County approves revenue bonds for Casitas del Camino and moves to create Housing Development Division as state funds await signature

Bernalillo County commissioners on March 25 approved a project revenue bond ordinance that will act as a conduit issuer for the Casitas del Camino affordable housing project and later voted to authorize the county’s next steps to expand housing development capacity.

Economic development staff told the board that the Casitas del Camino project at Coors and Central will rehabilitate 42 existing units and construct 46 new units, with the overall financing drawn from 4% low‑income housing tax credits, the city of Albuquerque’s Workforce Housing Trust Fund, commercial debt and equity. Executive Development Officer Gonzales said the County’s bond role is procedural but necessary: the affordable‑housing tax credits and a volume‑cap allocation from the State Board of Finance require issuance of a bond as part of the capital stack. Gonzales said the project requested $16,500,000 of bond authority; the term will be 30 years and the county will receive an annual administrative payment tied to the issuance.

Commissioners approved the Casitas del Camino revenue bond ordinance on a 5‑0 vote. Commissioners asked staff about project phasing, resident relocation and the financial structure; Dan Foster of the Albuquerque Housing Authority explained the use of a subordinate note to capture the land value for tax‑credit purposes.

Separately the commission approved a county housing strategy presented by Economic Development and the County Manager’s office. The plan was developed after a Jan. 28 board resolution asking staff to identify how county resources could be organized to accelerate housing production. County leadership told the board it was moving now because the New Mexico Legislature included a historic $110 million statewide investment in its housing package, and county leaders expect roughly $40 million to be available to Bernalillo County if the governor signs the bill.

The staff proposal asks to create a Housing Development Division to speed project delivery and better coordinate financing, development and partner roles. The initial staffing request is three new positions — a housing leader, a facilitator and an executive assistant — to be added in fiscal year 2026. Commissioners debated timing and budget implications during a broad discussion that emphasized: (a) prioritizing permanent supportive housing and projects that serve people experiencing homelessness; (b) using a data‑driven approach to identify need and site projects; and (c) coordinating closely with the City of Albuquerque and other partners to leverage state funds. County Manager Cindy Chavez told the board: "we are poised, today for the legislature to put forward a $110 million investment in affordable housing," and urged action to show the county can move and leverage state funds.

The housing strategy motion passed 5‑0. Commissioners who spoke in favor underlined the need for clear metrics, project quality and fast execution so that state resources can be matched and projects can move from concept to construction.

Votes and implementation notes: the Casitas del Camino conduit bond was approved 5‑0, and county staff will work with the project sponsor and the State Board of Finance for volume cap allocation and final bond issuance details. The housing strategy passed 5‑0; staff said they will return with a staffing plan and budget details during the FY‑26 budget process and may propose interim contract support if hiring is delayed.