Ventana Fund
More Than Favorable Terms, Financing Partner Inspires Change
When Kyle Deacon made the decision to specialize in small-to-midsize apartment management after also managing single-family homes for more than 15 years, one of his greatest motivators was seeing change in his city through his company’s partnership with Ventana Fund.
Both based in Albuquerque, Deacon Property Services and Ventana Fund have collaborated on numerous projects to take on critical renovations to Albuquerque’s aging multifamily inventory and revitalize distressed areas of not only Albuquerque but also surrounding rural communities.
An apartment building on Menaul Blvd. in Albuquerque is transformed as part of a
Deacon Property Services renovation project, financed by Ventana Fund.
“Ventana Fund makes deals happen that would never be able to happen,” Kyle explains. “After going through it multiple times with my clients, I get to stand back and see people accomplish their goals and, sometimes unintentionally, inspire other apartment owners to make improvements, too. It has literally changed whole communities, and the potential for greater change is so clear.”
Ventana Fund is a nonprofit Community Development Financial Institution (CDFI), dedicated to financing the creation and preservation of affordable multifamily housing in New Mexico. The CDFI provides early-stage financing for predevelopment and construction and financing for acquisition and rehabilitation.
Through below-market interest rates and above-average loan-to-value ratios for loans for a duration of five years or less, qualified housing developers are able to take on projects that add value and improve quality of life for low-income renters.
The Enterprise Bank & Trust Foundation has made repeat investments in Ventana Fund, the most recent closing in 2025, which interim Executive Director and Board President Todd Clarke says is a five-fold multiplier and has helped address the acute housing shortage of more than 23,000 rental units.
Enterprise’s Market President in Albuquerque, Jessica Kuhn, also serves as Secretary on the nonprofit’s Board of Directors and sits on the Finance and Loan Committee. An Albuquerque native, Jessica shares this passion for helping her community thrive.
“Ventana Fund’s work within affordable housing fits organically with how Enterprise approaches our role as not only a lender but an active member of the Albuquerque community,” Jessica says. The partnership has had a demonstrated impact and brought a like-minded team together.
“Having a dedicated investor like Enterprise behind us enables the developers we work with to add hundreds of housing units to New Mexico’s affordable housing inventory each year,” Todd says. “In addition to issues like rising costs experienced across the country, New Mexico faces a unique housing challenge, as its metro areas are quite isolated from others. We need to put the lower rungs back on the property ladder while protecting quality and rewarding choices like energy efficiency.”
The result of this collaborative effort is playing out before Kyle’s eyes. He has seen a marked increase in the number of residents who receive housing vouchers coming to his firm to find housing. “Groups that secure housing for the homeless or women who have been victims of domestic violence now trust us,” Kyle says. “And these applicants do an amazing job as stewards in these communities.”
Together with Ventana Fund, property managers and developers like Kyle are able to effectuate change that is tangible. “Where someone used to have to go to the laundromat and spend $70 per month on laundry, they now have an in-unit washer and dryer. Where kids used to play in a parking lot strewn with glass, they now have a clean, private yard out of their first-floor apartment. These simple changes improve lives.”