Bernalillo County approves $28.9 million towards affordable housing complex
BERNALILLO COUNTY, N.M. (KRQE) — The Bernalillo County Board of Commissioners have approved $28.9 million in project revenue bonds to use towards the construction of a multifamily affordable housing complex called West Mesa Ridge. The decision came at a Tuesday night administrative board meeting.
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Extra funding will be provided the City of Albuquerque ($8 million in CABQ Workforce Housing), the New Mexico Housing Trust Fund ($3 million) and the state Mortgage Finance Authority ($850,000). Real estate developer Chelsea Investment Corporation is planning for 128 apartments with 34 one-bedrooms, 70 two-bedrooms, and 24 three-bedrooms to house as many as 448 people. To qualify, residents would earn 30% to 80% of the area's median income. As part of the agreement, this project will receive a 30-year property tax abatement.
'Bonds provide lower interest costs to the borrower,' the county stated in a press release. 'Project revenue bonds are issued to reduce development costs as an incentive to build housing with below-market rental rates. PRBs are required if the developer is applying for 4% low income housing credits accompanied by tax-exempt bonds as part of its development capital.'
Construction is expected to take two years and support at least 118 jobs, according to the county. Groundbreaking is scheduled for July. The property will be located at 701 Coors Blvd. NW.
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