Los Lunas breaks ground on 57 affordable apartments for seniors

For Los Lunas seniors trying to stay close to family, doctors and familiar routines, Plaza Luna Lofts could become one of the few new affordable options in town. The project broke ground May 21 and will add 57 affordable apartment homes for adults age 55 and older at 880 Juan Perea Road SE.

The development is being backed in part by a $1.4 million Federal Home Loan Bank of Dallas Affordable Housing Program grant, with First National Bank Texas and NewLife Homes Inc. involved in the effort. Valencia County had already lined up behind the project, approving a $25,000 commitment in Resolution No. 2025-12 on Jan. 8, 2025, contingent on New Mexico Mortgage Finance Authority low-income housing tax credits.

That local support reflects a housing market under pressure. U.S. Census Bureau estimates show Los Lunas grew from 17,242 people in the 2020 Census to 19,907 in July 2024 and 20,572 in July 2025, while 19.1% of village residents are 65 and older. Median gross rent in Los Lunas is $1,110, and median selected monthly owner costs with a mortgage are $1,470, figures that help explain why older residents on fixed incomes can struggle to find attainable housing.

Valencia County has also been building a policy framework around the issue. The county adopted an Affordable Housing Ordinance to implement the Valencia County/Village of Los Lunas Affordable Housing Plan, and the Plaza Luna Lofts site fits that broader strategy rather than standing alone as a single project. The county’s Los Lunas Senior Center already serves residents 60 and older with congregate meals, home-delivered meals, transportation and social activities, underscoring the community’s existing senior needs.

NewLife Homes Inc., founded in 1993, says it specializes in supportive housing and mixed-income communities and serves residents with fixed incomes and older adults. In announcing the project, the company said Plaza Luna Lofts is part of a broader partnership effort to deliver high-quality affordable housing, while FHLB Dallas said its Affordable Housing Program is intended to help finance rental, transitional and owner-occupied housing for households earning at or below 80% of area median income.

For Valencia County families weighing whether older relatives can remain in Los Lunas as costs rise, the new apartments represent more than a construction project. They are a direct response to a documented shortage of age-friendly rentals in a fast-growing village where demand is rising faster than supply.