Stimulus funds go to housing, development projects
New Mexico Business Weekly
New Mexico state government will distribute $37 million in federal funds to local communities for housing and development projects.
About $3.8 million of that comes from the American Recovery and Reinvestment Act, or ARRA. New Mexico is among the first states in the country to allocate and obligate stimulus funds for the Community Development Block Grant program, which could place the state at the front of the line for additional funds that might become available, said Toney Anaya, former governor and now executive director of the state’s Office of Recovery and Reinvestment.
“This is a shot in the arm for many of our rural communities and working families hit hard by the recession,” Anaya said.
The the funds are from the U.S. Department of Housing and Urban Development. The New Mexico Community Development Council allocated more than $17 million in block grants, including $3.8 million funded through ARRA.
The ARRA-financed block grants will pay for a variety of projects in eight communities around the state. Tucumcari and Mosquero will each net $500,000 for improvements in water systems in Tucumcari and water systems in Mosquero. Clovis and Bloomfield will each receive $500,000 for street improvements.
Milan will get $475,000 for water and street improvements and Reserve was allocated $490,000 for street and drainage improvements. Mora County will apply its $474,222 to a solid waste convenience center. Tatum will get $363,000 for wastewater improvements.
State officials say these federal grant projects funded with the $3.8 million in ARRA funds will create 152 jobs.
The Neighborhood Stabilization funds will be used to offer low- or no-interest loans to help low-income homebuyers with the purchase and rehabilitation of foreclosed residential properties. The loans will be targeted to rehabilitate homes that have been abandoned or foreclosed upon in order to sell, rent or redevelop them.
The funds also can be used to demolish decrepit structures and redevelop dilapidated or vacant building to keep property values high.
The city of Albuquerque was allocated $7 million to use on 64 housing units. Santa Fe will apply its $2 million to 32 housing units. Las Cruces will receive $1.5 million to benefit 14 housing units.
The New Mexico Mortgage Finance Authority will receive $8.7 million for 52 housing units in 10 counties around the state. The rest of the funds will be used for administrative costs.
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