ALBUQUERQUE, N.M. — The Greater Albuquerque Housing Partnership celebrated the opening of an affordable housing development in downtown Albuquerque on Tuesday, making 56 apartments available for low-income seniors and special-needs individuals.
Completed at a cost of nearly $13 million, the Cuatro is located at 1319 Fourth Street NW between Kinley and Summer.
“Today is a celebration of the current and future residents that call Cuatro home,” said Felipe Rael, executive director of Greater Albuquerque Housing Partnership, a nonprofit that builds, owns and manages affordable apartments and single homes and Cuatro’s developer. “Housing development is economic development. As we review monthly invoices, it is amazing to see the number of local businesses who provide services to our site and to our residents. Thank you to all of the partners that helped design, finance and construct this beautiful project.”
Downtown is humming with new rental projects. On Monday, the spotlight was on the newly opened Imperial Building, which features 74 housing units, for both market rate and low-income tenants.
The majority of the funding for the $12.9 million Cuatro project was generated though the federal Low Income Housing Tax Credit program, which is administered by the New Mexico Mortgage Finance Authority. U.S. Bank purchased the tax credits, which provided more than $10 million to the project. Another $2.4 million came through the City of Albuquerque HOME program and $500,000 from the New Mexico Housing Trust Fund. An additional $1 million in construction financing was provided by the New Mexico Housing Trust Fund and $500,000 by the Ventana Fund.
The development includes 13 efficiency, 23 one-bedroom and 20 two-bedroom apartments for residents 55 and over. Rents are on a sliding scale according to income and range from $330 to $661.
Cuatro’s project architect was Integrated Design & Architecture, and the general contractor was Tofel Construction. Cuatro will be managed by Monarch Properties.
The units are located in three separate buildings that are connected by small gated park areas that allow natural light to each unit. The exterior space includes an artificial putting green and shuffleboard court. Indoor common spaces are available for the delivery of counseling services to special needs residents along with an exercise room, laundry facilities and food pantry.