Affordable Homes
Affordable Housing Development
Over the last fifteen years, the Housing Trust has developed more than 500 homes with an emphasis on quality design, energy efficiency and a high level of standard finish. No distinction can be discerned from the houses sold at the lowest effective price to our market-rate homes. We use subsidies to reduce costs, but never compromise on quality. Our homes are built to be versatile, easily expandable and have low life-cycle costs.
Through housing development, we see the opportunity to produce truly innovative neighborhoods that go beyond what is generally available for affordable buyers. Some of our innovations include Arroyo Chico, a passive solar project with cutting edge energy efficiency, or Jacona Farm Land Trust, a five-unit project located on a historic property with acequias and a working organic farm. We have recently completed ElderGrace, a participant-designed conscious aging community, and The Village Sage, a 60-unit affordable rental project designed to meet some of Santa Fe’s most pressing housing needs, is nearing completion. For property management information about the Village Sage, call 505-474-4226 or email Villagesage@monarchnm.com.
As of 2010 the Housing Trust had completed over 350 homes in 14 projects, as follows:
Village Sage: Nearing completion, the Village Sage Apartments will deliver affordable housing and stabilization services for low-income residents with special needs. The site and building design increases the possibilities for social contact while also preserving private spaces for residents. The site plan integrates private backyards and balconies, semi-private patios, shared courtyards, as well as 1.75 acres of dedicated open space that is located adjacent to the community house. More Info»
ElderGrace: An innovative 28 unit senior co-housing project inspired by fellow Santa Fe Affordable Housing Roundtable member and elder advocacy group Jubilados. This co-housing community will occupy a 3.5-acre site located off Cerrillos Road. The ElderGrace neighborhood is located within a half-mile of shopping centers and a quarter mile from public transportation. The project site is also adjacent to the Arroyo Chamisa Urban Trail system and pedestrian distance from the Genoveva Chavez Community Center. More Info»
Arroyo Sombra: Located in the Tierra Contenta master planned community, this 35-unit subdivision features green-built homes and modern floor plans. Arroyo Sombra has garnered several awards from the Santa Fe Area Homebuilders Association. This project had effective pricing from $101,000 to $180,000 with values in the $230,000 $300,000 range.
Arroyo Risueno: Five town homes and eight single-family homes located in the Tierra Contenta Master Planned Community. Townhomes had effective sales prices between $120,000 and $140,00 with values around $190,000.
Jacona Farm Land Trust: This innovative project consisted of five homes, two new and three historic, donated by a founding board member. The compound also includes an operating organic farm and working historic irrigation canals or acequias. All homes are held in land trust format.
Kachina Ridge Phase 1: This infill project is comprised of 26 single-family homes located off Cerrillos Road, effectively priced between $135,000 and $189,000 with appraised values up to $340,000. 70% of homes were priced below $189,750. This project was completed in partnership with a for-profit developer.
Arroyo Chico: This 17-home project features many green-built elements and passive solar siting. Located in the Tierra Contenta master planned community this subdivision was featured in an MIT study focusing on the cost effectiveness of green building.
Scattered site rehabilitation: Five existing homes were renovated and one new home built on two sites near downtown. Effective sale prices ranged from $65,000 to $100,000, while the appraised values ranged from $85,000 to $150,000.
Arroyo Sonrisa: Thirty-five homes were built in the City-sponsored Tierra Contenta development and sold in the land trust format. Effective sale prices ranged from $55,000 to $85,000, while the appraised values were $105,000 to $135,000.
Campo de Suenos: This smaller development was comprised of 12 houses located on the south side of Santa Fe.
Roadrunner: A mobile home subdivision. The Housing Trust made 40 first mortgage loans to individuals and families so they could purchase their lots and helped 92 families relocate mobile homes from a Target store site over the course of 5 years.
Las Acequias: Fourteen homes were built in a conventional subdivision, two of them on land donated by the City of Santa Fe and sold on leased land (a land trust format). Home prices ranged from $61,000 to $99,000 (after subsidies) for the outright sales, and $62,000 to $84,000 for the homes on leased land. Market values of the homes ranged from $90,000 to $110,000. As with other projects described below, the Housing Trust places long-term affordability liens on most of the homes it sells, amounting to the difference between prices and market values.
Pueblo del Rosario: Forty-five condominiums were acquired and resold with support from the City of Santa Fe, as already described. Effective home sale prices ranged from $58,000 to $112,000, while the appraised value of the homes ranged from $103,000 to $190,000.
La Cieneguita: The Housing Trust built and sold 88 single-family homes in this 31-acre development off Agua Fria Street, with effective sales prices ranging from $55,000 to $110,000. Low-cost second mortgages, foundation grants, and a 99-year ground lease were used to lower housing costs and assure long-term affordability.
