MFA Supports New Construction of 61 Affordable Units for Families in Albuquerque

On June 6, 2023, the New Mexico Mortgage Finance Authority (MFA) participated in the groundbreaking of Calle Cuarta, one of the latest Low-Income Housing Tax Credit (LIHTC) awarded projects. MFA awarded $13,110,053 through tax credits and funded $2,315,000 through various other programs for the development of sixty-one affordable rental units in Albuquerque, New Mexico.

During the event Isidoro Hernandez, MFA’s Executive Director and CEO, said with pride, “Thanks to the support of our Legislators, Board of Directors, and partners, MFA was able to fund about 75% of the rental development through our various funding sources. These funds keep the units affordable for the long term- it is a 30-to-40-year commitment.”

Calle Cuarta is a complex, multilayered project located at 3525 4th St. and 420 Fitzgerald Rd. NW, across from Garfield Middle School. The prime location along the 4th Street bus line and nearby bike routes along Candelaria Road and Second Street provide multiple transportation options for residents and visitors alike. 

The award from MFA will support the development of sixty-five residences ranging from studios to three-bedroom apartments for both individuals and families with children. To address the shortage of 32,000 affordable rental units, the awarded project will set aside sixty-one of the sixty-five units for renters with low incomes. The apartment complex will also offer amenities to future residents such as a demonstration kitchen, laundry centers on each floor, a computer lab, playgrounds, a TV lounge, and a fitness room. 

In addition to the apartments financed by MFA, the project also includes; five retail shops along 4th Street, four ground-floor live/work units off Fitzgerald Street, and 21 for-sale townhomes subdivided out and financed separately. 

After 11 years of persistence and hard work from the multiple organizations involved, the project is finally set to begin construction and is expected to be completed in October 2024. At completion, the project will offer homes for 86 New Mexican families and five storefronts for the community.