New Mexico

Belen Vista Apartments | Belen, NM

Loan Amount: $2,835,000

Developer: CC Belen Vista and CIC Belen Vista

Belen Vista Apartments is a 57-unit multifamily affordable housing community located in Belen, Valencia County, New Mexico. The project is dedicated entirely to serving low- and moderate-income households, with 56 of the 57 units income-restricted for tenants earning no more than 60% of the Area Median Income (AMI). The weighted average AMI for the project is 53.33%, ensuring deep affordability. The unit mix includes 30 one-bedroom and 27 two-bedroom apartments, with a special focus on seniors: 26 one-bedroom units are prioritized for elderly residents (62+), particularly retired military. Notably, 56 units participate in the USDA Rural Development Rental Assistance Program, which subsidizes rents so that tenants pay no more than 30% of their income, with the USDA covering the remainder up to market rent. The property is undergoing substantial rehabilitation, including new roofs, modernized interiors, ADA accessibility upgrades (three units), and energy-efficient appliances. Amenities include a community room with a full kitchen, a laundry room, a playground, and 74 surface parking spaces. The project’s mission is to provide safe, high-quality, and affordable housing for vulnerable populations, promote housing stability, and support self-sufficiency through enrichment services provided by Catholic Charities. Belen Vista Apartments aims to preserve and enhance affordable housing stock in a region with high demand and limited supply, ensuring long-term community benefit and resident well-being.

Units: 57