County approves bond, tax‑exemption and lease transfers for multiple housing and development projects

Bernalillo County on May 27 approved several ordinances and resolutions that finance and preserve affordable housing and support neighborhood development, including project revenue bond reauthorization, an industrial revenue bond for a boutique hotel, and transfers of existing affordable housing leaseholds.

The commission reauthorized use of an additional $4.8 million of previously approved project revenue bonds for Encino Senior Gardens, a senior affordable housing project at Alvarado and Zuni, citing higher construction costs and unforeseen conditions that increased the project’s capital needs. County staff said the action permits use of $4.8 million of the $24 million volume cap already allocated to the project; the motion passed on a 5‑0 roll call vote.

The board adopted a project revenue bond ordinance for West Mesa Ridge, a new low‑income housing tax credit project planned at Coors and Fortuna. County staff said West Mesa Ridge will be a mixed‑income development serving households at 30%–80% of area median income and that construction is expected to begin in July 2025 pending financing.

The commission also approved an industrial revenue bond (IRB) of $34 million for the planned Highway Hotel at Central and Bryn Mawr in the Nob Hill area. County staff described the project as a 12‑room boutique hotel with local New Mexico artisans featured in its design, plus restaurant and retail space, and said neighborhood engagement had been positive. The IRB will provide a real‑property and personal‑property tax exemption for a 25‑year term.

In a separate action, the board approved transfer of project revenue bond leaseholds for two existing affordable properties — Silver Moon (Park and Central) and La Quintetta (Old Airport Road) — to a new owner, Guardian Real Estate. County staff said the properties will remain affordable and that reporting requirements and covenants tied to the original bond transactions will remain in force.

Housing staff also introduced and secured approval of fair market rent updates for RAD‑converted units (Saybolt Village), reflecting a HUD‑issued 5.3% increase for operating cost adjustments; staff said those rents will remain well below market rates and ensure long‑term affordability for the project‑based vouchers that serve seniors and persons with disabilities.

Commissioners framed the actions as a mix of preserving and expanding affordable housing while allowing neighborhood revitalization and economic activity. All housing and development items on the agenda passed on 5‑0 votes.