Current Projects

New Mexico

Mi Casa is a new construction 24-unit rental development for the severely mentally ill with incomes at or below 50% of the area median income, of which residents will pay a nominal rent not to exceed 30% of their income.  This development features one-bedroom apartments of 575 square feet and a 2,000 square foot community space where social services will be provided and will include a laundry facility and a manager's office.  The total development cost is $2.2 million.  The funding sources include (from the Mortgage Finance Authority-MFA):  HOME Funds, Land Title Trust Funds, Housing Trust Funds, Primero and Affordble Housing Tax Credits.   The remaining sources include a loan from the Carlsbad Foundation and various donations.  Operating subsidies were awarded through Shelter + Care Vouchers and project-based Section 8 Housing Vouchers.  YES Housing, Inc. is serving as the developer.  The development is owned by CMHC Mi Casa, LLC.

La Hacienda Apartments is a 22-unit acquisition/rehab that will provide affordable housing for individuals at or below 50% area median income.  This extensive renovation will upgrade the entire property (budget of $65,000/unit), by raising it to Enterprise Green Communitities standards of energy efficiency, refrigerated air/furnace systems, all new doors, windows, CFL lightbulbs, EnergyStar rated appliances, new cabinetry, countertops, ranges and hoods and flooring will be included.  All buildings will be re-roofed, landscaping and parking will be repaired and a play area for the children will be added.  The property's rehabilitation is funded by the Mortgage Finance Authority's Neighborhood Stabilization Program (NSP).   YES Housing, Inc. is serving as the developer and owner.

YES Housing, Inc. executed a lease agreement with La Promesa Early Learning Center Charter School to redevelop an abandoned church building currently located on vacant property owned by YES Housing, Inc. to accommodate the expansion of their Charter School. La Promesa opened in 2004 with 26 students and has grown to currently serve approximately 290 students, grades Pre-K-6th. La Promesa Early Learning Center ensures that culturally and linguistically diverse students thrive in an academic; family centered; developmentally seamless continuum of learning; where high expectations, respect and empowerment meet grade level proficiency.

School administration anticipates purchasing this building from YES Housing within the next seven years. The school is scheduled to expand into this additional site January 1, 2011. Renovations are currently in the design phase.   

Mountain View Apartments is a 48-unit acquisition/rehab of an affordable senior housing community.  It consists of 44, 1-bedroom/1-bathroom units and 4, 2-bedroom/ 1-bathroom units as well as a community building that houses a manager's office, maintenance and laundry room.  The rehabilitation will result in 25% of the units being set aside for Special Needs residents and three units at or below 50% of area median income.  The remaining 44 units are at or below 60% AMI.  The property will be renovated with new roofs, furnaces and water heaters, bringing the apartments up to ADA standards as well as meeting Enterprise Green Communities standards.  Financing on this deal includes:  Low Income Housing Tax Credits (MFA), HOME Funds, Housing Trust Funds (MFA) and a USDA 515 loan.  YES Housing, Inc. is serving as developer and owner.  Renovation is anticipated to begin in the spring of 2012.

 

Texas

Presidio Dolores is the proposed new construction of a 36-unit 2, 3, and 4-bedroom duplex style apartment community for Farm workers with incomes at 50% and 60% of the area median income. Design work is compliant with local San Elizario historic district requirements and all apartments will include a front porch, covered rear patio, and attached one-car garage. Presidio Dolores has received a funding commitment from USDA-TDRO for a 514 1st mortgage loan with rental assistance for 100% of the residents, as well as a preliminary Tax Credit award from the Texas Department of Housing and Community Affairs. YES Housing, Inc. is the co-developer on this project, along with Housing Economic Rural Opportunity, Inc. (HERO). HERO, Inc. will serve as the managing general partner.