ALBUQUERQUE, N.M. –Albuquerque residents will have another affordable housing option with the construction of Route 66 Flats, a new development in the northwest part of the city. Housing New Mexico | MFA representatives, along with various partners, gathered for the groundbreaking ceremony on Aug. 7.
Housing New Mexico, otherwise known as New Mexico Mortgage Finance Authority (MFA), awarded the community approximately $14.2 million in federal Low-Income Housing Tax Credits over a 10-year period, which are expected to produce approximately $12.5 million in cash equity. Housing New Mexico also provided $1.7 million in HOME American Rescue Plan funding.
The total development cost is approximately $16.6 million, with Housing New Mexico contributing about 85% of the financing for the development.
“Route 66 Flats will not only provide housing, but it will offer services for households experiencing or exiting out of homelessness and for extremely low-income households,” said Jeff Payne, Housing New Mexico Chief Lending Officer. “We are appreciative of all our partners, contributors and supporters who made this a reality.”
Developed by BlueLine Development, Inc. on a 2-acre site, Route 66 Flats will be managed by High Desert Housing and BlueLine Property Management and will target low-income individuals. Route 66 Flats will offer 47 one-bedroom units with an average size of 501 square feet, and one two-bedroom unit totaling 775 square feet. The property will feature:
- Enclosed courtyard with barbecue, patio seating, and green space
- Large community garden
- Communal laundry facility
- Meeting space and office space
- Dining and lounge areas
Route 66 Flats is the 11th development by local nonprofit High Desert Housing. The City of Albuquerque Workforce Housing Trust Fund supported the development with $1.7 million, and Albuquerque Health Care for the Homeless will provide on-site services to residents.
For more information about Housing New Mexico’s opportunities for developers, please visit housingnm.org/developers.