ALBUQUERQUE, N.M. – Albuquerque Housing Authority, Housing New Mexico, City of Albuquerque, Bernalillo County and the U.S. Department of Housing and Urban Development representatives attended the groundbreaking ceremony of Casitas del Camino in Albuquerque today, celebrating affordable housing opportunities for families with children. Developed by Albuquerque Housing Authority, Casitas del Camino is a combined new construction and acquisition and rehabilitation of 88 total apartment homes, all with two-to-four bedrooms.
The Housing New Mexico Board of Directors approved the following funding sources for Casitas del Camino:
- $2 million HOME loan
- Approximately $1.8 million in 4% Low-Income Housing Tax Credits annually, which – over a 10-year period – are expected to produce approximately $15.5 million in cash equity.
In addition, the State of New Mexico provided $2 million in capital outlay. The City of Albuquerque is serving as the fiscal agent for the capital outlay funding and provided $3.5 million in Workforce Housing Trust Funds. The Richman Group Affordable Housing Corporation is providing $15.5 million in equity proceeds. Bernalillo County provided $20 million in tax-exempt bonds. Construction financing is provided by BMO Bank and the Ventana Fund. Permanent financing is provided by Citibank. Albuquerque Housing Authority’s Board of Housing Commissioners approved subordinate financing to fill remaining financing gaps in the project’s development budget. HUD is providing the project-based vouchers.
HB Construction is the general contractor, and Jeebs and Zuzu, LLC is the project architect.
“This is a much-needed opportunity for families with children in Albuquerque,” said Housing New Mexico Executive Director/CEO Isidoro Hernandez. “Casitas del Camino will provide safe and affordable housing for many residents, and we are grateful for our partnership with Albuquerque Housing Authority. Together, we will continue to make these developments a reality for Albuquerque families.”
Casitas del Camino will consist of 46 new apartment units, including 30 two-bedroom units and 16 three-bedroom units, as well as the acquisition and rehabilitation of 42 additional units, including 32 three-bedroom units and 10 four-bedroom units. The development will feature a large community building to serve as a gathering space, new pedestrian and bicycle connections throughout the site, new landscaping with drought-tolerant plants, and a basketball court. The preservation and expansion of this affordable housing that has project-based subsidy is essential to address the housing needs in Albuquerque for low and extremely low-income households.
Casitas del Camino will be income-restricted as follows:
- 44 units will be restricted to households earning 60% or less of the Area Median Income (AMI).
- 17 units are restricted to households earning 50% or less of the AMI.
- 27 units are restricted to households earning 30% or less of the AMI.
For example, in Albuquerque:
- 60% of the AMI is $49,380 for a three-person household and $54,840 for a four-person household.
- 50% of the AMI is $41,150 for a three-person household and $45,700 for a four-person household.
- 30% of the AMI is $24,690 for a three-person household and $27,420 for a four-person household.
“This isn't just a development project; it’s a promise kept to our community,” said Albuquerque Housing Authority Executive Director Linda Bridge. “Today, we start building a foundation where our residents can truly thrive. This is the beginning of a neighborhood reborn.”
"Casitas del Camino shows what is possible when the City, State, and Albuquerque Housing Authority work together to bridge funding gaps and prioritize our families," said Mayor Tim Keller. "By modernizing existing homes and building dozens of new units on the Westside, more Albuquerque residents will have access to high-quality, stable, and affordable housing."
Casitas del Camino is one of 53 active multifamily developments that Housing New Mexico has in various stages of construction across the state, representing approximately $413 million in funding for 5,000 apartment units located in 18 municipalities in 14 counties. The eventual economic impact of all 53 projects once under construction is estimated to generate approximately $1.32 billion in local income and create approximately 16,150 jobs. To learn about all of Housing New Mexico’s funding opportunities for developers, visit housingnm.org/developers.