Where: Doña Ana County, New Mexico
Problem: Lack of affordable home ownership options for low-income households.
Solution: RCAC’s Loan Fund provided financing to develop eight lots for families participating in the U.S. Department of Agriculture (USDA) Mutual Self-Help Program.

During the past 42 years, Tierra del Sol Housing Corporation (TDS) has worked to develop affordable housing in New Mexico and Texas. TDS has developed 740 homes through the U.S. Department of Agriculture (USDA) Mutual Self-Help Housing program. TDS also developed 30 multi-family housing projects with 1,170 units using USDA Farm Labor Housing and Multi Family rental programs and the HUD 202 Supportive Housing program for the elderly.

RCAC provided a $122,084 loan for site development costs for single family lots in Berino, New Mexico. TDS will subdivide two parcels into eight lots that will be sold to self-help housing program participants who will build their own and their neighbors’ homes providing ‘sweat equity,’ which when combined with an affordable mortgage, allows low- and very low-income families their only hope for homeownership. These lots are part of the Parque Homes Subdivision located in Dona Ana County in Southwest New Mexico. HUD SHOP funds will also be used to complete the site infrastructure. USDA will provide permanent financing to the participant families through the 502 direct loan program.

RCAC’s loan will help TDS further its mission to improve the quality of life and economic conditions of low income persons living in under¬served communities.

RCAC leverages funds from the U.S. Treasury CDFI Fund and USDA Intermediary Relending Program with private capital to provide critical financing to projects like the TDS self-help subdivision in Berino.