Albuquerque Housing Authority secures $16.5M for affordable housing project on Coors and Central

In a recent administrative meeting of the Bernalillo County Commission, significant discussions centered around a proposed project revenue bond aimed at enhancing affordable housing in Albuquerque. This initiative, spearheaded by the Upper Key Housing Authority, seeks to facilitate the renovation of existing units and the construction of new ones, addressing the pressing need for affordable housing in the region.

The project involves a total of 42 existing units that will be refurbished, alongside the construction of 46 new units. The total bond request amounts to $16.5 million, which is crucial for securing 4% low-income housing tax credits and obtaining a volume cap from the State Board of Finance. These financial tools are essential for making the project feasible, as they provide necessary tax exemptions that support the overall capital structure.

During the meeting, Commissioner Frank Baca raised questions about the project’s structure, confirming that the property is already owned by the Albuquerque Housing Authority. This ownership simplifies the process, as the land is not being purchased outright but rather incorporated into the financing structure through a subordinate note. This arrangement is a requirement under tax code regulations, ensuring that the value of the property is accounted for in the financial dealings of the project.

The implications of this project are significant for the community, as it not only aims to refurbish existing housing but also to create new units that will be reserved for families in need. The bond issuance is set for a term of 30 years, with annual payments to the economic development department, ensuring a long-term commitment to affordable housing in the area.

The meeting also included a public hearing, although no community members signed up to speak on the matter. This lack of public engagement may reflect either satisfaction with the project or a general apathy towards local government proceedings.

In conclusion, the discussions at the Bernalillo County Commission meeting highlight a proactive approach to addressing affordable housing challenges in Albuquerque. The successful issuance of the project revenue bond is a critical step forward, with the potential to significantly impact the local housing landscape. As the project moves forward, it will be essential to monitor its progress and the community's response to these developments.