ALBUQUERQUE, N.M. – Representatives from Albuquerque Housing Authority and Housing New Mexico attended the grand re-opening for the Veranda and La Plata Housing Communities in Albuquerque on Wednesday, celebrating the preservation of affordable housing inventory for the metro area. The event featured a grand opening for the Veranda Housing Community, as well as tours and an afternoon open house at La Plata Housing Community.
Located at 9000 Veranda, the updated 35-unit complex operates as an affordable public housing project.
The Housing New Mexico Board of Directors approved the following funding sources for Veranda Housing Community:
- Approximately $766,000 in 9% Low-Income Housing Tax Credits annually, which – over a 10-year period – are expected to produce approximately $7.1 million in cash equity.
- A $400,000 National Housing Trust Fund loan
With a total development cost of approximately $15.3 million, the property contains 12 2-bedroom units (average size 786 sq ft), 16 3-bedroom units (average size 934 sq ft), five 4-bedroom units (average size 1,117 sq ft), and two 5-bedroom units (average size 1,280 sq ft).
Amenities at the development include:
- Children’s playgrounds
- An upgraded community building
- Community gardens and drought-tolerant landscaping
Located at 120 La Plata, the public housing complex includes 32 units for low-income families.
The Housing New Mexico Board of Directors approved the following funding sources for La Plata Housing Community:
- Approximately $750,000 in 9% Low-Income Housing Tax Credits annually, which – over a 10-year period – are expected to produce approximately $6.7 million in cash equity.
- A $400,000 National Housing Trust Fund loan.
With a total development cost of approximately $12.6 million, the development will feature eight 2-bedroom units (average size 783 sq ft), 22 3-bedroom units (average size 936 sq ft), one 4-bedroom unit (average size 1,091 sq ft), and one 5-bedroom unit (average size 1,268 sq ft).
Amenities at the development include:
- Hard surface flooring
- Washer/dryer hook-ups
- Patio space
- Attached storage unit
- Playgrounds
- Upgraded community building
- Community gardens and drought-tolerant landscaping
Housing New Mexico Executive Director/CEO Isidoro Hernandez provided remarks at the event.
“Housing New Mexico is proud of our partnership with Albuquerque Housing and its work with La Plata and Veranda Housing Communities, as we know these developments will help local families to alleviate the stress of finding safe housing on a limited budget,” said Hernandez. “We appreciate the support of our board, the Albuquerque Housing Authority, our lending partners, and all our elected officials who support efforts to ensure affordable housing for all New Mexicans.”
La Plata Community and Veranda Community will be income-restricted to households earning up to 30%, 50% or 60% of the Area Median Income (AMI). For example:
For a three-person household in Albuquerque:
- 30% of the AMI is $27,120
- 50% of the AMI is $45,200
- 60% of the AMI is $54,240
For a four-person household in Albuquerque:
- 30% of the AMI is $30,120
- 50% of the AMI is $50,200
- 60% of the AMI is $60,240
Linda Bridge, Albuquerque Housing Authority Executive Director, the organization responsible for managing and developing both La Plata and Veranda Housing Communities, also provided remarks at the ceremony.
“We are thrilled to work with Housing New Mexico to ensure that families in New Mexico have increased access to safe, affordable, quality housing,” said Bridge. “We know that, as families across the state tighten their belts in the face of today’s economy, the need for housing solutions is growing. We’re excited to see these properties updated for the first time in decades, providing better options for low-income families.”
La Plata and Veranda are two of 62 active multifamily developments that Housing New Mexico has in various stages of construction across the state, representing over $463 million in funding for 5,522 apartment units located in 21 municipalities in 15 counties. The eventual economic impact of all 62 projects, once under construction, is estimated to generate approximately $1.46 billion in local income and create approximately 17,836 jobs.
To learn about all of Housing New Mexico’s funding opportunities for developers, visit housingnm.org/developers.