Location: Albuquerque, New Mexico
On August 9, 2016, the Ventana Fund Board of Directors awarded a $625,000 acquisition/rehabilitation loan to Albuquerque Housing Authority and Wishrock Investment Group LLC for Rio Vista Apartments, a 75-unit complex in Albuquerque that serves low-income seniors and person’s with special needs earning no more than 50 percent area median income. The property consists entirely of one-bedroom units, all of which have HUD Project-Based Section 8 subsidies. The acquisition and rehabilitation of the property will serve to preserve the property’s affordability. The project will be a substantial renovation including renovated kitchens and bathrooms (including new cabinets and counter tops,) upgraded ENERGY STAR® appliances, new HVAC systems, new energy rated windows and doors, new paint, window coverings and replacement of all flooring. Improvements to the buildings and community areas will include improvements to site lighting and security, resurfacing/re-striping the parking lot, replacement of deteriorated sidewalks, improved drainage around the buildings, updated/improved landscaping, new signage, a complete re-roofing with new ENERGY STAR® rated dimensional shingles, and replacement of all exterior siding. Community areas will be upgraded to include on-site management offices, a community room and kitchen, lounge, laundry facility and picnic area with barbeque.