Nine income-restricted housing projects, including three in Albuquerque, have been awarded $67 million in low-income housing tax credits to kickstart the renovation of 112 existing apartments and construction of 342 new units across the state, the New Mexico Mortgage Finance Authority announced Thursday.
The credits are a federal incentive for developers to create housing for families with low- to moderate-incomes, were awarded to projects in Hobbs, Las Cruces, Las Vegas, Roswell and Zuni Pueblo.
Based on an economic model from the National Association of Home Builders, the projects are expected to generate $24 million in income for those communities and 363 jobs in the first year. An estimated 140 permanent jobs will be created.
One of the projects that received a credit, The Imperial Building at Second and Silver SW in Downtown Albuquerque, calls for 74 mixed-income apartments and a grocery store on donated city land. The project’s developers, YES Housing Inc. and Geltmore LLC, were awarded $11.5 million in tax credits. The project will also receive $2.8 million from Albuquerque’s Workforce Housing Trust Fund.
“We are grateful that the New Mexico Mortgage Finance Authority recognized the significance of this project in providing additional affordable housing opportunities as well as filling a critical need for a grocery store in Downtown,” said Albuquerque Mayor Richard Berry in a prepared statement.
Twenty-one developers from 14 New Mexico cities applied for tax credits this year. To qualify for tax credits, units must be set aside for households with incomes at or below 60 percent of area median income, or $37,740 per year for a family of four in Albuquerque.
The following projects received tax credit awards:
— Cielo de Oro Senior Housing Apartments, Roswell — a 30-unit property that will undergo extensive rehabilitation including new roofs, windows, stucco, flooring, HVAC and appliances. The developer, Tierra del Sol Housing Corp., was awarded $3.8 million in credits.
— Kristin Park, Las Vegas — renovation of 43 apartments, with 20 percent of the units set aside for households with special needs. J.L. Gray Company, the developer, and general partners Kristin Park LLC and Southwest Regional Housing and Community Development Corp. were awarded $4.4 million.
— Playa Escondida, Hobbs — construction of 60 new apartments that will house families with annual incomes as low as $13,269. The city of Hobbs is providing a $1.1 million grant. Project partners Golden Spread Rural Frontier Coalition and Tierra Realty Trust LLC were awarded $8.7 million.
— Cuatro, Albuquerque — 56 units will be built for adults age 55 and older in the Wells Park neighborhood. The city of Albuquerque is providing a $2.4 million grant. Greater Albuquerque Housing Partnership, the nonprofit developer, was awarded $10.7 million.
— New Leaf Community, Hobbs — construction of 72 new apartments with a basketball court, raised garden beds and picnic areas. The city of Hobbs is providing a $1.3 million grant. YES Housing, the developer, was awarded $9.6 million.
— ZHA LIHTC #1, Zuni — renovation of a 38-unit apartment property on the Zuni Indian Reservation. A large community building will also be constructed. The Zuni Housing Authority, the developer, was awarded $5.8 million and also is providing a $2 million grant to help finance the project.
— Madera Crossing, Albuquerque — construction of 56 new apartments in the Sawmill area. The city of Albuquerque is also providing $2.2 million. Sawmill Community Land Trust, the developer, was awarded $8.6 million.
— Paseo del Oro, Las Cruces —construction of 24 new apartments designed for larger families. The project is part of USDA-Rural Development’s Farm Labor Housing Program. Project partners Thomas Development Group and Housing and Economic Rural Opportunity were awarded $4.4 million.