WASHINGTON - U.S. Senator Tom Udall (D-NM) today announced that two New Mexico organizations have been awarded a total of $870,250 in federal funding to rehabilitate affordable housing for low-income residents.
Santa Fe-based Homewise will receive $470,250 and Tierra del Sol Housing Corporation in Anthony will be awarded $400,000 from NeighborWorks America, which provides access to homeownership and to safe and affordable rental housing for low- to moderate-income families. The funding was made possible through federal Capital Funding for the Rehabilitation of Affordable Housing (CFRAH) grants.
"In these tough times, New Mexicans from all walks of life often struggle to secure safe and affordable places to call home. The work these organizations do every day builds up families and, as a result, lifts entire communities," Udall said. "This funding will allow Homewise and Tierra del Sol to continue their vital mission of service to folks who need a helping hand the most."
The CFRAH grants will allow Homewise and Tierra del Sol Housing Corporation to develop or continue to fund:
- Revolving loan funds for rehabilitation lending for owner-occupied property;
- Rehab of existing residential housing currently owned by the organizations;
- Rehab of residential rental housing that is newly acquired or will be acquired by the organizations;
- Rehab of single-family homes that will be acquired or have been acquired by the organizations and will be sold to homeowners.
