DBG Properties Secures Funding for Affordable Housing Project
Funding Boost for Tierra Linda Affordable Housing
DBG Properties, LLC (DBG) has recently secured a significant funding boost of $6 million to support its ambitious Tierra Linda Apartments project. This initiative plans to create a community with 240 affordable housing units tailored for families. The dedicated funding from the state demonstrates a commitment to enhancing affordable living options, especially in urban areas.
Project Details and Community Impact
The proposed site for Tierra Linda Apartments is located at 3450 98th St S. The development aims to provide housing that is 100% affordable, targeting families with an income restriction set at 60% of the Area Median Income. This strategic pricing ensures that families can find homes within their means as they navigate the complexities of the housing market.
Community Partnership and Management
Mission Rock Residential will be at the helm of the community management, emphasizing a resident-first approach. "We pride ourselves on being part of a project that directly responds to the pressing need for affordable housing," stated Meredith Wright, President at Mission Rock Residential. Wright’s comments highlight the importance of collaboration in addressing housing shortages effectively.
Investment Significance and Local Contributions
The $6 million funding is part of a larger statewide initiative that has allocated over $80 million to enhance affordable housing solutions across the region. This investment not only underscores the urgency of the housing challenge but also acknowledges the critical partnerships formed with local authorities and organizations. Among the key supporters of the Tierra Linda project are NewPoint and the New Mexico Mortgage Finance Authority.
The Role of DBG Properties
DBG Properties is recognized as a leader in innovative affordable housing projects across the Western U.S. With extensive experience in structuring complex financing and fostering public-private partnerships, DBG is committed to delivering high-quality residences that contribute positively to community value. The vision for Tierra Linda reflects this commitment and its importance in creating sustainable housing solutions.
Conclusion and Future Plans
The development of Tierra Linda Apartments is set to be a significant milestone in providing necessary housing options for families. With the community expected to be operational by 2027, the project signifies hope and progress for families in need. The collaboration between DBG Properties and Mission Rock Residential will pave the way for further developments and inspire future projects aimed at enhancing community living standards.
Frequently Asked Questions
What is the Tierra Linda Apartments project?
The Tierra Linda Apartments project aims to establish a community with 240 affordable housing units for families in need.
Who is developing the Tierra Linda project?
DBG Properties is the primary developer of the project, focusing on affordable housing solutions.
How much funding has been allocated to the Tierra Linda project?
The project received $6 million from the state to help facilitate its development.
When is the Tierra Linda Apartments expected to open?
The project is anticipated to be operational by 2027, providing vital housing to families.
What role does Mission Rock Residential play in this development?
Mission Rock Residential will manage the community, ensuring it meets the needs of its residents with a focus on quality living conditions.
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