The Federal Home Loan Bank of Dallas and Los Alamos National Bank have awarded a $252,000 Affordable Housing Program grant to YES Housing Inc. to assist with the rehabilitation of a dated apartment community.
The grant funds are part of a $6.2 million project that will revitalize the property into a new and vibrant
Mesa Del Norte was originally developed in 1996 as a 36-unit apartment community available only to families with incomes less than 60% of the area's median income level.
As of March 2012, Mesa Del Norte had an occupancy level of 92%, and YES Housing Inc. hopes the upcoming renovations will help the property remain competitive in the affordable housing market.
"We are very excited about this development," said Michelle Den Bleyker, vice president of real estate development at YES Housing Inc., and a member of the FHLB of Dallas' Advisory Council, in a press release.
"Mesa Del Norte has served Los Alamos well for more than 15 years, and these renovations will give the property a fresh look, new amenities and 'green' upgrades."
The renovations began in December 2012 and are expected to be complete by June 2013. YES Housing Inc. has arranged for temporary housing for its current residents during the renovation process.
