2 days ago
New mixed-income housing project underway in Albuquerque
ALBUQUERQUE, N.M. (KRQE) – Construction is underway for Sol Housing, a new mixed-income apartment complex in Albuquerque. The building called 'SOMOS' is located near Central Ave. and Alcazar St., which is east of Louisiana Blvd.
City officials say it is designed to provide affordable housing for older adults and those with accessibility needs. The city said it's part of their Near Heights Metropolitan Redevelopment Plan, which aims to stabilize low-income neighborhoods.
The Metropolitan Redevelopment Agency donated the land for the project. Funding came from:
$4 million from the New Mexico Housing Trust Fund in the form of a loan;
Approximately $1.6 million annually in 9% Low-Income Housing Tax Credits for 10 years;
$5.18 million in HOME Investment Partnerships Program funds from the U.S. Department of Housing and Urban Development (HUD);
$1 million in American Rescue Plan Act (ARPA) funds from the U.S. Department of Treasury;
$158,756 in Community Development Block Grant (CDBG) funding for infrastructure improvements.
The complex will offer 70 homes, 80% of which will be reserved for people age 55 and older. Also, 59 will be income-restricted and 11 will be market-rate units.
Construction is expected to be completed in December 2026.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
