Bella Lu z Up d a te
9% Tax Credit Model
Presented by Jenn Lopez
September 9, 2026

Jenn Lopez
President & Founder
Sara Monge
Vice President of
Community Strategy
Kristiana Elite
Project Analyst
Project Moxie is an
affordable housing and
homelessness solutions
strategy consulting firm.
Working alongside
communities, we
connect them with the
right resources and
funding to create
affordable, green, and
safe housing for
everyone, everywhere. Josie Butler
Vice President of
Affordable Housing
Development
Marietta Linney
Project Manager
PROJECT MOXIE

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1. Ba c kg round
2. LIHTC Fra m e work (Low Inc om e Housing
Ta x Cre d it)
3. Pre lim ina ry Scoring Outlook for a 9%
LIHTC Project
4. Preliminary Financial Underwriting
Outlook for a 9% LIHTC Project
5. Project Timeline
6. Potential Next Steps
Agenda

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Project Background

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Co-Sponsor:
Ne w Me xic o Coa lition to End Hom e le ssne ss
Co-Sponsor and Bridge Funder:
Anc horum
Developer: Je ff Curry (JL Gra y)
Project Funders:
Sa nta Fe City a nd County, Sta te of Ne w Me xic o, Thornb urg
Found a tion, Sa nta Fe Com m unity Found a tion, Housing Ne w
Me xic o
Early Community Partnership Consultants:
Je nn Lop e z a nd Ma risol Atkins
Pr oject Sp on sor s a n d Ad voca tes

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Orig inally the Lam p lig hte r Mote l, re nam e d b y owne rship in 20 22 to Be lla Luz.
A uniq ue ac q uisition of a m ote l in an id e al loc ation for afford ab le housing . The m ote l
would b e c onve rte d to 58 afford ab le housing with a sm all se t-asid e of units for sp e c ial
ne e d s c lie nts.
The d e ve lop m e nt te am ’s g oal was to ac c e ss one -tim e , once -in-a-generation federal
funding to c onve rt m ote l room s into long -te rm afford ab le re ntal units.
The m ajority of fund s we re se c ure d b y Be lla Luz Ap artm e nts 20 22 LLLP (JL Gray and
Anc horum )
Pr oject Histor y

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Fir st Qu a r ter 2026
■ Be lla Luz Te am c am e to p roje c t stake hold e rs to fill the re m aining g ap of $ 2.3
m illion with the g oal of c losing in Marc h of 20 26 .
■ By the e nd of Fe b ruary loc al g ove rnm e nts and p hilanthrop y fille d the g ap .Thank you!!!
■ In Marc h DFA d e c lare d that $ 4.2 m illion was not availab le d ue to a
m isund e rstand ing of the fund ’s e xp e nd iture d e ad line . This announc e m e nt
e sse ntially “kille d ” the p roje c t.

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Pr eser vin g Th is Op p or tu n ity
■ In Marc h, Je nn and Je ff b e g an ind ivid ual c onve rsations with p roje c t fund e rs and
b e g an b uild ing -out an alte rnative financ ial m od e l.
■ Give n the sig nific ant c oord ination, tim e , and inve stm e nt alre ad y d e vote d to this
p roje c t, allowing the p rop e rty to b e d isp ose d of without d e live ring housing
would sq uand e r ye ars of work and a c ritic al op p ortunity to e xp and afford ab le
housing whe n the c om m unity ne e d s it m ost.
■ This p re se ntation outline s how a 9% LIHTC financ ing struc ture (Low Inc om e
Housing Tax Cre d it) offe rs a viab le p ath forward following the c ollap se of the
orig inal financ ing p lan, and the c ond itions to m ake it suc c e ssful.

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LIHTC Framework
(Low Income Housing Tax Credit)

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Low In com e Hou sin g Ta x Cr ed its (LIHTC)
LIHTC is the nation's p rim ary financ ing sourc e for afford ab le re ntal housing .
W hile the p roc e ss is c om p le x, it is a we ll-e stab lishe d p rog ram with a 40 -ye ar trac k
re c ord .
LIHTC e q uity c re ate s 50 -70 % of the c ap ital ne e d e d to b uild an afford ab le housing
p roje c t, The p roc e ss is te c hnic al and re q uire s an e xp e rie nc e d LIHTC d e ve lop m e nt
te am .
It is the only fe asib le financ ing ap p roac h the te am id e ntifie d to p re se rve the e xisting
inve stm e nts and d e live r afford ab le housing on this site ,

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LIHTC Fr a m ew or k
The 9% LIHTC p rog ram , ad m iniste re d b y Housing Ne w Me xic o, is a c om p e titive
p roc e ss that e valuate s p roje c ts b ase d on thre shold re q uire m e nts, sc oring c rite ria, and
financ ial und e rwriting .
Proje c ts m ust d e m onstrate that the y m e e t b ase line e lig ib ility re q uire m e nts, alig n with
state housing p rioritie s, and are financ ially viab le ove r the long te rm .
W hile the LIHTC p rog ram is c om p e titive , it is also a we ll-e stab lishe d and p re d ic tab le
financ ing tool. Projects that are appropriately structured and aligned with program
priorities are consistently able to secure awards and m ove into c onstruc tion and
e ve ntual p roje c t le ase -up .

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LIHTC Fr a m ew or k and Bella Luz
The Bella Luz Project is well -positioned within this LIHTC framework.
The c urre nt c onc e p t inc lud e s 59 units, with a unit m ix of stud ios and one -b e d room s
se rving house hold s b e twe e n 30 % and 6 0 % of are a m e d ian inc om e (“AMI”).
The p roje c t’s ad ap tive re use of an e xisting m ote l struc ture , along with its loc ation and
afford ab ility m od e l, alig ns with se ve ral ke y sc oring c ate g orie s within Housing Ne w
Me xic o’s c urre nt Qualifie d Alloc ation Plan (QAP), whic h is the g uid ing d oc um e nt for
q ualifying and sc oring p ote ntial p roje c ts.

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Preliminary Scoring Outlook for a
9% LIHTC Pr oject
Base d on a re vie w of the 20 27 Draft Qualifie d Alloc ation Plan (QAP), the project is
anticipated to be competitive within the sc oring rang e s of re c e ntly fund e d p roje c ts,
assum ing it is struc ture d to m axim ize ke y sc oring c ate g orie s.
Some of the projects favorable scoring elements include:
■ Proje c t’s loc ation is e xp e c te d to p e rform we ll within the g e og rap hic sc oring c rite ria.
■ Prop ose d inc om e targ e ting , p artic ularly at the lowe r e nd of the AMI sp e c trum ,
p ositions the p roje c t to m axim ize sc ore s in afford ab ility c ate g orie s.
■ The ad ap tive re use of the e xisting struc ture p rovid e s an ad d itional c om p e titive
ad vantag e , as d oe s a c om m itm e nt to an e xte nd e d afford ab ility p e riod of 50 ye ars.

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NEW DEVELOPER PARTNER

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TWG is a na tiona l d e ve lop m e nt g roup who is c urre ntly working in Sa nta Fe on
the Nue va Ac e q uia De ve lop m e nt.
As a na tiona l d e ve lop m e nt g roup the y ha ve sig nific a nt e xp e rie nc e with
re ha b ilita tion p roje c ts a nd with the LIHTC p rog ra m .
The ir Le a d e rship re vie we d our fina nc ia l p roje c tions, m e t with Je ff Curry to
und e rsta nd the d e ve lop m e nt m od e l a nd p roje c t la yout a nd we re form a lly
a p p rove d to p ursue this d e a l in la te Aug ust.
The y ne e d the forb e a ra nc e a g re e m e nt to b e e xe c ute d in ord e r to b e g in
p re p a ring the LIHTC a p p lic a tion.
New Development Partner: TWG

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Founded In
2007
Headquartered In
I N0IANAPOLIS . JN
MARKET RATE
DEVE LOPMENT
Market Rate & Mixed-Use
Conventlonel Flnanolng
Historic Tax Credits
Opportunity zones
100-300+ units
Equity Sourc,:es:
Private Family Office
Private Equity Funds
Publlo Private Partnerships
70+
Employees
$3B+
Development Costs 130+
Developments 15,000+
units Developed
TAX CR E DIT
DE VE LOPMENT
Low Income Housing Tox Credits
9% LIHTC
4% Bonds-mixed Income
so 250+ units
Affordable AcqulslUons:
450+ units
Equity sources:
Federal Tale Credits
State Tax Credits
Historic Tax credits
local Funding
28 I Gll!iOB
Projects TDC I DEAL SIZE
$25.MM - $73MM+ Deal size I$8MM - $130MM+
$2B
TDC I 106
PQOJEOTS
TONY KNOBLE
ceo
tony@twgdev.com
JOEL HENNEY
Chief Investment Officer
jhenney@twgdev.com I CHASE SMITH
VP of Market Rate Development
csmith@twgdev.com
Ryan KELLY
VP or Tax CreditI Development
rkelly@twgdev.com
Bridget HILTS
VP of Operations
bhilts@twgdev.com

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Nu eva Aceq u ia - Project Renderings

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Resid en ces a t Du r a n go

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Th e For b ea r a n ce Agr eem en t
Estab lishe s forb e aranc e p e riod .
Transitions d e ve lop e r and p artne r role from JL Gray to TW G De ve lop m e nt.
Confirm s ong oing ob lig ations.
De sc rib e s te rm ination c ond itions.
De sc rib e s an ord e rly workout if the p roje c t d oe s not re c e ive fund s.
It p rote c ts City and County rig hts in the p roje c t.

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Project Timeline

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Cu r r en t Pr oject Tim elin e
Com p le te Forb e a ra nc e Ag re e m e nt b y Mid -Se p te m b e r 20 26.
TW G b e g ins p a c ka g ing LIHTC a p p lic a tion a nd sub m its Fe b 20 27.
TW G works on a g re e m e nt with Sa nta Fe County to ob ta in p rop e rty ta x
e xe m p tion if a wa rd e d LIHTC– Oc tob e r.
TW G a p p lie s for a d d itiona l g a p fund s Oc tob e r 20 27- July 20 27.
LIHTC Awa rd s Ma y/ June 20 27.
Fina nc ia l Closing a nd c onstruc tion b e g ins la te 20 27/ e a rly 20 28.

Qu estion s?
Jenn Lopez
jenn@goprojectmoxie.com