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New Mexico Bank & Trust Sponsors Grant for Pasa Tiempo Affordable Housing Improvement Project

ALBUQUERQUE, N.M., Aug. 12, 2016 (GLOBE NEWSWIRE) -- New Mexico Bank & Trust is pleased to sponsor a grant from the Federal Home Loan Bank of Dallas that will support a project to improve and preserve the Pasa Tiempo senior housing community in Santa Fe.

The $500,000 Affordable Housing Program (AHP) grant is among multiple funding sources in a $14.75 million project undertaken by the Santa Fe Civic Housing Authority for improvements to Pasa Tiempo, a 121-unit public housing community for seniors built in 1973. Pasa Tiempo, which houses seniors with low or very low income who receive federal rent assistance, is adjacent to a public senior community center that provides meals and other services through the City of Santa Fe.

The project calls for improvements to all of the facility’s one- and two-bedroom units, to provide better accessibility and mobility to help residents age in place, as well as enhanced outdoor space. The redesigned Pasa Tiempo, which consists of six courtyard buildings, will have six units designated for special needs residents.

“The Santa Fe Civic Housing Authority is doing important work in support of affordable housing in Santa Fe,” said Alan Austin, Regional President for New Mexico Bank & Trust. “The housing authority is to be commended for their innovative use of various funding sources to make it possible to complete a project of this size.

“New Mexico Bank & Trust was honored to participate in the project by sponsoring the grant from the Federal Home Loan Bank,” Austin said.

About New Mexico Bank & Trust

New Mexico Bank & Trust, a member of Heartland Financial USA, Inc., is a community bank with assets of more than $1.1 billion, and 17 offices in Albuquerque, Los Lunas, Rio Rancho, Santa Fe, Los Alamos, Espanola, Tierra Amarilla, Clovis and Portales. For more information visit www.nmb-t.com. The bank is a member of the FDIC and an Equal Housing Lender.

Contact: Alan Austin Regional President New Mexico Bank & Trust 505-946-2501 aaustin@nmb-t.com

Source:New Mexico Bank & Trust