Latest news with #SolHousing
Yahoo
5 days ago
- Business
- Yahoo
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 This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
22-04-2025
- Business
- Yahoo
Millions in funding for housing projects approved by Albuquerque city council
ALBUQUERQUE, N.M. (KRQE) – Millions of dollars are now heading to two major housing developments in southeast Albuquerque following a vote from city council. The city says a total of more than $9 million in funding has been approved for two Sol Housing developments. Bill aims to bring more community events to downtown Albuquerque A million dollars in ARPA funding and more than $5.1 million in federal funds will be going to the Somos project, near Central and Louisiana. The mixed-use development will create 70 new housing units, with 59 of those reserved for low income residents. $3 million in ARPA funds will also be going to the Farolito Senior Community. The project is already under construction and will bring 82 affordable housing units for seniors to the East Gateway Neighborhood at Central and Eubank. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
15-04-2025
- Business
- Yahoo
Is there progress being made on major housing developments in southeast Albuquerque?
ALBUQUERQUE, N.M. (KRQE) – The city has given some nice tax breaks to four big housing projects in southeast Albuquerque, but months down the line, some of those projects have yet to see much work. Almost all of these projects are located on Central Ave., many of which have funding to start but still have more permitting, hiring, and funding challenges to meet. Story continues below Education: 'Distraction-Free Bill' to curb cell phone use in schools set to go into effect Crime: Santa Fe man accused of killing wife during an argument Resources: How New Mexico families can get money for groceries this summer 'We've had a huge historic underinvestment in this area, and absolutely, before things get more expensive or the landscape gets more uncertain, it's time to act and do what we have to do now,' said Nichole Rodgers, Albuquerque City Councilor. She is pushing to get more housing in her district, including four projects for which the city already approved redevelopment tax breaks that could collectively save millions. 'These all happen to be kind of off the Central corridor, which is really nice to see, too. That's very important for access to the art transit route and reinvigorating central a bit in preparation for the centennial,' said Terry Brunner, Metropolitan Redevelopment Agency Director, CABQ. But each of those projects still has a long way to go, including the 'SOMOS' development, which will mix affordable apartments with commercial space at Central Ave. near Louisiana Blvd. The developer, Sol Housing, said their permits and contractor are set, but they need nearly $5 million to close the gap. 'Our target date is kind of early May, so hopefully within 30 days we should be breaking ground and going vertical,' said Felipe Rael, executive director of Sol Housing. Another project, the Highlands Central Market and Residence Inn, would be across from Presbyterian Hospital with a food hall and long-stay hotel. Titan development is still working on permits. 'This one is really about local economy, business development, economic development,' said Rogers. Near Nob Hill, the 16-unit Garfield townhomes have started utility work. Meanwhile, one of two towers on San Mateo near Central Ave. is looking for contractors before work begins to convert offices to apartments. 'These are out-of-state developers that are kind of new to the New Mexico market, so we want to get them in the game as soon as possible. And those towers are also something that the community is just really interested in seeing get done,' said Brunner. Across the four projects, if they come to fruition as planned, the city says it will add around 313 new units of housing. None of the projects has solid dates so far for completion. A funding boost for the 70-unit SOMOS project is slated for city council review next week. Developers are looking for $6 million from federal grants. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
