New Mexico Senior Apartments to be Rehabbed, Thanks to $500K Grant

New Mexico Bank & Trust, FHLB Dallas Provided Funds for Senior Apartments

SANTA FE, N.M.–(BUSINESS WIRE)–A $500,000 Affordable Housing Program (AHP) grant from New Mexico Bank &
Trust and the Federal Home Loan Bank of Dallas (FHLB Dallas) will help
fund a $15 million renovation project at Pasa Tiempo, a 121-unit
apartment community in Santa Fe, New Mexico, for senior citizens.

Pasa Tiempo (Spanish for “pass the time”) will receive significant
upgrades, thanks in part to the grant. The renovation project will
include new energy-efficient heating and cooling systems, kitchens and
bathrooms. Additional upgrades will include new fixtures, trim and doors.

The grant was awarded to Santa Fe Civic Housing Authority (SFCHA), a
community-based organization that is spearheading the project. This
grant is one of three AHP grants awarded to SFCHA. Last year, the
organization was awarded a $500,000 AHP grant for Villa
, another apartment community for seniors, as well as
Village in the Bosque in nearby Bernalillo, New Mexico.

“The upgrades will allow the senior residents to age in place more
comfortably,” said SFCHA Executive Director Ed Romero. “Without the AHP
grant, this project would not have been possible.”

Pasa Tiempo is comprised of six courtyard buildings containing 115
one-bedroom and six two-bedroom units. The project will be constructed
in accordance with Leadership in Energy and Environmental Design (LEED)
green building standards and will also feature a rooftop photovoltaic
system, which will use the sun to generate some of the building’s energy.

Rehabilitation will begin in May 2017 and will be completed in early

“New Mexico Bank & Trust is proud to facilitate projects that help the
senior community,” said New Mexico Bank & Trust Regional President Max
Myers. “Through our partnership with FHLB Dallas, we are able to make
Santa Fe a better place to live for seniors.”

FHLB Dallas annually returns 10 percent of its profits in the form of
AHP grants to the communities served by its member institutions, like
New Mexico Bank & Trust. AHP grants fund a variety of projects,
including home rehabilitation and modifications for low-income, elderly
and special-needs residents; down payment and closing cost assistance
for qualified first-time homebuyers; and the construction of low-income,
multifamily rental communities and single-family homes.

“The AHP provides valuable gap funding so projects such as Pasa Tiempo
can be completed,” said Greg Hettrick, first vice president and director
of Community Investment at FHLB Dallas. “Thanks to our partnership with
New Mexico Bank & Trust, the residents of Pasa Tiempo will enjoy a
higher quality of life.”

About New Mexico Bank & Trust

New Mexico Bank & Trust, a subsidiary of Heartland Financial USA, Inc.,
(NASDAQ: HTLF), is a state-chartered community-invested bank with more
than $1.0 billion in assets with offices located in Albuquerque, Los
Lunas, Rio Rancho, Santa Fe, Clovis and Portales. With a focus on
business and personal lending, and deposit services, we are dedicated to
making Great Things Happen! for our customers. Visit to learn
more. New Mexico Bank & Trust is a member of the FDIC and an Equal
Housing Lender.

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas is one of 11 district banks in the
FHLBank System created by Congress in 1932. FHLB Dallas, with total
assets of $58.2 billion as of December 31, 2017, is a member-owned
cooperative that supports housing and community investment by providing
competitively priced loans and other credit products to approximately
850 members and associated institutions in Arkansas, Louisiana,
Mississippi, New Mexico and Texas. For more information, visit


Federal Home Loan Bank of Dallas
Corporate Communications,