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Commission approves multiple housing funding and tax‑exemption actions; commissioners debate developer subsidies
Summary
Bernalillo County approved bond amendments, tax‑exemption notices and financing extensions on Oct. 14 to preserve and expand hundreds of affordable housing units, while commissioners debated whether tax abatements for large developers strike the right balance between increasing supply and giving away future tax revenue.
Bernalillo County approved several measures intended to preserve and expand affordable housing across the county, including project revenue bond amendments, tax‑exemption notices and extensions. The actions cover projects on the West Side and in the Southeast area and will fund rehabilitation and new construction that county staff say will add and preserve hundreds of affordable units.
Key measures approved or moved forward at the Oct. 14 meeting included: - Casitas del Camino: amendment to increase project revenue bond amount to $20 million (increase to cover construction cost escalation); motion approved (transcript: passed 5–0). - West Mesa Ridge A: extension of project revenue bond/ordinance to permit project closing and continued financing; motion approved (transcript: passed 5–0). - Ventana Ranch Apartments (Notice of Intent): 4% LIHTC rehabilitation proposal with county tax‑exemption request for long‑term preservation of affordability (non‑PRB tax exemption process); commission approved the notice/introduction (transcript action passed; recorded votes shown in meeting record where available). - Manzano Mesa (companion project): non‑PRB tax‑exemption introduction; commissioners approved the introduction to proceed with the tax‑exemption review (transcript: recorded passage noted at the meeting).
County staff described the projects as a mix of new construction and renovation. Director Marcos Gonzalez said the projects would refurbish existing units, build new units and preserve deeper levels of affordability (down to 30% AMI for some units). Staff also said some projects will be presented to the State Board of Finance for concurrent approvals and to leverage state housing allocations.
Several commissioners supported the measures as necessary to increase and preserve housing supply and noted the state’s recent capital and affordable‑housing appropriations. Commissioner Frank Baca and others praised projects that preserve older units and create new affordable units.
Other commissioners raised concerns about using long, 25‑year tax exemptions and other abatements with large, national for‑profit developers. One commissioner framed the approvals as “corporate welfare” and urged prioritizing local nonprofit and county‑owned housing options where practical. Commissioners and county staff discussed follow‑up steps to improve accountability and to explore additional local options for directly owned and operated county housing.
Votes at a glance (items summarized from agenda and transcript): - Project revenue bond amendment, Casitas del Camino — motion to approve; passed 5–0 (transcript: roll call recorded as unanimous approval). - Project revenue bond extension, West Mesa Ridge A — motion to approve; passed 5–0. - Notice of intent/tax‑exemption (Ventana Ranch Apartments) — introduced/approved for notice (transcript: motion carried; vote recorded as 4 in favor on related item flows in transcript). - Non‑PRB tax‑exemption introduction, Manzano Mesa companion project — motion carried (transcript: recorded as passed, commissioners generally supportive).
County next steps: Staff will pursue required State Board of Finance approvals where applicable, return proposed final agreements and ordinances for formal adoption (where introductions were used), and work with project developers to secure final financing and construction schedules. Staff also committed to provide commissioners additional materials on long‑term affordability safeguards and monitoring processes when requested.
