New affordable senior housing complex breaks ground in Rio Rancho
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RIO RANCHO, N.M. (KRQE) – A groundbreaking ceremony was held for a new affordable senior housing complex in Rio Rancho on Thursday.
The Felician Villa II will be a three-story, 66-unit housing complex, located at 1301 Stephanie Road SE, for residents aged 55 and older. The project is funded by a $1.5 million grant from the affordable housing program created by Congress as part of the Financial Institutions Reform, Recovery and Enforcement Act of 1989.
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The funds, which were awarded through the Federal Home Loan Bank of Dallas and Wells Fargo, are part of $28.4 million in AHP grants provided by FHLB Dallas through its member financial institutions in 2023.
Representatives from the City of Rio Rancho, FHLB Dallas, and CC Housing, a division of Catholic Charities, attended the ceremony along with others. Felician Sisters of Rio Ranch donated the land for the housing, according to Delores Nunez, CEO of Catholic Charities and president of CC Housing.
Nunez said a second affordable housing complex is also expected to be built.
