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County introduces $35 million project revenue bond for downtown Lomas Towers office-to-housing conversion
Summary
The county introduced a notice of intent for a $35 million project revenue bond to help finance the Lomas Towers conversion — a downtown office-to-apartment project expected to provide about 100 units and access 4% housing tax credits and bond financing.
Bernalillo County commissioners heard an introduction of a $35 million project revenue bond notice of intent for the Lomas Towers conversion project — a proposed office‑to‑housing redevelopment of the former Wells Fargo building in downtown Albuquerque.
The nut graf: Director Marcos Gonzalez said the inducement would enable the project to access 4 percent local housing tax credits and lower-cost bond financing; the project is planned to include one‑ and two‑bedroom apartments and ground‑floor commercial space, and would house an estimated 140 residents at targeted AMIs (50–70 percent ranges). The commission introduced the notice and will consider final adoption later in the year.
Gonzalez said the project’s financing stack includes local housing tax credits, housing trust funds, private equity and city funds; the developer expects a December state Board of Finance approval for volume cap and a planned October 2025 groundbreaking. The notice of intent was introduced with the expectation of a later final bond adoption; commissioners moved and seconded introduction without extended discussion and the item passed on voice vote.
Staff said the project relies on layered financing and regulatory approvals including environmental clearance (asbestos remediation) and housing-tax-credit allocations; final bond adoption will return to the commission for a recorded vote.
