Nueva Acequia Multi-Family Affordable Housing Development Infrustructure

REQUEST: $10,000,000

Community Development/Affordable Housing
ICIP# 40166 LCS ID#3902

What is this Project?

• The project will deliver 159 affordable rental units, including a variety of apartment sizes—studio, 1-bedroom, 2-bedroom, and 3-bedroom—to accommodate both families and seniors in a vibrant, multi-generational community. 
• Nueva Acequia Development is a groundbreaking, 100% affordable housing initiative aimed at addressing the diverse needs of low- and moderate-income households in Santa Fe. 
• This initiative introduces an innovative financing structure, making it the first project in New Mexico to combine both 4% and 9% Low Income Housing Tax Credits (LIHTC) on a single site, maximizing affordability and accessibility. 
• Located on the south side of Santa Fe, the development will provide a diverse range of living options tailored to meet the needs of various household sizes and income levels. 
• The project is well designed and ready to start building with 13 funding sources identified to implement an innovative, new approach to provide affordable housing for the Santa Fe community. 
• Nueva Acequia is a collaborative public / private effort between Santa Fe County and TWG Development, a national leader in LIHTC development, ensuring both real-world experience in creating affordable housing and a commitment to delivering high-quality, sustainable housing solutions for our community. 

Why is this Project Needed?

• The Nueva Acequia project will directly create 159 affordable housing units for low-income families and seniors (100% affordable), offering much-needed stability and opportunities to the Santa Fe community. 
• Santa Fe County and non-profit partners will be the service providers for the development, ensuring residents have wide-ranging access to a comprehensive set of supportive services, including job readiness programs for individuals and heads of households, as well as estate and financial planning resources tailored for seniors. 

• As part of its community-centered mission, the project will also house a new Boys and Girls Club, providing not only a valuable resource for families living within the complex, but also for the broader Santa Fe community. 

• The successful completion of Nueva Acequia will serve as a model for affordable housing development in Santa Fe County, demonstrating the power of an innovative public / private partnership that leverages diverse funding sources to meet the housing needs of the community. 

What Funding Will this Request Leverage?

What Will Requested Funding Accomplish?

The requested funding will help address funding gaps that arise as the project is further developed and will allow the development to include as many green features and residential enhancements as possible.