Commission approves tax-exempt financing for three apartment rehabs to preserve affordability

Bernalillo County commissioners approved actions Jan. 14 to facilitate tax-exempt financing and tax-abatement mechanisms for three existing apartment complexes that will be rehabilitated and kept affordable.

The board adopted Ordinance 2025-5 to authorize project revenue bond financing tied to the planned acquisition and rehabilitation of Saint Anthony’s Plaza, a 160-unit complex. County staff said the project includes conveying the site to the county to facilitate tax abatement and memorializing commitments to maintain affordability over the lease term; the ordinance passed on a unanimous vote.

Commissioners also approved inducement resolutions for two additional apartment rehabs. The board approved an inducement for Via Hermosa, a roughly 288-unit complex that the presenter said will be purchased and rehabilitated by Dominion Development and will remain affordable under a 30-year commitment. The commission approved a separate inducement resolution for Desert Willow, a 224-unit complex that will likewise be acquired and rehabilitated with an affordability commitment.

Economic development staff said the transactions use leasehold conveyance and project financing structures that allow developers to pursue low-income housing tax credits and similar financing while preserving long-term affordability. Commissioners noted the projects’ alignment with county affordable-housing priorities and asked staff to include counts of rehabs and units in the department’s annual report; staff said they are preparing that report and will highlight unit counts and production.

Motions on these items carried unanimously. Developers present identified Dominion Development as the lead developer on two projects and said they will maintain affordability through contractual and financing mechanisms; staff noted monitoring and investor controls will apply as part of the financing packages.