Commission approves several housing finance measures including tax exemptions and bond actions
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Summary
At the Nov. 18 meeting the commission approved multiple housing‑finance items: tax‑exemptions and PRB amendments for several redevelopment projects (Manzano/Manzano Mesa, Ventana Ranch, Desert Willow revenue bonds, Casitas del Camino PRB amendment, West Mesa Ridge extension). Final votes were largely unanimous with one or two dissenting votes on tax‑exemption items.
The Board of County Commissioners considered and approved a package of housing finance and redevelopment items tied to low‑income housing tax credits, revenue bond financing and tax exemptions.
Economic Development Director Marcos Gonzalez presented several items: a tax‑exemption package for the Manzano Mesa redevelopment (25‑year partial exemption with deeper affordability targets), the Ventana Ranch redevelopment exemption, a Desert Willow revenue bond issuance paired with tax credits (224 units at 60% AMI), a Casitas del Camino PRB amendment (bond par increase), and an extension for West Mesa Ridge due to HUD and federal delays.
Votes: - Manzano (Manzano Mesa) tax‑exemption: approved, roll call 4‑1 (Chair registered a 'no' citing concerns about out‑of‑state investors and perceived subsidy); commissioners asked for stronger assurance on long‑term affordability enforcement. - Ventana Ranch tax‑exemption: approved 4‑1. - Desert Willow revenue bonds (PRB): approved unanimously (final adoption) for bonding tied to tax credits; project is entirely at the 60% AMI level. - Casitas del Camino PRB amendment: approved 5‑0 (par increase to support redevelopment and project financing). - West Mesa Ridge: extension of ordinance date approved 5‑0 due to HUD delays.
Commissioners asked staff to provide further detail on how affordability covenants and monitoring will be enforced over the terms of the exemptions and bonds. Commissioner Chair expressed concern about large out‑of‑state investors seeking public subsidies; other commissioners emphasized audits and oversight from state finance partners (Housing New Mexico/MFA) and ongoing verification mechanisms.
Staff said construction and final financing steps will continue with standard PRB and tax‑credit processes and that the county will work with state partners for compliance and auditing.
