$500K Grant to Rehab New Mexico Senior Apartments

SANTA FE, N.M.–(BUSINESS WIRE)–A $500,000 Affordable Housing Program (AHP) grant from Los Alamos National Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) will help fund a $15 million renovation project at Villa Hermosa, a 116-unit apartment community for senior citizens. The grant was awarded to Santa Fe Civic Housing Authority (SFCHA), a community-based organization that is spearheading the project.

$500K to help fund renovations at Villa Hermosa in Santa Fe, thanks to @FHLBDallas and @LANBtweets.

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The renovation project will include new interconnected walking paths, as well as a new community center building with kitchen and laundry facilities for exclusive resident use.

According to SFCHA Executive Director Ed Romero, the renovations to the building will enhance the residents’ quality of life.

“Thanks in part to the grant, the residents are going to enjoy some nice upgrades,” said Mr. Romero. “We’re grateful to our bank partners for helping us secure this grant.”

Built in 1973, Villa Hermosa is comprised of six courtyard buildings containing 59 one-bedroom and 57 two-bedroom units. The project will be constructed in accordance with Leadership in Energy and Environmental Design (LEED) green building standards and will also feature a rooftop photovoltaic system, which will use the sun to generate some of the building’s energy.

Rehabilitation will begin this month and will be completed in summer 2018. Residents will be temporarily relocated to neighboring vacant units on site during construction.

FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions, like Los Alamos National Bank. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly and special-needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.

“Los Alamos National Bank is committed to our customers and projects that foster a better quality of life,” said Dion Silva, Los Alamos National Bank Santa Fe market president. “The AHP allows us to help our senior neighbors live more comfortably.”

This grant is one of three AHP grants awarded to SFCHA. Last year, the organization was awarded a $500,000 AHP grant for Pasa Tiempo, another apartment community for seniors, as well as Village in the Bosque in nearby Bernalillo.

According to the U.S. Census Bureau, there are approximately 148,000 people living in Santa Fe, New Mexico, today. More than 20 percent of those residents are senior citizens.

“The AHP is a conduit for strengthening communities,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “The AHP grant provides gap funding for projects that benefit residents, the community and our members.”

Mr. Romero said that without the grant, SFCHA would have had to delay or cancel other projects.

“We feel incredibly fortunate to be able to provide these amenities to our residents,” said Mr. Romero. “It’s nice to be able to give the green light to projects that are going to make so many people happy.”

About Los Alamos National Bank

Los Alamos National Bank (LANB) was established in June 1963 by a group of local investors who saw the need for a convenient, full-service community bank. Now one of the largest and strongest banks in the state, LANB continues to be locally owned and operated by Trinity Capital Corporation, a one-bank holding company. LANB is proud to be a part of sustainable development in northern New Mexico. It is invested in the economic, social and environmental sustainability of the communities it serves. For more information please visit lanb.com.

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $58.4 billion as of September 30, 2016, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.

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Broker named to Haute Residence

Neil Lyon, a broker with Sotheby’s International Realty in Santa Fe, was recently chosen by Haute Residence as its exclusive luxury representative in New Mexico. “With just one representative in a market, the Haute portal unites a distinguished collective of leading real-estate agents and brokers, showcasing their most beautiful properties in those markets to affluent buyers, sellers, and real estate enthusiasts around the globe,” according to a press release from the Miami-based company.

The new partnership connects the readers of Haute Residence.com and Haute Residence Magazine to the Neil Lyon Group: Neil and Cindy Lyon and Roberta Lowe. Lyon has a bachelor’s degree in real-estate finance forom the University of Oregon and has worked in real estate since 1975. He was president of the Real Estate Brokerage Managers Council in 1992 and chairman of the Realtors National Marketing Institute in 1995. His professional designations include Certified Real Estate Brokerage Manager (CRB), Certified Residential Specialist (CRS) and Graduate, Realtors Institute (GRI).

Except for one year when he had a brokerage in Connecticut, Lyon has been with Sotheby’s since 1984. He was a senior vice president for Sotheby’s and served as managing broker of Sotheby’s International Realty in Santa Fe until 2002. Home met with Lyon at Sotheby’s office at 326 Grant Avenue.

It is a collection of high-end brokers scattered around the world for the sole purpose of creating a marketplace amongst the brokers and the buyers that we work with. It’s obviously a piggyback on Sotheby’s. My referral allegiance is to Sotheby’s International Realty, in all cases, given that I’ve been with that firm, our firm, since 1984.

Yes, and it’s primarily online. They do publish a magazine every six months, but from my perspective the value is the online traffic that the website (hauteresidence.com) commands.

For many years, you’ve been working in Las Campanas, which has seen a switch from large versions of the Santa Fe Style house to contemporary design.

Santa Fe Style has evolved dramatically and there’s no doubt that contemporary architecture is where it’s at now. I’ve been hearing for 10 years how pervasive contemporary architecture is in Santa Fe, but I think it has only been the last three or four years that I think it’s taken hold and really redefined the market. My clients bought the 2017 Parade of Homes Grand Hacienda Award-winning house by Tierra Concepts. I think it’s one of the most important houses that’s ever been built in Santa Fe, really indicative of what great Santa Fe style and taste is today. And we have always had a higher standard in details and the quality of construction compared to most other high-end markets in the country.

I think every affluent market has stepped up its game dramatically in the last five or 10 years. What is shocking is what someone gets in Santa Fe for $1.5 million to 2.5 million relative to what that buys you elsewhere. And part of it is the ease of living here. Traffic is not a problem. We’re small, we’re boutique, we don’t appeal to everybody, and that’s part of the beauty. Where I go that has mass appeal doesn’t appeal to me. No matter where I travel, when I come back to Santa Fe, I’m glad to be home, and I never felt that way any place I lived before I moved here in 1993.

We’re a small-volume market and we have had our Santa Fe version of the recovery, which is so different than what you hear about explosive growth in Seattle and Denver and New York and Austin, for example. Last year was the first year that felt robust here since the recession, but it wasn’t about rampant appreciation: there was tremendous competition for the best properties — and many of those didn’t sell, which is indicative of how small our market is.

Do you know which state generated the most buyers of homes at $750,000 and up in New Mexico in 2017? New Mexico. To me that supports the fact that we’re a great value and people have seen the opportunity to upgrade. I have to mention Linda Varela from our office. She’s one of the great real-estate resources in Santa Fe. She is constantly providing us with reports that help us really understand the market. The other thing I’ve done in the last few months that I’ve never done before is hire a marketing specialist for the Neil Lyon Group. We want to utilize more tools so that we do a better job of selling our sellers’ properties and attracting more business.

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