers who serve New Mexico’s low-income residents and high-need communities.

“New Mexico has a high percentage of older, smaller affordable rental units that will soon be functionally obsolete,” said Todd Clarke, Ventana Fund Chairman and Executive Director. “Thresholds will provide low-interest rate loans for mom-and-pop property owners to rehabilitate these units – owners who might not be able to find financing elsewhere.”

Ventana Fund has funded eight construction loans totaling $4,350,000 for affordable housing projects in Albuquerque, Santa Fe, Las Vegas, Roswell, Santo Domingo Pueblo, and most recently, Carlsbad. Funders and partners include the CDFI Fund, the New Mexico Mortgage Finance Authority (MFA), First National 1870 and Washington Federal.

“This is a tremendous award for an emerging entity,” said Isidoro Hernandez, executive director of MFA. “Ventana Fund continues to evolve and succeed and will have an increasingly positive impact on the lives of low-income New Mexicans in the years to come.”