Commissioners delegate closing authority and approve $1.2M for Nueva Secchia affordable housing

County staff requested and the commission approved a resolution delegating authority to the county manager (or designee) to review, approve and execute the many financing and closing documents needed for the Nueva Secchia affordable housing development. The delegation covers documents the county signs on its own behalf and documents signed as the sole member of county-owned LLCs that will serve as managing general partners.

Community Development staff explained the financing stack: a Housing New Mexico bond loan, a construction loan, a permanent loan and county developer assistance program loans among other layered sources. Staff reported recent tax credit valuation declines and a temporary $1 million general partner note to bridge a funding shortfall. Commissioners then authorized $1.2 million in developer assistance program funds to support gap financing; the motion passed unanimously. Staff said they will report updates and work toward a closing and potential groundbreaking in November or December.