State officials say a blighted parcel along historic Route 66 in Albuquerque will be the new home of an affordable housing project for seniors.
State Land Commissioner Stephanie Garcia Richard has signed a lease for the state trust land that will allow a subsidiary of the Greater Albuquerque Housing Partnership to move forward with the project near Central and Eubank. The four-story senior living space will consist of more than 90 low-rent units.
The housing partnership won an auction for the trust land earlier this year. To help with the project, the partnership received low-income housing tax credits through the New Mexico Mortgage Finance Authority.
Officials say the Luminaria Senior Community will be a catalyst for redeveloping the area along Central Avenue. It will be the only senior living space within a half-mile of Albuquerque’s Manzano Mesa Multigenerational Center, one of two multigenerational centers in the city.
“By working with Luminaria and partners, we are going to help serve a population that is growing and in need of affordable housing options, all with the added benefit of raising revenue for the beneficiaries of our state trust land,” Garcia Richard said in a statement.
Officials said the lease could serve as a template for future affordable housing developments on state trust land throughout New Mexico.
Luminaria will provide on-site social services, walking paths and flexible fitness spaces.
Construction is expected to start next month.