Developers outline Uptown Connect transit-oriented project; Housing New Mexico clarifies funding split

Developers and city housing staff presented Uptown Connect, a mixed-income, transit-oriented development sited at the Uptown A/MT transit station in Albuquerque. The development includes a mixed-use program with retail, market-rate housing and a deeply affordable apartment component of 126 units targeted between 30% and 80% AMI. City staff said the project leverages a $25,000,000 federal RAISE grant to build a structured parking garage and transit plaza; city contributions and grant funds were cited as roughly $34 million of public support in the overall financing.

Housing New Mexico staff clarified the agency will not use its awards to pay for the parking garage; those RAISE funds and city commitments cover that element. Staff provided a square-foot breakout: the affordable apartment component (floors 2'5) is about 138,590 gross sq ft; when the development cost allocated to the apartment component is divided by that area, applicants showed an eligible cost near $290 per square foot. Board members requested and received clarification that the Housing New Mexico award and the calculation of per-square-foot eligible basis exclude the RAISE-funded garage.