What do nuns and banks have in common? A desire to see older Americans housed affordably.

Felician Villa Apartments will do just that in Rio Rancho, New Mexico. The 132-unit development will be available to people aged 55 and older and will be located near a senior center that offers affordable meals and educational seminars for health and wellness.

“We are so grateful to the Felician Sisters of Rio Rancho who donated this property and to all our partners who pulled resources together to make this development happen, and we are excited to bring this project to the community of Rio Rancho,” said Dolores Nunez, president of CC Housing.

The Federal Home Loan Bank of Dallas (FHLB Dallas) provided a $750,000 Affordable Housing Program (AHP) grant to CC Housing, a housing nonprofit, for toward the $16 million project.

AHP funds are distributed through FHLB Dallas member institutions to support affordable housing needs in communities, such as multifamily and single-family housing. For example, funds can be used to assist vulnerable groups like the homeless, the elderly and those recovering from addiction and substance abuse. In this case, funds were distributed through Wells Fargo Bank.

Learn more about the FHLB Dallas Affordable Housing Program.

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