Albuquerque, Mar 25, 2011 -- Earlier today, USDA Rural Development State Director Terry Brunner was in Belen and Los Lunas to help celebrate the recent completion of remodeling at two apartment complexes in those communities.
The Belen Crossing Apartment Complex in Belen and the Hilltop Terrace Apartment Complex in Los Lunas underwent a major multi-million dollar renovation within the last year. Brunner attended the dedication of both projects to celebrate the completion of the construction.
During a walking tour of both apartment complexes Brunner said, “Both of these projects are a good example how USDA Rural Development has partnered with the State of New Mexico to fund the renovations of these apartments.” Brunner added, “It was heartening to speak with some of the residents who informed me that they are very pleased with the improvements and with their enhanced quality of life.”
The rehabilitation of the apartments was made possible due to the collaborative efforts between USDA Rural Development and the New Mexico Mortgage Finance Authority (MFA). USDA RD provided a guaranteed loan and MFA provided HOME funds and the Tax Credit Assistance Program (TCAP) to complete the financial package. The funding paid for the entire renovation to the interior and exterior of both apartment complexes. The reconstruction included updated laundry amenities, a leasing office, and a recreation room with computer stations for the residents.
The Belen Crossing Apartment Complex project cost $2.4 million which included major interior and exterior renovation and the construction of a new community building with solar energy generation. The renovation of the Hilltop Terrace Apartment Complex was designed to increase the sustainability equal to any new construction and to reduce long term maintenance and operating costs. Total cost for this project was $1.8 million.
USDA Rural Development’s mission is to increase economic opportunity and improve the quality of life for rural residents. Rural Development fosters growth in homeownership, finances business development, and supports the creation of critical community and technology infrastructure. Further information on rural programs is available at any local USDA Rural Development office or by visiting USDA Rural Development’s web site at http://www.rurdev.usda.gov